Price Action Trading Using DayTradeToWin Atlas Line
We can talk about day trading indicators all day long. There are just so many to pick from and each trader seems to have his or her own take on what works best. If you’ve done some research online, you’ve probably seen veteran traders say something like, “I’ve tried everything over the years. What I come back to, and what works, is price action.” Price action can imply just using price, looking for patterns, and using no indicators. However, some indicators are price action based. That’s what DayTradeToWin focuses on–price patterns and indicators that automate finding the entry points of these price patterns to simplify winning.
The Atlas Line is one such indicator with a goal of making winning easy. Yes, it’s price action-based. For this one, you won’t be taught the pattern that makes up the main signals. You are taught what to do when these main signals occur. You are also taught the pattern for the Pullback (P) and Strength (S) signals. It is up to you to trade them based real-time market conditions and your own preferences. It’s a black and white approach. Some people don’t want to take every signal and that’s actually wise. The Atlas Line, like the Trade Scalper, can produce many signals per day.
Sometimes, you’ll run into choppy, back-and-forth price conditions. That’s just part of trading. As seen in the later portion of this video, the Atlas Line was “smart” in that it didn’t produce any signals during this period. This won’t happen any time as this was mixture of a trending day (typically great for the Atlas Line) followed by chop.
Should you always use the same values for the profit target and stop loss? Nope. It’s best to be flexible. A dynamic approach means allowing recent market action to “tell you” what is reasonably possible for the given moment. Whether you’re about to place a trade, you’re in a trade, or you’re just giving activity a glance, the ATR (Average True Range) can give you a quick indication of the situation. It’s a free indicator included with NinjaTrader and many other platforms.
DayTradeToWin has always focused on price action trading with products and services spanning over a decade. Very few day trading indicators and systems can compare with what DayTradeToWin has to offer.