Hello Dollardogs,
.....ThisMost system will recognize real opportunities.
The secret is how we handle them
Well that’s something that turns traders schizo.
There’s a thousand ways to read price action.
1) The market can’t be domesticated
2) We’re always going to be fooled
3) There is no ULTIMATE way
Someone taught me to read turning points such as … A close below the highest low is a bearish signal. A close above the lowest high is a bullish signal.
Because a box is simply an horizontal area of consolidation between two turning points.
Livermore would simply use a 6 points retracement from the previous high or low in order to define turning & pivot points.
There’s always this information / noise trade off.
Between 2 choices I want to optimize for information.
That’s why I settle for the most difficult option (Price & Volume wise).
I had headaches about .. Wicks ? No Wicks ?
This ? Or that ? Well … Harder to take out wicks.
I have a simple way to read the market right now.
Not the best but we have to pick & choose.
Because there’s simply no holy grail.
Settle for something good enough.
We can’t turn shit into gold …
What and when is more important than where.
No need to read price action when the market isn’t plentiful.
Every candle is a box in itself,
When a candle closes outside the box,
It’s just another box that is being in play.
Sometimes a tight candle can contains 10+ candles.
It’s an interesting box in itself.
If the box has been moving up and we reverse,
Then I have my big and fat resistance.
Support is drawn the other way.
That’s how I draw my box.
I like being able to be systematic,
And not having to think too much about it.
Whatever your method …
It needs to spot real opportunities,
Most system will recognize real opportunities.
The secret is how we handle them
The reward to risk we make.
I am glad you’ve learned some stuff from Al Brooks !
Well that’s something that turns traders schizo.
There’s a thousand ways to read price action.
1) The market can’t be domesticated
2) We’re always going to be fooled
3) There is no ULTIMATE way
Someone taught me to read turning points such as … A close below the highest low is a bearish signal. A close above the lowest high is a bullish signal.
Because a box is simply an horizontal area of consolidation between two turning points.
Livermore would simply use a 6 points retracement from the previous high or low in order to define turning & pivot points.
There’s always this information / noise trade off.
Between 2 choices I want to optimize for information.
That’s why I settle for the most difficult option (Price & Volume wise).
I had headaches about .. Wicks ? No Wicks ?
This ? Or that ? Well … Harder to take out wicks.
I have a simple way to read the market right now.
Not the best but we have to pick & choose.
Because there’s simply no holy grail.
Settle for something good enough.
We can’t turn shit into gold …
What and when is more important than where.
No need to read price action when the market isn’t plentiful.
Every candle is a box in itself,
When a candle closes outside the box,
It’s just another box that is being in play.
Sometimes a tight candle can contains 10+ candles.
It’s an interesting box in itself.
If the box has been moving up and we reverse,
Then I have my big and fat resistance.
Support is drawn the other way.
That’s how I draw my box.
I like being able to be systematic,
And not having to think too much about it.
Whatever your method …
It needs to spot real opportunities,
Most system will recognize real opportunities.
The secret is how we handle them
The reward to risk we make.
I am glad you’ve learned some stuff from Al Brooks !
Hello Dollardogs,
Good Morning Dollardogs,
Hello Dollardogs,
Interesting concept.
