The Trouble With Scribbles
- Thread starter Buy1Sell2
- Start date
The trouble KP is that although the educators tout context, it seldom actually comes into play in their instruction or analysis. The trend was up that day so one would be looking to buy, not sell. One would not be waiting for price to touch "range" extremes before acting. Scribble educators do not show the entire plan as I have done.Ok.. one last chart. I hope you don't mind me posting it here B1S2, but its just like you take other people's charts to comment on them so I assume this is ok!
So here is that wonderful chart that 40D posted about how breakout 4 was different. But if I use the method that he has used in the past to trace out the price action that is happening within these 5 min bars, you see price shoot up, and make a high above the level. Then price comes back down and price closes in the middle of the bar which I call a low. Price opens on the next bar (the red one) and goes up a bit higher, but forms a lower high. Then it comes down, and break the previous low (which is where it opened), and therefore makes a lower low. This is a classic entry point for a short as a failed breakout... no? I mean 40D is looking at ticks here. He showed me a lower low on my 5 sec chart I posted way back when so this tracing that I've done absolutely qualifies.View attachment 151504
So as I crudely illustrate, this has all the makings for a short... was one taken? If he took it, and scatched it quickly, and then took the long, that is some good trading. And this is what I would believe if I understand what he is trying to show. But there is no mention of any of this. All that he means to imply is that somehow the long was obvious on this 4th breakout, and no mention of any other possible trades.
Here we have a scribble student recently analyzing past charts and determining entries and exits. As one can clearly see, the horizontal scribbles are drawn, but abandoned in favor of more dynamic diagonal lines. It appears that folks are just drawing the horizontal lines to be drawing them and they have no relevance to any of the "actual" trades that are then placed. Keep in mind, these charts are all annotated well after the fact and a lot of extra time has been spent on drawing lines on different time frames that are never used when drilling down to the proposed entries and exits. --Very arbitrary and totally discretionary. Rules don't seem to be applied here at all.
Buy1Sell2,
Please leave lajax out of this debate. He is the one of the few scribblers who has put in real effort and analysis to create a workable model of the SLA-AMT framework.
As I dimly understand of the framework, as long as price breaks out of a range (defined by the pink and blue lines), SLA (use of trendlines) is applied... even if price should re-enter the range.
As for the range, one has to refer to the daily and hourly charts and also ON range to define it (the context).
Edited: Saw your post, Db and have deleted the last sentence...
Please leave lajax out of this debate. He is the one of the few scribblers who has put in real effort and analysis to create a workable model of the SLA-AMT framework.
As I dimly understand of the framework, as long as price breaks out of a range (defined by the pink and blue lines), SLA (use of trendlines) is applied... even if price should re-enter the range.
As for the range, one has to refer to the daily and hourly charts and also ON range to define it (the context).
Edited: Saw your post, Db and have deleted the last sentence...
Last edited:
Actually, since I caught him lying about his trades, there's no point in my following this any longer. I read this only because you posted it.
He gets off by ridiculing beginners. 'Nuff said.
The point is that there is too much work being applied to eventually arrive at simple diagonal lines and taking trades both long and short. The students are being taught to over-analyze when it is totally unnecessary.