NQcruiser... Sometimes what seems as chop on one timeframe is simply consolidation building towards a longer trending move in another. Consult a 10 k chart and draw trendlines for the last few days. You will see that what you saw as chop was a pretty good opportunity to go short at the top even before you had LH LL LH LL drawn with your pivot indicator. So, to explain further. When you saw a higher low and higher high telling you chop, being aware of the larger picture let you know that a move back down was incoming. Hope I understood what you were saying about your chart. I wouldn't discount trendlines so quickly if I was you. Some guys in the chatroom doing some amazing things with them... Take care...
<i>"Hope I understood what you were saying about your chart. I wouldn't discount trendlines so quickly if I was you. Some guys in the chatroom doing some amazing things with them..."</i> I've only ever skimmed snippets of this thread, always think to myself I should spend a few hours of spare time reading the entire thing. Someday I'll find a few spare hours somewhere, once they start putting 30 hours on a clock. (laugh) The overall approach has changed dramatically in a year or so, and that's how 100% discretionary methods get continually tweaked. Price action itself is enough for some traders to work with, but not enough for others. We all see things differently. Indicators like volume studies, retracement grids, dynamic pivots (market emotion lines) and others add visual support that makes a big difference for some people. Trendlines have to be the oldest form of technical analysis dating back 100s of years on paper and quill pen charts. They worked then, they work now and they'll continue to work forever. Volume indicators on a chart visually show what screen time sees inherently without them applied. After awhile, you will literally see volume spikes and ebbs inside the bars as they form. Candle bars show them as long bodies and long doji bars in real-time and hindsight. Based on the other candles before and aft, you learn to see where volume was/is based on bar action alone. Meanwhile, whatever visual indicators help a trader discern what's happening now help bridge the trip from conscious awareness to unconscious awareness. In simple english, that means trading plain charts alone isn't enough until enough screen time logged. Everyone sees the same charts in real-time with real money pressure, differently. It's always been that way and it will always remain that way. Add, subtract and tweak until we see the endless shades of gray more clearly defined towards black & white. Someday I'll find (make) the free time necessary to read this entire thread... I promise
Like most others in the beginning, I struggled mightily and now can happily report consistent profitability. It was much more work than I had anticipated and many of the ideas here were helpful in the transition from loser to winner. My appreciation to the OP and others who contributed in a positive fashion.
personal update: Sold our house in NJ May 30. Movers packed us up May 28/29. Drove to Charlotte NC and closed on our house in Huntersville NC on June 4. We are staying at my sister in law's house about 20 minutes away. Every day we are at the new house painting and getting things ready (purchased appliances, granite, carpets cleaned, closet consultation, etc). Our household goods might be delivered sometime next week. We painted half of my den/office today. So, no internet at the house and no computer (this is my SIL's borrowed comp so I don't think it is right to download IRC software on it). I hope to be back online in a week. MJ
Anek, I can't wait for the free seminar you're hosting this summer. But why all the way in Romania? Suppose it's worth the time to get your indicator that predicts all the market swings. Did my check clear? Wasn't sure if it would with all those zeroes in it. Thanks again!
Anek, Thanks so much for all your effort that you put into this thread and the room. To find someone that wanted to teach others without anything in return has been a gift to us all. Thanks Jimmyz