mwald. Nice work today. I have a few questions. What constitutes a trend line for you? How many bars minimum? Do you consider the trend in any manner or just take the breaks as they come? How long have you been trading in this manner? It's about as simple as it can get. Thanks for sharing. D
I'm glad Swing and others compiled some of the basic Q/As into an easy to read document because frankly I'm getting burned out from repeating the same thing over and over again. 99% of the questions are the same thing with very little new substance, therefore, I encourage readers to start chipping in with new ideas or making sure you have read the new compiled guides before stepping forward. From now on I will limit explanations to new questions only to avoid burning out, which I admit, it's getting to me. Attached please find an analysis of NQ from today, which is the best I can offer at this point as far as illustration goes. Anyway to the chart.... Easiest chart I've seen in a very very long time. I did not have a single losing trade, not one, nothing, nada, zero. Hard rules on the chart implemented for your viewing pleasure. I'm sorry to say, if you are not killing it at this point on days like this, you are definitely not getting it and I recommend re-evaluation of the concept. Anek
Hi bmx, I`d like to point out that today was exceptionally easy for trendlines, maybe due to low volume. It was a standout day and most days do not go as easy. The reason I posted the chart was that I saw rv had a rough day and just wanted to show a different way of looking at the price action today, hopefully adding to his trading perspective. With that said, I draw mine with any 2 points minimum without regard to the larger trend, but ready to reverse if a new TL break appears. The main factor for me is that the entry bar closes with a break. If the bar pierces a TL and closes back inside it, I redraw the TL and wait for the next break. I had been using various indicators in the past with mixed results but changed over to this method a few weeks ago. So far I`m doing better, but have noticed that chop days work best. It is simple price action and that is why I like it. Also, it seems to work on daily and weekly charts for swing trades as well. Thanks for your post.
Anek: Thx for the chart, as usual. Everything is all so logical for you, so calm, so vivid. Logical entries, exits, risks. It's admirable. You have a gift for this my friend. Just like a great painter paints masterpieces you make masterpieces out of charts, congratulations. Daniel
Thanks for the chart. I never get tired of seeing your charts and analysis. It really helps me! Did you ever tell us why you like the M and Ws? I'm thinking it must be a way to help determine general trend direction for the "bigger picture" or at least for that particular day. Because as far as I can tell, intraday they are played the same as double tops and bottoms.
Official List of Allowed Indicators for AHG - Support and Resistance visual aids (TRO stuff is good) - Trendlines, better if hand placed. - Highs and Lows visual aids - Volume based bars, tick based bars - Paintbars to accentuate price action - Candlesticks to find extra confirmations - Market internals, optional (useless to me, maybe I don't how to use them) - Zig Zag indicators to enhance patterns - Fibonacci Retracement percentages - Horizontal Lines Anything else unless it's a derative to enhance any of the above without adding lag to it is probably a waste of time. Anek
Jack/Daniel, Glad it helps you both. Jack, The M top is just like a double top but requires a bigger stop because the resistance area is not as obvious. Reverse for the W bottom. The W in the middle of a chart is possibly a continuation of the previous trend. The M bottom and W top is extremely rare and also another reversal signal if found at the extremes. I never said why I have such an interest in them, still waiting to see if someone adept at logic figures it out. Hope it helps. Anek
Mwald, I like how you are thinking, a birth of a trend hunter, beautiful tactic. Keep at it and report findings, I think you are on the right track. Anek