MightyOne wrote:newark18 wrote:MO, would it be fair to also say: 1) Wait for close over a line, 2) Enter at daily+ extremes, 3) Wait for close over a line, and 4) Then wait? For some reason, I am having real trouble with the "enter off daily+ extremes" portion of this method.
When price closes over two S&R lines without retracement, do you "expect" price to retrace back to the first S&R line that it crossed? In other words, do you expect a retracement relatively equal in strength as the original move that ended with a close over a line?
Back to the beginning...
1. Trade off of daily+ extremes because price moves a hundred of hundreds of pips from these points.
2. Start with a 1/4 position because it is more likely that price will make a higher high being close to the high and above a support line.
3. You may liquidate and buy back a total of 2 times BEFORE price closes over a line which you believe to be S&R.
4. Price closes over a line
5. Set an average beyond S&R.
Waves, XY-Patterns, CC's, etc are strategies for holding.
MO i have to ask, theres one thing that is eating my head:
when you said:
1. Trade off of [highlight=red]daily+ extremes[/highlight] because price moves a hundred of hundreds of pips from these points. - MO
And after try to find the answer to this riddle y find this in your older post:
On any day there are only 2 extremes and price will move a hundred or more pips from one or the other. -MO
( i thinks this is no so simple like a low or high on daily) and this:
If I am going long then I want to have a daily+ extreme directly under me. -MO
and if you think about this chart a little you can see the extremes are very important in this method.
MO Could you post a chart showing the 2 extremes you are talking about... please im very lost with this... maybe im blind.