Are all price patterns the same? (examples)
- Thread starter 1a2b3cppp
- Start date
Why if the market is fractal as is a necessary condition for TA to make sense.
Why make it so hard? Dump the chart as price patterns are not reliable. Learn to read the behavior patterns in DOM and T&S platform and then trade using both and nothing else.Quote from 1a2b3cppp:
Now let's get back to the discussion at hand.
Price can only do 6 things. Are all price patterns just after the fact identifications of combinations of these 6 things?
Price makes a HH, a HL, and another HH. It's now retracing but still above the previous HL.
Should you get ready to go long? Is it going to keep making higher highs?
Should you get ready to go short? Is it done making higher highs?
Should you sit out? Is it about to start chopping?
If your answer is "there is not yet enough information to decide," please be helpful and mention what additional information you would need.
I made a DOM and T&S thread but still do not understand most of what was said in it other than price goes where the volume (open orders) is, but after watching the DOM for a while that seems like it happens sometimes but not always. When it does happen it's usually only for a few seconds or so, so it seems like a scalping strategy.
Also, things like the ES rarely get unbalanced, whereas things like CL or Gold can get 2:1 or even 3:1 on occasion, so I assume that "unbalanced" means different things depending on what you're trading.
I don't know why price reverses when on the DOM there are still orders above and below price. Seems like it could go either direction. Now if there were no orders below price but there were orders above price, I could understand if price moved up.
I didn't understand anything JH was saying in that thread.
I have not noticed a correlation between anything on Time and Sales and anything price does. I'm trying to look for big orders and rapid orders. Sometimes big orders come in at tops and bottoms. Sometimes in the middle of trends. Sometimes during chop. Sometimes the Time and Sales goes fast during movement, sometimes it goes fast during chop.
That should keep ya busy
Reading the Specialist.
http://www.elitetrader.com/vb/showt...=6&pagenumber=1
TAPE READING (chat room cont.)
http://www.elitetrader.com/vb/showt...at&pagenumber=1
http://www.jigsawtrading.com/learn-...e/free-lessons/
http://www.nobsdaytrading.com/
http://www.simplicitytradinghost.co...d_Homework.html
