prochargedmopar wrote: aliassmith wrote: prochargedmopar wrote: aliassmith wrote:
MightyOne may bitchslap me after I say this....
The Ruler of Six tool looks useful on smaller timeframes also.
I will keep it by my side for further testing.
On the Chart:
A and B at the 0 and 100 of the tool.
SELL is the 100 point when I move the tool to measure the potential.
Alias, if you place an X at the start, isn't that a Gartly pattern??
Isn't the Sell area a point at which price failed to make it back into a supply "fractal"/trading range.
Isn't the first target the 127% ext and your 2nd target the 162% extension......Draw fibs from swing high (A) to low (B) What's the retrace (looks like 79% deep fib to me).
And a Gartly,
Just a noob on this stuff but you see these patterns all the time....Even on M1.
I am not sure about the Gartly pattern. I started to watch some of those
videos you sent to me, but I was not interested. I can't believe in a method
that is based primarily off of Fibonacci levels.
I am using mostly techniques that MightyOne has demonstrated at S/R
areas. I like the Ruler of six to set profit targets (still testing).
I do NOT see that chris lori's trading strategy is based totally on fibonacci levels.
Looks more like key levels of support and resistance with a mix of fundamentals.
He builds CASH positions in the market through precise scalping methods that "FUND" his positions. You can do that when your moving 10bucks or 100bucks an order. Buck = 1Mil
His targets are thousands of pips from entry.
Maybe you should watch a few more of his vids.
I'm doing my damnest to grasp the high TF trading. Getting from 7 pips to say, 27 pips is the hard part.
You said something about traders NOT realizing how important it is when a position does not go Immediately against you. Then, Add profits to stop.
"If price is consecutively closing higher then it cannot be closing below resistance."M.O.
You also said if the 3m shares space with the 240m extreme. Do not reverse.
I've got to find ways to fund my positions so I can have "free" trades running in the market.
"You also said if the 3m shares space with the 240m extreme. Do not reverse." -PRO
If I remember correctly that was a reference to the DTB method where by one enters on a 5 pip retrace from the high/low.
The idea is that price should not be making higher highs when looking to reverse.
"Getting from 7 pips to say, 27 pips is the hard part." -PRO
If your trade has more potential than random price fluctuation it is not hard at all.
"Maybe you (aliassmith) should watch a few more of his vids." -PRO
We don't watch videos PRO, we learn to absorb information and solve problems on our own
"You said something about traders NOT realizing how important it is when a position does not go Immediately against you. Then, Add profits to stop." -PRO
If price were to NEVER move to your stop then how long would you hold for? Suddenly, when you think about taking 7 pips, it just doesn't make any sense and your mind shifts to maximizing profit.
Adding profit to your stop means that you trade very tight with your own money and loose with the markets money until you reverse direction.
"Fractal highs/Lows??" -PRO
I still have not found any use for fractals...
When looking to add something to my analysis I have to make sure that it does not conflict with any of the other ideas.
"If price is not making higher highs then it must be making lower highs"
"If price is consecutively closing higher then price is not closing below resistance."
"There is only 1 highest and 1 lowest price in any given period of time; the most likely direction is the eventual return to new highs or new lows."