How To Trade Without Indicators Webinar Part 4
How to Trade Without Indicators Webinar
How to Trade Without Indicators Webinar
Transcript Part 4 of 4
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If you watch my videos, youre going to see a progression since 2009 youre going to see it. You know, its out there. I dont make this stuff up. But if youre not -- if you dont have that mindset, man, you know what, go do something else because youre not going -- youre not going to do well. Thats what experience and this is not just my won opinion but just from the emails that I get, one thing about being a part of NetPicks and the way that I am, is I get to see the successes and I get to see the failures. I get to see both. And the ones that have really not done well have said this, It wasnt the strategy, it was me. It was me. The same with you.
Any questions at all that we can run through, I know this -- some glitches here. Its 8:26, any questions, I dont see the chat box here but if theres any questions maybe someone can see this stuff anybody? Or I dont happen to see the channel box here.
Brian Short: Shane, let me give a second here to see if I can find some questions for you.
Shane Daly: I know theres a bunch before my computer died but --
Brian Short: Okay. A lot of thanks coming in.
Shane Daly: Thats always a good thing.
Brian Short: Yeah.
Shane Daly: And for those who are stuck around, I know we had some problems and I appreciate you doing this sticking around.
Brian Short: Yeah. Dave is asking a question if you can repeat where the videos are located.
Shane Daly: Yeah. You know what, Im not going to talk about my own -- like sort of my own blog a while ago just my thoughts. Im not going to touch on those but if you go to NetPicks.com/trading-tips, theres a whole bunch of information on that site blog postings and a lot of my stuff is on there as well. Im a big fan of making videos as a lot of people might know, but theres a lot of information not just for me but when you deal with people from NetPicks, youre not dealing with just customer service people. These people trade, you know, everything from crude oil to wheat to corn seed to futures, you name it. So NetPicks.com/ -- its right there on the chat box.
Brian Short: John is asking if you use multiple systems. Do you use SST?
Shane Daly: Sure. Ill answer that. Yeah.
Brian Short: Five sections.
Shane Daly: This is what I do. SST, I have my own way of trading it. Its very, very similar to trading plans that come with SST. I just know what I like to do and I love marking off certain areas of price. If you go back over, I think on the SST blog as well, there are some -- I admit that I missed this trade because of my own rule but I like to mark off highs and lows and certain congestion areas. But -- and then my other strategy is just pure chart, just chart.
Brian Short: A number of questions from SS asking on the stochastics. Do you use a 3, 8, 3?
Shane Daly: Yeah, that look like it, no, its 8, 3 and 3. Its just in NinjaTrader they have it like that 8, 3 and 3.
Brian Short: Okay.
Shane Daly: You know, youll see it once you put it on, youll see the real smooth out version, thats what youll want 8, 3 and 3 stochastics.
Brian Short: A lot of thanks coming in. Yeah, again, Shane, so good job on the presentation and lets see.
Shane Daly: I try to hold the rumbling to a minimum.
Brian Short: We expect it.
Shane Daly: I know. I know. My videos run like 24 minutes sometimes, I swear I can get it done in 10 minutes but I find different like Im doing right now, I find different topics I want to cover, you know.
Brian Short: Mike is asking a question. Is this method good for any market?
Shane Daly: Yeah. You know what, this -- the way I learnt it was with Fibonacci, okay? And it didnt matter what market. It did not -- with every one trade, you know, put it up on the chart and take a look at your finger market. You know, someone asked about ES, what time frames? Why? I dont know what time frames. I dont know what time to trade. You know, for me, its always been currency. Currency has been very, very good to me. But put on any chart, you know, because the way I learnt it, they were -- they werent trading FX and they were trading other markets. So just take a look at it and prove that to yourself.
Brian Short: Yeah, Im going to quote Dale here. He says, What a great confidence boost, confirmed everything. Ive discovered for myself the lack of confidence to trust because nobody taught it to me. Thanks for a great webinar. So thank you, Dale.
Shane Daly: So you can send -- you can send me an email, Dale, if you like. I wouldnt mind knowing what youre being more specific about. Thats a great confidence. Im actually getting goose bumps. Thank you. Well, it did. Im serious. Im serious.
Brian Short: This is a technical -- tech question from Tom. You seem to be using three time frames 240-minutes, 60-minutes and which other?
Shane Daly: Oh, okay. No, that was just for examples, okay? That was just for example. Were in a pretty tough market right now and I could spend hours looking for examples but just two. I look for the higher -- look for a higher time frame and a lower one. So like I said if you want to trade a daily chart, look at the weekly chart first. Those exact same the MACD, stochastics on a weekly and a daily. If youre looking at 240, look at the daily chart. If youre looking at a 60-minute chart, we look at a 240 and it doesnt hurt to scrunch it up even a little bit just to find out where those big turning points are and you look -- if one key here, look for the big moves. Those thrusting candles that like come out of nowhere. Look for those.
So just two, I just look at two. And if it could get more technical if youre looking at if I took a trade on an hourly chart using a four-hour trend, you can even go down to milk even more out of a 15-minute chart but thats just, you know, what thats just looking this is going to complicate things more.
