That is true. It took forever to get up from daily low.
To explain a method , it is quite simple :
I just do LRL of last three hours and then I extend it to the next day with paralel lines based on daily range %, which will give me S/R and trade these. At the times I know already...
It was not what I thought it will be. I knew when the bottom will be in but didnot think it will be so deep and it will take all day to come above Linear Regression Line ( LRL). It was a complete surprize to me that 1050 did not hold. So I was wrong. Profitable but wrong.
Walter
I follow US markets only right now .
You should not buy violations of the lows but reversals below it. What I do is, I will draw linear regression line of last 3 hours of price action and establish a channel and trade bounces from both ends.
Walter
It all depends on your personality and intelligence. If you are " know it all" type, it will be very difficult. If you are willing to listen , try ideas and keep your mind open, your chances are much better.
You can learn a lot from an absolute beginner who has a fresh view on trading...
Mark, that second call was your homework, You should be able to draw lines and learn that way . Do it first your way, then email me at walter904us@yahoo.com and I will send you a chart so you can compare it then.
As far as entry, target and stops goes I would leave it to the individual...
Next trade using same triangle method and your favorite divergence indicator should happen at or after 14:34 . Those of you who followed previous trade can see the benefit of timing method used as setup for divergence method.
Walter
Example of triangle timing method.
2min charts of SPX or DOW
connect low at opening and 12:06
connect high at 10:22 and 12:18
trendlines should intersect around 13:04
If you have a divergence signal on your favorite indicator ( CCI, stoch, macd, rsi ... ), enter in the direction of a...
Simplest one's are :
1/ Williams 1.28 method
2/ Power point method where trendlines forming triangle with intersection in the future. When divergence occurs in vicinity of trendlines intersections, it should be a good one.
Then there are advanced methods like Drummond geometry...
When combined with reliable intraday cycle timing method divergence at 10:00 is the one to enter.
You can see that size of a swings is getting smaller after that, so is chance for a profitable trade
When trading divergences you cannot wait for a confirmation too long, than it is too...
Holy Grail, aka Holy Grill will never be found by quants or gearheads. Only person with rare combination of superior, artistic like imagination and solid knowledge of a market can find it .
It is out there, you all, keep searching....
Walter