MightyOne wrote:I use cones as an "overbought/oversold" indicator.
So looking at the chart one might say that:
1) price broke long from the cone and is "overbought".
2) the body size shrank
3) BO + close lower & close is below the midpoint.
Price is now inside the cone & it could break higher yet again but we
are going to watch and trade away from the current midpoint so we cont. short.
1) Price now finds itself at the bottom of the cone and is "oversold"
2) there is a BO + close higher & close is above midpoint...
I don't want to sound mechanical, I am just trying to give you an idea of how cones are used.
HORIZONTAL LINES are #1; cones simply assist me in trading them.
No, please for the love of god please be mechanical when talking about cones. I feel like I am back in school, when i was labled "learning disabled". What if price broke out and just keep breaking long. Is there a area you u look to go long. What if it retraced back into the cone and then back out. What if it retraced down and kept going lower. Yea and know body in profit, wick in loss, price cant rise on wicks or close on something.
I just dont understand cones and etc. But when u draw them they seem to reveal and show so much. Plus there is always the idea that speed increases by 2 and slows down by half that also uses angles. I am not asking u to spoon feed me tha anwser, but a helpful nudge would be welcomed.