Brian Short: Okay. Were going to take just a few more minutes here. If you have a question and you want it answered, I would ask that you type it again. A lot of questions came in but were going to be able to get through all of them. So if theres something specific, pop it in and text here. Well take another five minute or so and get them answered about. Myles is asking, Do you ever use volume on your charts?
Shane Daly: No. I trade FX and thats centralized exchange so volume isnt really happen. I know theres volume indicators out there theyre just -- it doesnt -- it -- youre not going to find a proper volume. And when I trade price, I dont use volume either. I dont use volume at all.
Brian Short: Ken is asking what a Forex broker you use?
Shane Daly: I started with OANDA. I got caught up in the flash of the FXCM and I went back to OANDA. And then they transmute to the Canadian branch when all these regulations came in but I like OANDA. Its not a plug for them. I just -- I know how big they are. I know how much money is behind them. Ive never had a problem with them so its still not a big problem with them. But I tell you right now, is on Friday nights, youre looking at 10, 15 pip spreads so youre got to be careful. If your current position over the weekend, they can just spike you right out. Thats the only drawback I wont go to another broker. I dont think so.
Brian Short: Mike is asking if you have paper pair fortuner?
Shane Daly: No. No, there are all -- theyre all good to look at. Anyways, the U.S. dollar cad, you know, because theyre so tight. Its not something I -- I was loving the Aussie-U.S. I was talking to the owner of NetPicks and I had two position trades going north on the Aussie-U.S. And for a long time, that was one of my favorite pairs but I was in positions on those so I didnt really want to day trade them but, you know, because the standards are fine. The standards are fine. Were going to have a problem now with Aussie, of course, but I dont have a favorite.
Brian Short: Richard is asking, Do you also look at the levels crossed on the stochastic as well as the crossover movers?
Shane Daly: No, no, no, I dont always talk about like the over sold, over bought I dont think hes getting at. I dont buy into that over sold, over bought. Ive seen markets that are over both and just keep on going for, you know, hundreds of pips. I dont pay attention to that. All Im looking for is the actual cross where its two lines intersect, it could happen at the 70 level, 30 level, 50 level, it makes no difference to me.
Brian Short: A question from Mike, If you look at the candle patterns at all?
Shane Daly: No.
Brian Short: And so that one for you. I know you dont.
Shane Daly: No. No, I dont look at candle patterns or whatsoever. I look at its not like the candle patterns just those thrusting candles are key. You guys got to look out for those. They are -- theres gold in those big, big strong moves out of congestion areas, theres gold there. There really is. But candle patterns to me, nah, no, nor have.
Brian Short: Okay. Theres a number of question asked to whether the webinar was recorded and it was. We will be posting that sometime in the next 24 hours on the main NetPicks site so look forward there, NetPicks.com. Okay. Dave asking, you look at a higher time frame first for the trend, and then the lower time frame to get you in the trade?
Shane Daly: Thats correct.
Brian Short: Back on OANDA, does OANDA trade Forex with NinjaTrader? And in NinjaTrader direct free bars?
Shane Daly: No. I dont know. They dont trade through there. You know, Im really upset about this. They actually start using MetaTrader and Ive used MetaTrader in some of my videos simply because if Ive traded the amounts that they allow in there because its -- with OANDA, I can trade $100,000 or I can trade $101,000 but they brought MetaTrader on and I got to tell you that Im not -- I dont like MetaTrader. I dont like brokers that use themselves. Im really disappointed in that but you see Im off on different topic there, Brian. No, you can do it. They dont have the thing. I think its too expensive for them to trade or do that actually.
Brian Short: Right.
Shane Daly: But then very good --
Brian Short: Joe is asking a question back on the thrusting pattern. What do you do with that?
Shane Daly: And that Im not going to cover that in this but is already a pattern, okay? This is not a pattern. Theres -- I can quickly tell you right now, those areas when price comes back to are good areas to look at and also if its thrust out of the congestion north and it runs into a -- an objective level of resistance area, I have no problem fading. I move back down because nothing will stop it and really back down but thats I cant cover that here. Its not going to happen. Its a big topic.
Brian Short: Okay. Another compliment from Ash saying, Thanks a lot. Excellent presentation. Appreciate that. And I say and I have too have enjoyed your level of confidence. Thanks, Shane.
Shane Daly: Youre welcome. Any chance of getting a record copy?
Brian Short: Yes, as I said earlier, well be posting that on NetPicks.com, the next 24 hours look for it.
Shane Daly: Thats one of the highlights. If you look at the slide itself right now, the title of it is your Journey Begins when youre looking at the price but it wasnt the whole webinar. It was after youve gotten in your chart and theyre looking at the price, thats when your trading journey begins. Its kind of a metaphor. Oh, whatever. Im rumbling.
Brian Short: All right. I think were going to wrap it up. Weve been going quite a while here and I want to say a special thanks to Shane for taking the time to present today very good information.
Shane Daly: You are welcome.
Brian Short: And so thanks again, Shane. I do appreciate it.
Shane Daly: Youre welcome.
Brian Short: All right, everyone, have a good rest of today and thanks for your time. Good trading to you.
Shane Daly: Bye-bye.
If you enjoyed reading about this webinar, be sure to get on our mailing list and sign up for future webinars, as well as view all past webinar recordings at http://www.netpicks.com/learning-center/training-webinars/
by: John Jay
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