Researching the market using this specialized egic overlay makes more sense for me than anything else I've looked at.
That can be for short term trading. So it's a lot of fun. Very.
The basic chart is straightforward.
Candles, Bollinger Bands, and the 400 sma
First issue is to identify the trend daily.
Down, up, apartment in a channel?
Then find entrances on the reduced time frames which go with the trend.
Can fine-tune that to at least the 5 minute candles.
Constantly use a stop and be ready to take a small loss. It has two advantages. Prevents having to take a reduction that is larger after waiting for the transaction to turn round and waiting. And all that time might have been utilized to different transactions. I am carrying one trade at a time. It is fast moving to attempt and monitor multiple at a time.
Loing the most appropriate sma on the proper time period using a cross of price on that as monitoring stop.
News and information... and market openings and closings means heightened action and the possibility of a trend beginning but there's too much volatity right when the news is not there. Apparently there are pending orders above and just below out casing spikes in both direction and they have taken. So have to wait a few minutes until the trend can be recognized. To maintain a close watch for if they're scheduled.
Viewing MACD. It's rolling over? Are there any divergences? Assessing the different time frames.
No actual cash utilized however. So no fear of getting it wrong. But by going into the market utilizing the demonion it keeps my focus and I become more and more acquainted with the way the market moves.
I will earn money. I am sure of it. But for now let me examine this seriously.