Get to Know your Technical indicators to use & keep aside....

Most would like to look at their technical indicators everyday for clues to "future price behaviour" which is like going to the doctor everyday to look at your future health problems based on ECG/ BP, etc..
Just as you go to a doctor when you are exhausted or your body gives out certain warning signals, go to "TA indicators" when markets look exhausted either during uptrend or in downtrend. For day to day monitoring the prices, trendlines/ channels as well as ability of the prices to stay above certain key averages/ emas would do.

There are many technical studies followed by the "Crowd" which moves the market and this crowd's behaviour is studied by "Elliott" and he charted the "Wave theory".
Moving Averages tell a story and they did it on 7th March when Nifty touched its 200sma and sensex its 50sma.
Trending indicator Macd and its relevance with Elliott wave would offer some insights into markets strength & its trend.
Why this man posts "stochastics", the leading indicator religiously every hour, day and on & on because it gives the early clues of an impending move with its structural changes.

Experience would teach you how to combine two Time frames and I have evolved in using this indicator and have added "Midpoint crisis". Find your rhythm with them and if it doesn't suit you, leave it. Life is too short to "sit around & complaining" but "just go & do it..do something"...sensibler than last time.
I also found 9 period Rsi quite useful in conveying the "undercurrent"... Understand this most important statement by "Robert Beckman"..."Markets are at their strongest after a sustained fall and at their weakest after a sustained rise". The trickiness comes when you have to figure out the "sustaining" part but experience would master it.

We have also used "DeMark" indicator whose essence is to depict the momentum by comparing the "Highs & Lows" and they have not failed at all.

So instead of asking "What are your indicators saying today?" or "this Hour?", ask only when trending prices show signs of exhaustion, "Have the oscillators reach the bottom & are they showing divergences?".
If you can show some patience to "sit through" this intermittent period, you'll gain and Get Rich Slowly & Quietly.
The complete package is available in Applied Technical Analysis.

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Reader's Query:
I have a request, if time permits, can you guide on one of your postings, as to how to develop "patience" with respect to trading. I mean, when we have a right position, we are supposed to ride it strong to extract the maximum. It is possible with only patience.
Whereas the new traders, take profit at prematured levels but stay tight on a wrong position for the turn around, end up huge losses.
In this aspect, I would be very thankful if you can shed some light on developing this patience "to ride profit long and cut losses short".
Suggestions:

1. Always take minimum 2 lots so that part booking makes holding easier.

2. Your studies, whatever may be they are, will have parameters or conditions for holding, exiting & even target prices. You need to believe in them with an objective approach. People will call you a "patient trader" when you steadfastly follow your studies.

3. Never take a position and then look for justification to hold. This is "subjectivity".

4. "Objectivity" is something which you can recommend to the "die-hard critic" and stand by your observations.

5. When your number flashes on the screen, act.

For eg: The Tech.Table has certain basic criteria to holding positions, trading positions, likely targets or trailing a position. If you are a believer of the "Tech.Table" (which is nothing but just prices & its manifestations), then you take a position for a trading purpose initially and if the prices graduate to a "close above CEma", you make it positional. "Part booking" along the way is what will make you confident of "Holding".
Most traders' dilemma of holding a wrong position emerges mainly because of the "conflict with time frames". It has been my early experience that as you get closer to the market, the "intraday prices" swing so much in corrective phases that your "day trend gets overshadowed by the Hour trend" and you end the day with a position created from intraday,but wrong based on Day trend. Hence, it is very important to "play the intraday trading with pivot points" and close them intraday only unless on those reversal days when the prices affect the day TA.

It is a matter of conditioning your mind to the numbers that are relevant & it is also called discipline.

Ask yourself..

"Would you enjoy losing all the money in disbelieving your studies or

risk small money believing in your studies and gain all the wealth".

After so much of studying & back testing, my critic said, " Isn't it very simple to make money in the market by just following 5 day average".

In the final analysis, it comes down to "how much you want to extract from the market... some or most of it or all of it". Tortoise still wins despite all the technical advancements.