MightyOne wrote:prochargedmopar wrote:MightyOne wrote:Get better at something
The angled lines are a diversion tactic.
People cannot get past the word "something" which is simply a word for "there is no need to define it, it is what it is, price is above or below something"
"Price cannot rise on wicks, neither can it fall without closing lower [than something]"
"Something" is the direction of profit, if you knew something then you would only trade in that direction.
Why did I mark cones? Because I believe that EVERYTHING is a cone!
If that is not what you SEE then don't draw them.
There are many methods that you can use to mark cones or 1-2-3 or anything else & it doesn't matter how you draw them; the only thing that matters is that it is what you see and that you know how you are going to trade it.
As I said before, it is my belief that there are breakouts, from some pattern (everything is a cone), and there are break-ins and there are range expansions.
Analysis, aka "art class", is done on H1+ and entries are based on H1+ using smaller charts.
It is expected that the weekly range will expand to within .625 to 1.375 of the weekly median range.
The daily range is more volatile, once the range expands to about 31.25% of median then you are trading away from that line.
Knowing all of these things you should have the confidence to pick a direction (profit) and hold for an expansion; not because you know the future, but because you know that price will expand the range in one direction or the other.
so once the daily range expands to 31.25% of the median daily range of the last three days would it usually expand to 0.625 of daily median range just like weekly?