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Tomcat's post in another thread, requesting a circle drawing tool, has prompted this note. I'm guessing his wish to draw a circle on a chart is to readily see where trades were entered and exited, for evaluating trade performance after the market closes. If so, I agree completely.
One of the best ways to learn and improve, in my opinion, is to study both mistakes and successes in actual trades. To do this, you need to easily see those entry and exit locations on the chart. Also useful (for those of us that use indicators), would be the option to automatically draw a vertical line from the circle down thru all indicators, so you can see exactly if your entry/exit was before or after a volume spike, or stochastics turn down or MACD crossing zero or DMI rising or ....
The option to include a horizontal line from the circle to the right side of the chart would also be useful for open trades, to readily see on the chart how far above or below your entry the price currently is.
Right now I immediately draw a horizontal line from an entry. Then when I get a minute, I draw a line segment, increase the thickness, change the color, and position it to point to my entry and exit. Then later turn on the cursor crosshairs to see where these entries/exits were positioned in my indicators. A single click circle (or arrow, or bullseye) tool included with the Line Toolbar would be soooo useful in quickly ID'ing a trade entry. And the vertical line drawn automatically thru the indicators would help with the immediate decision on whether to hold or exit a position.
I've sent this request to eSignal Ideas a couple of times, but no luck so far. Tomcat's request got me thinking that maybe a lot of traders have the same idea. If so, please respond to this post to let eSignal know the interest is there
Thanks
shaeffer
One of the best ways to learn and improve, in my opinion, is to study both mistakes and successes in actual trades. To do this, you need to easily see those entry and exit locations on the chart. Also useful (for those of us that use indicators), would be the option to automatically draw a vertical line from the circle down thru all indicators, so you can see exactly if your entry/exit was before or after a volume spike, or stochastics turn down or MACD crossing zero or DMI rising or ....
The option to include a horizontal line from the circle to the right side of the chart would also be useful for open trades, to readily see on the chart how far above or below your entry the price currently is.
Right now I immediately draw a horizontal line from an entry. Then when I get a minute, I draw a line segment, increase the thickness, change the color, and position it to point to my entry and exit. Then later turn on the cursor crosshairs to see where these entries/exits were positioned in my indicators. A single click circle (or arrow, or bullseye) tool included with the Line Toolbar would be soooo useful in quickly ID'ing a trade entry. And the vertical line drawn automatically thru the indicators would help with the immediate decision on whether to hold or exit a position.
I've sent this request to eSignal Ideas a couple of times, but no luck so far. Tomcat's request got me thinking that maybe a lot of traders have the same idea. If so, please respond to this post to let eSignal know the interest is there
Thanks
shaeffer
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