PowerX Strategy "PowerZ"

[IgazI]

It will have to launch from 104.40 to have a fighting chance.

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[IgazI]

104.70-80, heading into tomorrow, would not surprise me.

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[IgazI]

It didn't even try to go there yet; gotta save the 'pointy places' for the breakout traders

We know about how high resistance is because we can see how low support is.

Also, "momentum-like" candles that end in tall wicks are likely to have stopped short of resistance
(or a level from which one would prefer to go short).

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[BambinoFlex]

It will have to launch from 104.40 to have a fighting chance.

areas_notPamp.png

That first circle on the left, is the pattern?

The circle in the middle, is the “price is not free just yet?”

The circle to the right, is similar to the circle in the middle where price is not free - but it ends up creating the “area of S/R?”
- - -
Once price breaks away or “launches” = Down from Middle Circle OR Up from the circle to the right is when it would be considered a breakout - because it’s trading away from the pattern (left circle) INTO a new pending pattern?

Once I’m home, I can draw it up on the computer. My paper iteration is too messy.

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[IgazI]

A "pattern" is not a breakout, and a "breakout" is not a pattern.

If a pattern is represented as a circle, then between the circles is the breakout.

One trades "patterns", but a pattern itself is directionless.

A series of patterns around a price level is referred to as the "shape of S/R".

"THE pattern", such as the one at 104.40, could be thought of as a sort of a median-line of a channel.

One should not become fixated on details, but have a rough sketch describing your own experience;
technical analysis is found in books because people wrote the books.

There is no right or wrong, only happy accidents. . .

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[IgazI]

Are we doing 'the thing'? I was hoping for cheaper metal prices

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[BambinoFlex]

A "pattern" is not a breakout, and a "breakout" is not a pattern.

If a pattern is represented as a circle, then between the circles is the breakout.

One trades "patterns", but a pattern itself is directionless.

A series of patterns around a price level is referred to as the "shape of S/R".

"THE pattern", such as the one at 104.40, could be thought of as a sort of a median-line of a channel.

One should not become fixated on details, but have a rough sketch describing your own experience;
technical analysis is found in books because people wrote the books.

There is no right or wrong, only happy accidents. . .
Bob.jpg

Got it, I’m speaking your language. All great points. After a week or two of trading only with a line, and having the S/R zone (high - low) as my “anchor” when entering a position or deciding to exit, I’ve seen a huge improvement in my win rate.

The slight difference that I’m noticing is that my mid line is as the extreme, since I’m deciding between a continuation or a reversal on the 1hr/30min chart. I have larger lines on the 4hr and the daily that aren’t visible here that mirror your example and that serve as my “bias”.

Box shows the only trades I lost on but even then, it’s been my best week so far.

[BambinoFlex]

Are we doing 'the thing'? I was hoping for cheaper metal prices

thoughts.png

Your pointy place will come.

[BambinoFlex]

Also, I finally understood what “Position” Means.

Or at least I think I do.

Position = Price Level That Holds my “Position” or “Risk” as some call it.

Similar to a stop loss, but difference is that as price moves in my favor, and I reduce my space, whilst adding more orders, my “position” won’t exceed my original risk

Eh? Yay or nay?

[IgazI]

Also, I finally understood what “Position” Means.

Or at least I think I do.

Position = Price Level That Holds my “Position” or “Risk” as some call it.

Similar to a stop loss, but difference is that as price moves in my favor, and I reduce my space, whilst adding more orders, my “position” won’t exceed my original risk

Eh? Yay or nay?

It is an ideal price, on a larger chart, that is within range of your risk tolerance.

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