Are all price patterns the same? (examples)

Discussion in 'Trading' started by 1a2b3cppp, May 7, 2013.

  1. Didn't you know "gurus" are at such a high level of understanding that they can't break things down into simple concepts and can only speak in metaphors?

    Again, it comes down to whether or not you can learn from someone. I don't care if someone is the best trader in the world if I can't learn from them.

    A bunch of vagueness = I can't learn from them.

    Picking through riddles is fun and all but life isn't a kung fu movie.
     
    #41     May 9, 2013
  2. Ya the obfuscation is abundant.
     
    #42     May 9, 2013
  3. achilles28

    achilles28

    [​IMG]
     
    #43     May 9, 2013
  4. Nice going Guru.

    When Achilles said he would do something he would do it, he would not be making claims in metaphors, he would just do it.

    Shame you chose his name for nick.
     
    #44     May 9, 2013
  5. achilles28

    achilles28

    [​IMG] :D:D:D
     
    #45     May 9, 2013
  6. You seem to not understand the concept of probability. There is no 100% win rate in Price Action. As you correctly note a HH can in fact be followed by a LL. Or it could be followed by a HL but as noted in this thread a HH can not be followed by another HH until or unless you 1st have a HL.

    What you then want to determine is % of times after making a HH and then HL, the trend will continue long enough for you to make a profit. If this occurs greater than 50% of the time, then you can start to build a winning setup.

    Now let's take it for a fact that a trend is 2 HH and 2 HL. There is no reason to not validate this theory since it has no bearing on one's ability to profit from this information. We can say, yes this was a trend. We don't know if the trend will continue or not, which is what I believe you are searching for. You are searching for patterns that will lead you to the land of profitability.

    However, having a trend alone is not a setup. Now a setup can be based on reversion to a mean or a break in a resistance or support level, or a failed break which is when a level is breached only to go back under that level.

    Now I don't trade solely based on the chart. I use an indicator that helps give a confirmation of the direction I want to trade based on a Price Action setup on the chart and sometimes longer term pivot levels.

    Going long or short based solely on the indicator is not good enough. Instead I look for a setup. Once I trade the setup, I have a stop and a target. When I am trading correctly, I like to manage my stops so that they are normally not greater than my targets. 2nd, I want to manage my overall risk by limiting the number of trades I take in a day, plus limiting the total loss I want to take in a single day. This will also limit the amount of profit I make in a day, but that is fine for now.

     
    #46     May 9, 2013
  7. Sorry you're upset that we're not digging for answers in your riddles and asking questions so you get an e-ego boost.
     
    #47     May 9, 2013
  8. Before I get to that part I need to figure out how to know when it is actually a high or low, when a reversal ends vs continuing. It all just seems to random to me in real time.

    Patterns even appear in randomly generated data. Look at all those S and R points! Higher highs and higher lows in up trends obviously because that's the only way an uptrend can form.
     
    #48     May 9, 2013
  9. The man`s told you to start a journal,in the other thread,but your still wasting everyone`s time!2 bars journal,that`s all you need to start.
     
    #49     May 9, 2013
  10. achilles28

    achilles28

    I don't care one way or the other. You and dweedle-dumb are good entertainment. It was spelt out for you *THREE TIMES* in the other thread. And you passed right over it! Then expect to goad people into handing it over??! You're nuts. But please, blame other people. Because it's clearly their fault they didn't help you enough. Afterall, the world "owes" you...
     
    #50     May 9, 2013