Kreslik.com - traders community since 2006

TheRumpledOne wrote:scotty_dog:

Please post a chart so we can see what you see.

Thanks.

Hi TRO,

Taken from the opening post...
Comments most welcome!

SD

** EDIT ** To clarify, FIRST LOWER CLOSE should read FIRST CLOSE LOWER THAN PREVIOUS BAR'S LOW after the range has contracted to a local norm.

The chart as I see it:

- Double bottom
- Range expands / Momentum follows
- Range contracts / Momentum falls
- After range contraction, market ends one swing and changes direction

Conclusion, market contraction signals the end of the swing before the market ponders its next move.

As I said above, I use it on stocks and futures (1 and 5 min charts) I didn't use it on forex yet, but I am quite convinced that it will work there too. alex Hey watzdorf, It would be great if you could upload a screenshot or two to illustrate the set-up and your thinking. Cheers, scotty_dog

TheRumpledOne wrote:Never ever enter at the midpoint... that is where you want to EXIT a bounce/retrace!!

Hi there,

Many thanks for clearing that up.

All the best,
scotty_dog

OK, thanks. 7 points of what market though?
I forgot to ask earlier...

Thanks for the reply watzdorf.
Typically, what size of price target & stop loss do you employ with these trades?

Cheers,
scotty_dog

Hi there, Having recently found this forum, I've only just encountered TheRumpledOne and his work. I'm glad I did - a lot of food for thought here. First of all, many thanks to TRO & the Kreslik community for the kindness in freely sharing both code and expertise. As a new trader with NeoTicker,...