Iterative Refinement
- Thread starter Spydertrader
- Start date
Appreciate you sharing those. I don't think, however, those will help me, because, if one is on the right side - there doesn't seem to be any need to wait for tape break. Three types of signals exist: Just before the turn, Just at the turn and just after the turn.
On the other hand, if one is not on the right side, then entering late doesn't allow for washing if what must come next, doesn't.
I do think that tape breaks work for you because you 'see' the right side. For me, I need to learn how to see the right side first.
I find that tape breaks are a wonderful "confirmation" indicator. Many times I believe I see the turning point, but still wait for the tape break to confirm. I am perfectly fine getting in a "half bar" late. In my mind, it is better to show up fashionably late at the right party, than to show up early at the wrong one. I'm also perfectly fine trading the retrace of a larger channel using tapes. Because at my skill level, I don't know how long or far a retrace may go. I just can't see the logic of watching your gains reduced by 4 or 5 points (or more) while price goes from pt 2 to pt 3 of a larger channel. Granted if you are right, then no problem. but what if you are wrong? You just gave up quite a few points.
Perhaps I'll get to the point where I can make only 2 or 3 trades a day, but until then, I'm more than happy to trade a finer fractal.
