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Charts for today:

It's not a closed system. But you've been told all this in at least some of the many posts you've made on this subject. I have nothing to add to what's already been said.

One of the reasons why I moved on past S&R was that too many people had too much trouble understanding it. Consequently, their charts were covered by lines that had little to no usefulness. The key to a range is the same as the key to a channel: the mean. If you can find the mean, the limits can...

There is a misconception by some that there are no losses. Of course there are losses. Anyone who examines the charts I've posted since July will see that. My first two trades today were losses. However, if one follows the rules scrupulously, there will be few losing trades and the losses will...

Well, trading is not a zero-sum activity, so your hypothesis is not something that logically follows.

Or just ignore them and trade price. Your trading session will likely be more relaxed.

Well, mean reversion has been the order of the day, which accounts for both these pretty channels and all the frigging hinges. I don't see much point in tracking it or testing it. It is what it is. But making money off of it involves combining the SLA and AMT, and that's not a task for someone...

When a little girl asked Wil Wheaton how to deal with being called a "nerd" by her peers at school, his response was absolutely perfect. "When a person makes fun of you, when a person is cruel to you, it has nothing to do with you," he said at the Denver Comic Con last June. "It’s not about...

I find the regularity of these channels very interesting, particularly since the means are respected as well. Ordinarily I advise against getting into the micro stuff, but it's hard not to notice all this. If you open up your chart, you'll find yet another channel from today's high to today's...

I'm pleased for you.

This is why NoDoji and I (and others) stress the importance of keeping records, whether in a journal or a spreadsheet. The numbers don't lie. One can rationalize, of course, but there's only so much records can accomplish with regard to maintaining the tether between fantasy and reality.

Actually the fool said that last evening, when price looked to be approaching the top of its trend channel, which is generally an opportunity for reversal. By this morning, the upper limit of the channel was at 85, and since price was already above that by the open, the potential trade changed...

Those who have read the content understand that there was no long to 90 by this morning. Since trend channels are diagonal, the upper limit was at 85+/- by this morning. By 0925, price reached 90, broke the demand line at 0927, and the first retracement, which was also a double bottom, was...

This business of learning "patterns" early may be one of the reasons why struggling/failed traders are so sour on gurus and writers and so forth. Patterns are nothing new, but understanding why they form is critical to trading them successfully unless one is satisfied with random success...

While I appreciate the endorsement of the Developing A Plan thread/pdf, I should point out that the SLA is only one possible alternative in Step Three: Developing A System. Though Developing A Plan has a bias toward trading price behavior, it is not limited to that. One can in fact develop a...

While I encourage those who are interested in this to take it out for a road test, there does seem to be a tendency to come up with additional rules. Sometimes a lot of additional rules. But the more rules one has, the more likely he is to become immobilized. The market will not wait for you...

I can't think of a better illustration of why traders fail than this exchange.

I agree. Deaf.

Getting circular here, and I'm not sure there's much point in continuing in this vein. But it reminds me of something someone named Skimbleshanks wrote in T2W: ...99% of newbies are deaf when they are told by genuine traders the real hard facts that they need to know about trading. First of...

Then you'll fail.