Friday

If you follow ShadowTrader you may appreciate these studies.

I thought I would dredge up this olde because it too uses some of the same VolumeProfile functions.
I wrote this back in April of 2011

Speaking of Oldies, A few days ago someone asked me about my RENKO study that I wrote back in June 2010. I have not looked at this in ages.

It's fun to dust off the shelves and take another look at some of these jems BUT, one thing I have learned over the years is...

"There are many good studies, and too many good studies will lead to losses." - KumoBob 2011
Feel free to quote me if you like.

Seriously, I went through my gluttonous stage of looking for the Holy Grail,. I collected indicators like baseball cards and stacked them on top of each other till my screen looked like something out of TRON. And after inventing quite a few very good algorithms for studies that on their own would consistently trade well -  I lost  money until I finally learned this simple fact. Find one good system or indicator, and if it consistently makes you money don't mess it up with anything else. It will only lead to confusion, doubt and losses. Keep it simple, trade the system, and don't bet the farm on one really big move.

Word of wisdom I'm sure you have heard before.