The bottom

[Took2Summit]

Quote from 1a2b3cppp:

Yeah, I never understood why people said the close is important.

Seems to me like it's ignoring data. If price went above/below a certain amount, you can't just ignore it because it wasn't the close. It still tripped limit orders. It was still a valid price.

Plus, if you use a different time frame, the high/low may very well be the close. This presupposes that daily charts are somehow different from all other charts.

Or perhaps the big players who control price look at these levels and say "regardless of where price goes, we're going to make it close above/below this specific point."

Beats me.

Seems to be two bounces off support today, though, where I drew the horizontal line on that last chart.

I get your point and I agree with you to an extent, but the fact of the matter is is that it is important. I kind of think of it like a basketball game. A team can be down 20 points in the middle of the game, spreads at vegas will change, etc. However all that matters is they come back to win the game. It doesn't matter if they were 20 points under at some point.

Now I understand this isn't a perfect analogy but that's how I think about it. Of course everyone is entitled to their opinion and if you think differently, then that's what makes the markets so complicated However I am from the camp that the close is the most important and if it violates a trend intraday its just the big money pump faking the tiny money and a close above is actually a really strong capitulation sign in my opinion, depending on the price action of course.

 

[jack hershey]

Quote from 1a2b3cppp:

No, that was the opposite of what I was asking for.

My backup would be:

as you stated lastly in the choices available " I went long and my hold will be until the end of this long profit segment on the trading fractal."

I do not predict but I just stay in "NOW" in a bar by bar analysis. During the last Bar of the trend segment, always, I know when the trend ends intrabar.

 

[icarus618]

Quote from 1a2b3cppp:

According to that chart you posted, the recent low was a BO of the same channel, wasn't it?

No. The recent low was at the left side of the channel. BO's of channels do not occur on the left side.

For more info, I refer you to one of Hershey's infamous documents floating around the web: Channels for Building Wealth.

 

[1a2b3cppp]

Quote from icarus618:

No. The recent low was at the left side of the channel. BO's of channels do not occur on the left side.

Oh I see.

For more info, I refer you to one of Hershey's infamous documents floating around the web: Channels for Building Wealth.

I'll pass, but thanks. I don't understand anything Jack Hershey posts in the forums so I doubt I'd understand a document of his, either.

 

[1a2b3cppp]

Quote from jack hershey:

My backup would be:

as you stated lastly in the choices available " I went long and my hold will be until the end of this long profit segment on the trading fractal."

I do not predict but I just stay in "NOW" in a bar by bar analysis. During the last Bar of the trend segment, always, I know when the trend ends intrabar.

Can you start a journal and post some live calls when you go "NOW"? I'm just curious how your long posts and complicated trading system performs in real time.

 

[1a2b3cppp]

Quote from Took2Summit:

I get your point and I agree with you to an extent, but the fact of the matter is is that it is important. I kind of think of it like a basketball game. A team can be down 20 points in the middle of the game, spreads at vegas will change, etc. However all that matters is they come back to win the game. It doesn't matter if they were 20 points under at some point.

Now I understand this isn't a perfect analogy but that's how I think about it. Of course everyone is entitled to their opinion and if you think differently, then that's what makes the markets so complicated However I am from the camp that the close is the most important and if it violates a trend intraday its just the big money pump faking the tiny money and a close above is actually a really strong capitulation sign in my opinion, depending on the price action of course.

Gotcha.

While I don't think the time frame matters, I might possibly make an exception for daily charts since that's kind of a standard unit of measurement.

In other words, I laugh when I see people arguing over 233 tick charts vs 234 tick charts (as if there's a difference), or 5,000 constant volume vs 10,000 constant volume, or whatever, because the high of one chart's candles might be the close of another's, etc. There is no absolute scale like that... except possibly the daily charts.

That being said, I still think all price points matter. It's why I think heiken-ashi candles are the dumbest thing ever, because they plot price levels that never actually occured. It sounds like a terrible idea to trade with data that shows you the wrong prices. They sure do look pretty, though.

So, I guess your argument that the close of a daily candle more accurately reflects the sentiment of that day has some merit. Do you ever worry that you are missing out on a better entry point, though, having to wait for the close of the candle? Do you enter at the end of the day or the following morning?

 

[1a2b3cppp]

Quote from 1a2b3cppp:

Seems to be two bounces off support today, though, where I drew the horizontal line on that last chart.

Make that 3.

 

[1a2b3cppp]

Check it out, this one is better. Will resistance hold?

 

[jack hershey]

Quote from 1a2b3cppp:

Can you start a journal and post some live calls when you go "NOW"? I'm just curious how your long posts and complicated trading system performs in real time.

Since you are new to trading and ET, you missed those times.

we posted elswhere before ET was invented and after ET came on line we did a repeat.

So to see what you want to see, you need to begin to do searches.

 

[icarus618]

Quote from 1a2b3cppp:

I'll pass, but thanks. I don't understand anything Jack Hershey posts in the forums so I doubt I'd understand a document of his, either.

That's your choice. But in another post you say you are "curious" and ask the Jackatollah to start a journal with "live calls." Looking for "live calls" on a message board just reveals you are pointed in the wrong direction altogether. Moreover, your charts and questions are of very low quality. You don't seem to have an adequate charting platform and data feed that lets you see the market. Straighten up, man, and learn to help yourself.