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Tonkadad
Registered: May 2002
Posts: 487 |
09-10-12 01:22 AM
Quote from RedTankEra:
I've read some of Al Brook's work, he's got some interesting ideas as far as single chart reads go.
However, there's a massive fundamental flaw in his method and that's limiting himself to one chart.
The key to unlocking market structure understanding is found in putting all the pieces together from different time frames.
Just using the 5min chart is akin to driving at night without headlights.
Begin to add other time frames to get the whole picture of trends within trends and suddenly you just don't get xeon lights, but maps, a GPS, and a whole lot more.
It's a good start, but it's all it is, a start.
RTE, perhaps you can expound upon your post with some charts?
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Swan Noir
Registered: Jun 2009
Posts: 1705 |
09-10-12 02:01 AM
He has a good sense of what is going on with the 15, 60 has the daily indeliably imprinted on his brain before the open. He looks at other charts he just does not focus much energy on them. He is not oblivious to anything that makes his business hum.
I was in his webinar for two months. He is a very interesting guy and, I suspect, a phenomenally successful trader. But that "don't" make his methodology transferable.
He can't write "see spot run" without making it complex but he is a very smart well disciplined guy. He just can't write!
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Redneck
Registered: Dec 2008
Posts: 2359 |
09-10-12 03:48 AM
Quote from wolfpacker:
RN,
Great analysis!. What did you look at on these bars to give you reversal signals if you were looking at the hard right edge real time?
Thanks,
Wolf
Hey Wolf
I know you meant well…, and Thank You Sir
But my “analysis” was nothing… fact is – there wasn’t any analysis Sir
To actually do analysis – there needed to be some/ or all – of the elements I described as missing
All I did was play the part of a story teller – and share price’s story – in words
=======================================
Do I trust price…, or not –> I do
Do I trade what I see.., or not –> I do
Did I simply read “the story” (price) and put it into words (which would of course be actions if I were actually trading) –> I did
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To read the potential reversal on this specific chart
There is a 1, 2, 3 top... and price is making LHs
I simply stated what I saw – hence how I would trade it – at the moment anyway
Could I be wrong – absolutely
Do I know – absolutely not
=======================================
Now, if I were indeed trading this chart
First I would be looking at all the things I mentioned…, analyzing then reading them
Then making real time decisions / adjustments – based on what price is doing
While keeping my losers small… and having profit target(s) identified
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So the next logical question;
Why add all the omitted stuff if one chart will suffice
Because not adding it – is simply trading myopically – imo
Fact is; some do trade with one chart… even no charts – up to each of us to pick our own poison Sir
RN
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wolfpacker
Registered: Apr 2009
Posts: 37 |
09-10-12 04:10 AM
Quote from Redneck:
Hey Wolf
To read the potential reversal on this specific chart
There is a 1, 2, 3 top... and price is making LHs
I simply stated what I saw � hence how I would trade it � at the moment anyway
Could I be wrong � absolutely
Do I know � absolutely not
=======================================
Now, if I were indeed trading this chart
First I would be looking at all the things I mentioned�, analyzing then reading them
Then making real time decisions / adjustments � based on what price is doing
While keeping my losers small� and having profit target(s) identified
===============
So the next logical question;
Why add all the omitted stuff if one chart will suffice
Because not adding it � is simply trading myopically � imo
Fact is; some do trade with one chart� even no charts � up to each of us to pick our own poison Sir
RN
Thank you Sir...Well Said!!!!.... +1 on your thoughts on trading what you see and dealing with uncertainty.
I must say that I love your "does not include/contain" list from your previous post. I have found when I get "lazy" and do not do that work, my trading really suffers........ NoDoji is a pure master at those items... I would take it you are as well.
Thanks for sharing,
Wolf
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