What would quality as a core knowledge about MAs?
Ghost of If You Can Draw A Straight Line
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What would quality as a core knowledge about MAs?
What the guy said was, "But my core knowledge will always be candle stick analysis, which I had learned a lot from Mark [wrb trader], and moving averages." From this I assume that candlestick analysis means more to him than MAs. In any case, he's been polite, and MAs may work just fine for him in the context of his trading.
The SLA is not for everyone.
The SLA is not for everyone.
Yes, you're absolutely correct
Schaefer
I hope my comment didn't come across as belittling. I assume the returned smiley face was an indication that you knew I was kidding.
I respect anyone who makes up his own mind rather than allow others to dictate to them. Schaefer took SLA for a test drive and I respect that. Best of luck.
DBPhoenix,
I hope you will entertain a question. For a couple of months, I have been reading through the various straight line journals and reading Wyckoff around my class schedule. My academic load is heavy, but am looking forward to trading as a worth while diversion.
My question focuses on one aspect you have mentioned, your entry. Would you mind sharing a bit of the background on placing an order off the crest or trough of a retracement?
You are the only one I have read or heard mention this as an entry preference.
Thank you for your time,
Toby
I hope you will entertain a question. For a couple of months, I have been reading through the various straight line journals and reading Wyckoff around my class schedule. My academic load is heavy, but am looking forward to trading as a worth while diversion.
My question focuses on one aspect you have mentioned, your entry. Would you mind sharing a bit of the background on placing an order off the crest or trough of a retracement?
You are the only one I have read or heard mention this as an entry preference.
Thank you for your time,
Toby
I'll be happy to entertain a question, as long as I can do it with my clothes on.
When price retraces during an upmove, the retracement -- unless it's a reversal -- forms a cup, or a trough. The entry is placed inside this trough far enough away from the bottom so that it is unlikely to be triggered unless price returns back to its original course and continues the upmove. A successful entry is confirmed when price gets past the top of the bar which forms the top of the trough. The Joe Ross entry is strangely similar. One would almost think he borrowed it.
The reverse of all this is true for a retracement in a downmove, forming a crest.
The success or failure of these depends on how long you wait for them. The purpose of a retracement is to give those who missed the initial move a chance to climb on board. By the time you've had three or four of these, everybody who wants to be in is in, and the odds of a failure increase dramatically.
I've been trading this way for years and never quite knew how best to describe it. The terms "trough" and "crest" to describe the initial trigger for a (hopefully) price turn really clarifies it.
This chart was posted yesterday to another thread, but it has not appreciably changed. I assume that traders are waiting for the jobs reports. Whether or not they can continue to wait for an entire 'nother day remains to be seen.
The weekly and daily charts were posted on Tuesday and haven't appreciably changed either except for the upsurge on Tuesday to where we are now.
We appear to be at the point where we decide whether we have put in a top or not. Interesting times ahead.
The weekly and daily charts were posted on Tuesday and haven't appreciably changed either except for the upsurge on Tuesday to where we are now.
We appear to be at the point where we decide whether we have put in a top or not. Interesting times ahead.
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