The best thing about pnf charts is support and resistance are easier to see also pay attention to the trend lines as long as they are 45 degrees they are legit
Wyckoff's Monster
- Thread starter green.green
- Start date
Here are my charts for today. I noticed when price speeds up and gets more vertical - I'm missing the smaller pullbacks. I see them but I don't think I can act quickly enough to secure them. I might have to do some replay work to be more anticipatory when price starts to go vertical.
Here is my chart of the NQ today. 50% gave some help today. I've noticed that I'm much more likely to see a signal for an entry than an exit. I want to get better at getting off the ride before a swing is hit. Maybe I'm getting ahead of myself?
L - We are like two women in prison - our cycles line up. I'm glad you are having success with Taylor. All the best on your journey. I would be interested in reading yourTaylor journal if you have one.
If your second comment is directed at DBP - I doubt he thinks of himself as a guru and I find a lot of value in what he is offering. I'll let him speak for himself if he cares to but I think a little research might show what his contribution has been over the years.
Here is my tick chart today. I picked a good day to try and give the market room. If it had been choppier this may have backfired but maybe that's just fear of not knowing talking.
I also adjusted my channel a little . I'm not sure if this looks any better to anyone. The outer lines That I've added I kind of think as standard deviations out - they aren't intended as anything more than an indication of how over-bought or sold the market has become. Should I dump it?
Last - my first attempt at hand drawing a pnf chart. i went with a 1 point per box buy 3 box reversal based on highs and lows. I ran off the edge of the page and decided to stop sim-trading because of time. I've added the traditional 45 degree trend lines in pencil. I was kinda fun. Taking time out of the equation is in some ways clearer maybe? We'll see in a few weeks.
I also adjusted my channel a little . I'm not sure if this looks any better to anyone. The outer lines That I've added I kind of think as standard deviations out - they aren't intended as anything more than an indication of how over-bought or sold the market has become. Should I dump it?
Last - my first attempt at hand drawing a pnf chart. i went with a 1 point per box buy 3 box reversal based on highs and lows. I ran off the edge of the page and decided to stop sim-trading because of time. I've added the traditional 45 degree trend lines in pencil. I was kinda fun. Taking time out of the equation is in some ways clearer maybe? We'll see in a few weeks.
NDX looks good - thanks for that tip. I hate learning new platforms.
As for the second part - this is exactly what I needed to hear. I'll stick with learning SLA as that is going well and deal with volume at a later date.
What I'm slowly learning more and more is that my focus when studying technical analysis has always been with an eye toward prediction. This is why I've been drawn to Taylor. I clearly have an ego problem where my desire to be right is getting in the way of seeing what is going on in front of me.
The beauty of SLA is you don't need to know the future and I feel more calm when I'm not struggling to predict the future. The more I can keep being right out of it the more my ego has to sit on the sidelines.
Watching the market on Friday I got short and was calm through the first few pushes down. When we got down to 3662 - a support level I marked on my hourly. My ego came alive - the market hit support and bounced - we are going back up. I missed that the demand wasn't strong enough to progress and it wasn't until the third push up failing that I got my ego out of my ass and noticed what was actually happening.
I guess I feel like I'm improving and more aware. I'm hoping that being done with prediction will be the corner stone I need to turn the corner.
Particularly when the market is plummeting on a day expected to be a "buy day" and rocketing upward on a "sell day".
It's just not necessary to know ahead of time, nor is it of any practical value beyond what is suggested by AMT.
no thanks.... about the women in prison comment
..... if you want to focus on Taylor, you don't need wannabe gurus to guide you .... it is all right there in his paper
don't know what sla is ... but i can guarantee you it is a piece of sheet if you are comparing it to Taylor
buy lows... sell highs
Monday is buy day again
..... if you want to focus on Taylor, you don't need wannabe gurus to guide you .... it is all right there in his paper
don't know what sla is ... but i can guarantee you it is a piece of sheet if you are comparing it to Taylor
buy lows... sell highs
Monday is buy day again
I appreciate your point of view. It is clear you are very happy with Taylor. I have recently adopted a motto when it comes to trading (and life). "Fools try to prove that they are right. Wise men try to find when they are wrong".
What DBP has helped me to see is that the SLA approach to the market matches my personality better than the Taylor approach. I want to actively be in the market most days. I feel more calm when I am in and out of positions than when I waiting for a particular setup to appear.
Lastly, if you study what DBP has written through the years there is one thing that stands out to me. Simplicity. He has separated the essential from the non-essential (which has been a continuous process for years). A wannabe guru shrouds his approach in mystery and complexity and talk in generalities. I don't need to see trading statements and the like to know when someone is full of it.