You'll have to choose between either the red pair or the green pair. To draw these correctly, you must read left to right. Otherwise it's all hindsight.
I can't help but feel I'm forcing the drawing of the channel. I know you have explained this before its my impatience kicking in. I tried both the red and green earlier this morning , then I plotted a linear regression channel and split the difference, I can see price goes OB and OS by a closer amount with the red as opposed to the green, price and time will make this clearer. Thanks
I suggest you not draw the diagonals at all. What purpose do they serve? All that matters is the range that began with Friday's close.
Remember that the purpose of the lines is to track the balance between demand and supply. If you can do that without them, to hell with 'em.
there was a trade at 9:01 a DT at 13 if that was missed there was another off the failure at 9:31 after those it was a slooooww morning but if one stuck around there was a BO and RET at 1:37 price is at this time testing R at the MP of the larger range, I want to make clear I am not taking these trades I am "examining price movement without thinking about a trade" and that makes all the difference in my awareness of watching supply and demand reveal itself. I rushed into trading previously thinking I was better prepared than I was, grossly delusional thinking there! While I'm training myself in this period of observation, its amazing how clearly the S/D displays itself, not always, but at the levels that I laid out before the open, and adding in this new found patience to trade only at those levels, its enough to make me want to do the work to get better, thanks to all those who have posted on these forums your help is much appreciated
I have taken ( stolen lol) fortydraws (DBs ?) advice to gears and am working my way through 100 ranges. I will try to continue to post, for what its worth. Everything of value in this journal I took from someone else. I'm finding it more difficult than damnpenguins to do this, but that's my fault, lack of focus again. Every time I find a range I see a climax, a BO, LHs, HLs, its all there. I was never very organized or a gifted writer, but I know what I want to do and I will muddle through this.
Everything of value I know I took from Wyckoff and Douglas (and Magee and Mamis and . . . ). That's the way it works. And I hope that what's happening here will be of benefit to someone in the future.
What you have here is extremely simplistic trend-line analysis.--And that's fine. The simpler the better. However it's being dressed up as being a complicated system that requires many many hours of study. In addition, useless info like volume are being added to the mix. Lines are being drawn incorrectly and without meaning. Swing lows and highs are being misidentified and violated without correct explanation as to why and what that means. The section about finding a trade is extremely convoluted and way too complex. There is no need to start on a weekly chart to find a trade on a 1 minute chart. You would look at the weekly to find a trade on the daily. If trading the 1 minute chart, you would not look at any time frame higher than the hourly and really you would place your biggest emphasis on the 15 minute chart. Your best trades will come when the 1, 5 , 15 and 60 all agree. ---What you do is identify the trend on the 15 (and/or the 60) and then drill down to the 5 and the 1. When trend is up on 15 and 1 is oversold, look at buying. Then trail stops outside the noise until the 1 is overbought and exhibits reversal. ---Exactly the opposite would be true for a downtrend on the 15. Much simpler and one does not need so much study and over analyzing. Always limit losses to less than 2% of TLNW on any one trade/idea. Let winners run. Get right.