Son of If You Can Draw a Straight Line . . .

[yossy]

So are we saying that it is the 1st line/correct context which starts/determines it all? And even an almost 100% ret of the upmove is therefore not seen as a new downmove but a ret in an uptrend.

 

[dbphoenix]

Quote from niko:

I haven´t read the post that came after DBs, so maybe I am saying something that has already been answered.

Since I won't be answering any given question more than once, I suggest that those who don't want to be ignored or left behind read everything. This provides those who are interested with the opportunity to move ahead, rather than rock back and forth and back and forth trying to pull out of a rut on a muddy track.

 

[niko]

Quote from dbphoenix:

The only line that matters, then, and the only one that matters with regard to the open, is the following:

I know I can sometimes sound like the most idiot wannabe trader in the world, but I just can´t move forward with confidence until I understand why is it that this is the ONLY line that matters.

Before I finally followed the great advice of cutting off the lines, I used to trace 20 lines or more on my 60 min charts, but at the end I never understood why they were important, and I guess that is why I never managed to understand Support and Resistance.

Now, I understand that this is the midpoint of this Trading Range, and it is where the most deals have happened during the last few hours, and there will be interest from other traders about things happening around this level. But I would have focused on the extremes of the TR not on the MP, and if including S/R in the decision making process I guess I would have avoided trading around this level and waited for something happening around the extremes.

I also understand that at this moment, we are not using S/R, just lines and RETs, therefore the reply I gave before.

 

[dbphoenix]

Quote from yossy:

So are we saying that it is the 1st line/correct context which starts/determines it all? And even an almost 100% ret of the upmove is therefore not seen as a new downmove but a ret in an uptrend.

It's not about upmoves and downmoves and retracements and arithmetic. It's about the state of demand and supply. See Heroic's first post from yesterday. If one doesn't understand where buyers and sellers are in relation to each other then the rest of it is just auto-fellatio, only not as enjoyable.

 

[niko]

Quote from dbphoenix:

Since I won't be answering any given question more than once, I suggest that those who don't want to be ignored or left behind read everything. This provides those who are interested with the opportunity to move ahead, rather than rock back and forth and back and forth trying to pull out of a rut on a muddy track.

Sure, I had not been able to reply before and did not want my reply to be biased by what other members saw. I will try to reply faster in order to avoid this.

 

[dbphoenix]

Quote from niko:

Sure, I had not been able to reply before and did not want my reply to be biased by what other members saw.

Incorporating others' views into one's own process is what forums are for. If one has no guide and is turned this way and that by every new opinion, he isn't likely to get very far. But that's what testing is all about, if done correctly.

 

[slugar]

Quote from dbphoenix:

While I hate to interrupt the trading of those who have not yet learned how to trade, I should point out here that the essence of a trading plan is knowing what to do IN ADVANCE about a variety of contingencies, based of course on a presumption that the trader can tell the difference between up and down. Those who have had no idea what they will do/would have done (at the time, these posts were made in "real time") at the market open have no business trading, and are merely extending the amount of time that it will take to learn by taking the "shortcuts" they are so obsessed with.

This post is not directed toward anyone in particular, though you know who you are. If you don't know who you are, then you're in even worse trouble.

Working on this problem right now ! Thanks, DB

 

[fortydraws]

Here is what my first trade of the day looked like. Many days the NQ just about gives away 5 - 10 points within the first 5 - 30 minutes if you learn what to look for.

 

[Gringo]

Quote from fortydraws:

Here is what my first trade of the day looked like. Many days the NQ just about gives away 5 - 10 points within the first 5 - 30 minutes if you learn what to look for.

The price behaviour at the open today is not too dissimilar from the price behaviour we have been discussing in this thread also from the open from last friday. The basic mechanism of supply and demand thankfully hasn't changed over the course of the centuries, otherwise we would also be searching for a new edge every few months.

Gringo

 

[niko]

Quote from dbphoenix:

Commendable, though your first DL isn't tight enough as price leaves it in just a few bars. But at least you're evaluating it in terms of demand and supply rather than patterns and lines.

I have to work on this.

All of this precedes the first question I asked on Friday at 0928 which had to do with the higher low and you've addressed that.

I think I got it

So now what? The market opens in two minutes. What are you going to do?

Go long at the RET, but that has already been addressed