I think longer term a new trader or for that matter any trader that wants to learn relative easier approach to trading using SLA could do worse, and one can make any method as complicated as they want to make it. But I like methods where I am waiting for price to come to area I want to buy as in "Buy Low/Sell high", risk will always be tightest cause of this concept. It has worked well for me in 60 minute timeframe, dailies and weeklies, I believe a number of software programs do automatically or program yourself. Here is a good site http://www.finviz.com/ or http://www.nebadawn.com/
Are there any more sites or inexpensive softwares that help finding SLA?
The longer one trades, the more likely he is to have picked up on nuances that are next to impossible to convey. When he tries, he runs the risk of making seem extraordinarily complex what is on the surface extremely simple. Try to explain, for example, the process of walking down a flight of stairs. Or, as I mentioned the other day, the difference between playing the piano using color-coded keys that are matched to color-coded sheet music and playing the piano with any sort of sheet music at all.
You mention "waiting for price to come to area I want to buy", which is where Auction Market Theory and buying at extremes comes into it. One can try to trade double tops and bottoms and lower highs and higher lows as a way of life, but unless one is doing it at extremes, it is more likely to be a way to the poorhouse. This is what Dunnigan never quite figured out nor, as far as I know, did Joe Ross ever figure it out either (I haven't looked at his stuff in quite some time). If one can wait for price to reach one of these extremes, such as the NQ reversal off 4440, trading can seem like falling off a log. But if he attempts to trade reversals off any sort of manufactured line, particularly one which exists primarily -- or only -- in his head, he will be far less successful.
As for sites and software, not really. The SLA came about as a means for me to explain Wyckoff, since so many people, particularly young people, have difficulty with the language of 1934. And as Wyckoff is so basic -- demand/supply, price/volume, support/resistance, trending/ranging -- the SLA seeks to be as simple, even simpler since it doesn't include volume. Even so, while many people pick up on it easily, many people don't, primarily because they are so afraid of being wrong and losing money that they are afraid to take the most obvious trades, such as a breakout from a range, or climactic reversals.
The pdf I've mentioned once or twice
is all there is, as far as I know, though thematically there are others who have more or less the same objective. Al Brooks, for example, seems to have his heart in the right place, or at least I've been told, but he goes on for two thousand pages, whereas the SLA/AMT is only 44. With charts. And the Brooks books are $200 all told. The SLA/AMT is free. The chief difficulty with those who attempt to teach trading by price is that they begin with the bar, but as price is continuous, and the bar is largely irrelevant, the traps and snares are laid almost at the outset. As an introduction to the whole idea, almost a precis, I can't think of anything better than Section 7 of Wyckoff's course. The algorithmically-incined laugh it off, but what matters is the profits, not how one came about them.On a personal note, that you can remain so interested in all of this while undergoing chemotherapy is astonishing. And inspiring.
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