Hi all,
I am a pretty new trader that recently opened up my first live account, and everything was going fantastic for me for about two weeks before I broke a newb rule, and didnt incorporate a stop loss into one of my trades and nearly had my entire account wiped out.
The system that i was using was very simple (only used RSI and stoch as a means to guage when market shifts occured, as well as bollinger bands) and I would scalp during clear range bound times on a 15 min chart.
There were a few things i learned through this,
first the 15 min chart was a little short and did produce a lot of fake outs for me(especially when exiting trades, I was almost always out of a trade before half of the movement occured).
Its obvious (as i have read before) that you cannot simply use the RSI and Stoch indicators alone to determine when a change will take place.
Now, my question for fellow range traders would be what other technical indicators do you use to determine directional changes within the range?? What chart time frames have you found to do best for range trading??
Thanks in advance for any help.