Dexxy

i dont know, this is just my crazy theory. I could be wrong all together. Its just something i noticed. But the chart is an example of my theory.

well i noticed it seems to be the line the price rebounds when i put the green line on one peak to the other. I know the concept is that it should hit the dotted line. but i dont see it that much for the 5 day fan. for the intraday, yes.

buy it when dips to the yellow

ok... i hope i attached my chart properly: but this is my set up. my concept it to buy at the yellow of the fan (ex. 6:30am pst) and sell when it gets to the top of the fan, the green line, which is resistance from previous day highs. I use line closed and the rsi 5 minute chart 5 days 5min ema and 10min ema I try to wait for the rsi to hit the 30. But ive been burned a few times with this. Especially when it tanks down even more. Ive also get burned when the rsi stays about the 60 line all day if im trying to short. The stock just stays way too bullish sometimes and i dont know where its heading. so i just hold thinking "this thing got to drop" thank you

sdoma, I think you made my point as well as yours. Im sure you've all paid your dues. Well, im paying my dues now. My entries are either too early or just wrong all together. Thats why im looking for a change. I do understand the concepts of my indicators and they make sense as i back test. But I would LOVE to have the same problem you have or had (exiting too early). Atleast youre in the black. And thank you for your input.

Thank you for the reply guys. Im a bit confused tho. What do you mean its the EXIT that makes or breaks it? Shouldn't the entry be the most important? Especially for a newb since im trying to build my confidence? Im sure im misunderstanding your meaning, but if you can break it down for me. Anyway. I just wonder what do most traders have as a setup in terms of: timeline (ie 1min,2min, 5min etc.), candlestick vs lines vs bars, and techincal, how much do they value the direction of the market. Thank You again

Hello everyone there are just so many indicators. Its quite overwhelming! I just opened an account with etradepro. What do you think of my setup: 1minute/5day chart Using Fibonacci fan and RSI Are there any suggestions? Should i use a 5minute chart instead? Thanks