The Master Trader Method (MTM) of investing and trading is based on price and volume analysis without using indicators, trendlines, channels, Fibonacci, Elliot Waves or any other type of analysis that complicates our decisions.
It is likely that you are using -- or have tried -- any or all of the above types of analysis and are still searching for what works.
After several years of using the indicator-based mythology myself, the questions of which indicator, what are the right settings -- that work all the time -- on every tradable instrument, just led to other questions. I realized what all of these trading methods are flawed.
Once I removed the indicators, trendlines and other subjective analysis, the light bulb moments began. All that was needed was an in-depth understanding of price and volume.
Chart With Master Trader Price Analysis
A most basic concept learned was to look for buying to occur at prior areas where it did before. Then wait for a price bar or pattern to form that confirms that buyers have taken control again.
Then there was the times when there wasn't a retracement to support. What then?
Then there were price patterns that created support, and that was very bullish.
For example, a Bullish Wide Range Bar (+WRB) is a powerful signal of buying when it comes from a consolidation. However, the +WRB creates a VOID of price support below.
So, there is no price areas below to trade against, and that opens the possibility to falling all the way back to where the move started from.
A Void is the weakest link in the chart, but if buyers (demand) continues, it will "create" support.
Notice the consolidation at the top of the two +WRBs above. While not exactly the same type of setup because of the difference in the trends, the messages are similar: higher prices are coming,
Master Trader Technical Strategy Concepts are Universal
It doesn't matter what the tradable instrument is (stocks, commodities or currencies) or the time frame being used, all technical concepts are universal to all.
The time frames used do change, and that is a choice. There isn't a wrong or combination of them.
For Swing Trading, I use weekly and daily charts.
For Gap and Day Trading, my choice is the 5-Min. time frame.
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All the best,
Managing Director of Master Trader
Trading the Pristine Method — Origin and End
Chief Options Strategist