Say you have Quad highs and Triple lows, whether you use Bollinger Bands or moving average cutting through middle of bars or RSI staying near fifty, there is little of trend, more like Neutral trend. Not that you can't make money here buying low and reversing at highs. BUT think you have to look at larger timeframe to see what is trend on higher whether 60 minute bars or daily. I have read most chart books that say longer the sideways action, leans on market rising, mainly due for fact people view markets going up is positive and all happy, and stocks do favor rising much more than go down, as we know markets go down much faster than bs of going up. I rather sell markets than buy them, so I must be an unhappy soul and not positive about anything, LOL Selling markets don't normally hang sideways much, little money going nowhere. But what is resistance to one trader is a burp to another trader on larger timeframe OR has stricter rules that are different to define what sideways is. Forgot what book it was, but said you can take a compass and measure length, and use length to draw up where it would end, but to me that is not logical, only way that would work is like Fib's, those work at times cause you have a ton of people doing them. "That might be said to all signals of entry, reason they work cause so many others are doing exact same thing." What is your opinion on that?
Nice, my issue currently Generally I'm a range trader, obviously i get slapped sooner or later when it breaks out, or spikes and fakes a breakout hitting my SL. I can't yet find a time or news event that'll break the sideays to know when to join. End if the day, it's not about being right, it's about tight SL risk 7pts in the range, with a chance to make 14. I only do moderate speed breakouts, i need to see its turned up then i join on a pull back lower SL hit cost them, risk 10 to make 30-50. Yes i agree for once lol
I wouldnt exactly call it a disagreeement; more like another way of putting it. If market is open; its a,b or c=[a] =downtrend , sldeways =slop-chop, same thing as a range -range] [c] uptrend. You maybe get a hint with a 200 day moving average..................................................His whole interview is eral helpful-Jack Schwager top trader books. I wouldnt call a wide ranging trend a range , you could- i would-NOT;its a sloppy trend, profiatble in some cases.
%% Good pic, LL; looks like mountain charts, prefer candles, but MOUNTS+ valley charts are worth a study also, did that today........................................
%% Real right on long term trend ['' larger time frame '' ]helping. Really rather sell a weak market {weak sector , weak fundamentals, weak technicals, weak weekly.....}Markethandle 1234. But a benchamark like SPY tends to trend up long term[most are long stock market, in Roth .... so called retirement funds]. ; i better NOT comment on RSI, LOL. Overdue for a bear market, but its an election Year, @ least thru early NOV.....
I think market will top out before election like in August or early September. I use RSI differently than most as I use closes and not highs/lows, opens are to screw the weakest and most uneducated and closes are to screw those willing to pay too much. I prefer Long Term trading much more than day trading, blood pressure much lower, do well enough on much less trading. Since I have added options to hedge open profits have added well to profits and lowered blood pressure, LOL I have been beaten and whipped by markets years ago and finally have learned that whatever the system says to do gets done. Really makes life so much easier.
%% NOT a prediction; Sept has topped many times. I like[not in a mindless mechanical way] the parabolic stop & reverse,aka parabolic time price, not that its that good .But every little bit helps.LOL
Not that I have tried, but is it possible to have parabolic engage not on simply tough but when a close has ended up past Parabolic? I gave up on Parabolics light years ago when I couldn't make more than 50/50, I never had them included in charting as I have now. Just curious.
I remember that I had backtested the Parabolic years ago. I'll have to uncover that strategy's results. As I recall, it was one of the better indicators.....