Put on your “Trading Glasses” & Support and Resistance Levels 9.10.2021
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Put on your “Trading Glasses” – Quick Insight by John Thorpe, senior broker:
During a recent conversation with a long time client who was experiencing a relatively long losing streak and looking for a new indicator
, a different indicator, a different time frame, she was looking for answers to make a major change in her approach. I asked her what she is currently using. She told me, Candlesticks
and a number of other indicators. I suggested she doesn’t need to change much, a different perspective , a simpler perspective may be beneficial.
Using the same chart, simply change the glasses you are looking at the market through.
Change the style of your chart. I like to use the LINE Chart
for clarity, Changing the style of your chart and add a simple moving average, the number of time frames are really not too important, ( 8,10,12,14,16, any will do the smaller the more sensitive, the longer the more smoothed) if simply for a few minutes, this unclutters your brain and will likely give you a different perspective about current market price volatility around your indicators and may give you a better understanding of how the market is moving so you can better assess where not only enter the market but where to place your trailing stops the SMA provides a rudimentary S&R and will tell you when we are in a sideways stance and help you avoid trading during the chop. I will cover a neat little trick with the trailing stops during my next discussion about “a different Perspective” Good trading and make it an excellent week!
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