Making of a method

Quote from game:

For tomorrow, I am going to make a concerted effort to just go with the immediate LOLR once the entry conditions are met. Perhaps if I surf more, I might be able to find that balance between outright surfing and outright overthinking.
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It's not a question of surfing since you won't be always in. It's rather a matter of riding the buying or selling wave until it's done, then exiting, then looking for and waiting for either a continuation or a reversal. That waiting may take quite a while.
 
Quote from dbphoenix:

It's not a question of surfing since you won't be always in. It's rather a matter of riding the buying or selling wave until it's done, then exiting, then looking for and waiting for either a continuation or a reversal. That waiting may take quite a while.
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Yes that is what I meant. Was using the word 'surfing' incorrectly here.
 
Quote from game:

Yes that is what I meant. Was using the word 'surfing' incorrectly here.
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In the meantime, review the day so far and see where those pullbacks register in relation to the 50% levels. Which of them tell you something you want to know?
 
Quote from dbphoenix:

In the meantime, review the day so far and see where those pullbacks register in relation to the 50% levels. Which of them tell you something you want to know?
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Green for 50% of minor swings
Red for 50% of major swings


0842 Price reverses strongly after breaching 50% of major swing. Sign that buying pressure still on for trend continuation.

0930 to 0932 The long entered at 0917 would have a decision to make. Exit on breach of 50% or give it room? Would have probably exited.

0934 The strength off the 50% mark points to movement towards R.
0936 Long taken

The second long is never threatened as per the 50% guideline. Exit at 1020 on failure to BO for about 8 points.

http://www.sierrachart.com/image.php?l=1380741774882.png
 
Quote from game:

0930 to 0932 The long entered at 0917 would have a decision to make. Exit on breach of 50% or give it room? Would have probably exited.
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Note that it cannot get past the 50% level of the move down from 37 to 22. This suggests weakness. So an exit is called for.

However, price then finds support at the 50% level you noted, which calls for a long, though you should be sensitive to the possibility of a hinge by that point, given the lower high and the higher low.

Further evidence of the need to trade with an open mind and "go with the flow". Note, however, that there is nothing magical about this 50% business. It's just a way of analyzing the relationship of buying waves to selling waves.
 
"Some people regard the market in this springboard position only when it breaks through an old line of resistance or support into a higher or lower field. I claim that the beginning of the springboard move is at the bottom of a range of accumulation, or in the upper levels of a range of distribution"

Wyckoff Course Section 14M, Pg 6

Nice to find confirmation of the idea from a few days ago regarding buying inside Ranges upon evidence of compression and/or accumulation.
 
Quote from game:

"Some people regard the market in this springboard position only when it breaks through an old line of resistance or support into a higher or lower field. I claim that the beginning of the springboard move is at the bottom of a range of accumulation, or in the upper levels of a range of distribution"

Wyckoff Course Section 14M, Pg 6

Nice to find confirmation of the idea from a few days ago regarding buying inside Ranges upon evidence of compression and/or accumulation.
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game,

Hugs and kisses to you! :D That's the way to get it done buddy.

Gringo
 
FT Day 30 Oct 3

R: 3250

S: 3223
S: 3213


Context: Price is at the mp level between the DT and Support. ON action has been a sideways drift with no clear boundaries. The reaction upon making the high at 3251 was about 40% of the rally from the low of 30th. This points to overall strength. While the trend is up, the position at the mp of the Range means the immediate LOLR is neutral.

http://www.sierrachart.com/image.php?l=1380803413920.png
 
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