Recap of the week 7/2/2009
This week has been very good for both profitability and education. After a bad losing streak that wiped out most of my year’s gains, I sat down and studied all the information that I had collected over the past few months and wrote it down in a concise way to help with my technical analysis. After spending the day studying the market I made a good turn around in discipline and decision making. I dramatically increased the accuracy and stop loss of my trades. Additionally I added a new technical indicator to my arsenal – DM/ADX charts. A study was made on the most accurate technical indicators and MACD and DM/ADX charts were found to be the most accurate and consistent. Although I already knew about MACD it took me a good hour and a half of studying the DM/ADX indicator to understand it. Although I am no master of it, it certainly helps in my decision making. I will certainly make a post in near future about my new methodology as well as this latest indicator.