Supports, Resistances, and Doji
- Thread starter metabolicpanel
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I already posted exactly what I would do, and the level I am waiting for???
I would leg in at b in about 10 days. I don't day trade...total waste of time. Why would I want to take 10 trades when I can make the same pnl off 1 trade?
I mean if I was a day trader I would enter here and take profits at .382 (iv) with a stop at the most recent low...but I missed the ideal entry so why chase it?
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What's renumbered? I am giving you 2 versions of the same outcome where I make money on this trade.
What have you provided?
And yes the bends in a river change all the time. How do you think you get an oxbow lake?
One more question if I may.Going to make me work are ya?
View attachment 348548
Why wasn't this low marked C
Why? Because much more potential profit can be made trading the moves then exiting. Then counter trading the original move then exiting then entering main trend again as it resumes and repeat instead over and over instead of holding on one trade for the duration of the move.I already posted exactly what I would do, and the level I am waiting for???
I would leg in at b in about 10 days. I don't day trade...total waste of time. Why would I want to take 10 trades when I can make the same pnl off 1 trade?
I mean if I was a day trader I would enter here and take profits at .382 (iv) with a stop at the most recent low...but I missed the ideal entry so why chase it?
You should read The Profit Magic of Stock Market Transaction Timing by J.M. Hurst to understand the concept of maximizing potential return by trading all the bends in a river as it flows in a direction.
Plus compounding profits. “According to Einstein, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.” At first this quote might seem like a bit of an exaggeration but the math behind it shows that it is not.”
Instead of compounding interest ……..in trading by timing and trading every crook and bend in the river (or as many as you can) one has the opportunity to compound profits. This is a concept I call FOT (Frequency of Trades).
By waiting you are missing many many many bends here and there.
BTW do you already know the outcome of this chart? Is it a partial post of something from the past. Like a “blast from the past?. And you can then post a later version showing your narrative pan out? Or is this an up to date chart showing future projection that has not actually happened yet as of 9-8-2024.I already posted exactly what I would do, and the level I am waiting for???
I would leg in at b in about 10 days. I don't day trade...total waste of time. Why would I want to take 10 trades when I can make the same pnl off 1 trade?
I mean if I was a day trader I would enter here and take profits at .382 (iv) with a stop at the most recent low...but I missed the ideal entry so why chase it?
Of all the voodoo I have read up on,I like Weisteins Stage analysis the best..
Simple enough that one can "essentially" backtest it..
EW is way too subjective for my taste,constantly changing counts,and WXY ,like most wavers can't stop themselves out when wrong..
Simple enough that one can "essentially" backtest it..
EW is way too subjective for my taste,constantly changing counts,and WXY ,like most wavers can't stop themselves out when wrong..
Sounds like a lot of unnecessary fees and the point of trading is that I can spend my days watching Netflix not watching the screen.
That is the current BTCUSD chart.
Ok different strokes for different folks. You have to do what makes you happy in trading. But I’d bet you are likely peeking at that screen everyday? lol