Bride of If You Can Draw A Straight Line

[niko]

Quote from dbphoenix:

So. Here we are in the middle of a range on the hourly. What do we do? What do we look for?

Well, the extremes of the range are 76 and 63, so unless one wants to scalp inside the range the prudent thing to do would be to wait for either of the extremes to be tested.

 

[dbphoenix]

Quote from Redneck:

Let’s change this volcano/ virgin thing up a bit…

What if the volcano a metaphor for the mkt…. and the virgins – traders (whether they be – newbies…, wannabes…, those who can’t get it…, or those who’ve lost it (mkt does evolve)

And the Pièce de résistance – all willingly submitting themselves for sacrifice (some repeatedly)

================

So..., who ultimately ends up with the virgins – profitable traders

RN

Just so the point is not lost, the virgins are a metaphor for conclusions that are based on inadequate or insufficient data, not unlike confusing correlation with causation. The virgins appear to have some effect on crop yields just as indicators appear to have some effect on price movement. However, neither has anything to do with either.

Therefore, when someone goes on about price "bouncing" off some indicator or other, he's throwing virgins into the volcano, i.e., he's drawing entirely specious conclusions.

http://www.elitetrader.com/vb/showthread.php?s=&postid=3910619#post3910619

 

[Gringo]

I say we only look for SL/DL and Ret, and forget about the rest. Just get more alert around the extremes and that should be enough.

68-75 seems like a reasonable range for now. We might have had a long at 71 after BO above 70.

Gringo

 

[niko]

9:21 Seems like buyers are walking away from the MP at 69, 76 is the price to be mindful of.

 

[dbphoenix]

Quote from niko:

Well, the extremes of the range are 76 and 63, so unless one wants to scalp inside the range the prudent thing to do would be to wait for either of the extremes to be tested.

Forget about that. Just wait for either demand or supply to gain the upper hand and track the line. Don't anticipate anything.

 

[niko]

Quote from dbphoenix:

Forget about that. Just wait for either demand or supply to gain the upper hand and track the line. Don't anticipate anything.

Will do.

 

[niko]

9:34 DL broken

 

[dbphoenix]

Demand has the upper hand, so wait for an entry. If there isn't one, do nothing.

 

[niko]

Quote from dbphoenix:

Demand has the upper hand, so wait for an entry. If there isn't one, do nothing.

The DL is broken why does demand have the upper hand?

 

[dbphoenix]

Quote from niko:

The DL is broken why does demand have the upper hand?

There is no DL. Price is rising.