Abattia, I like what everybody else likes. Trading is like fashion. If you don't like what is popular, you'll go naked. Other traders obviously like the pivot, so I do, too. I chart it intraday for the occasional support or resitance it offers, and on the daily chart for the rarer retraces to the previous day's pivot overnight or intraday. Happy holidays.
Stop spamming, Jack. You have led enough lemmings off the cliff. You don't need to add another victim.
Yes to your Q. Note, I fanned on the lateral ending. What I am showing is several levels here. I need to have them to trade. Basically, if you see a pattern ID'ed and red arrows, that is my trading modus until the volume pace precludes it. I noted five pace parts of the day and the expected points per leg at that pace for ES. Where you mentioned, I observe the pattern and moves. (lazy note , I knoW). These subs (pattern subs) become single trades and I just use the sentiment of the pattern and the FTT's of the sub. Five to 7 bar holds and I carve the FT's using tools and drilling down. My logs show, usually 6 to 9 entries per 5 minute bar. They are in 12 columns and I do indicators (31 signals on four indicators) as well, as you know. My screens are rotated 90 degrees because of the non stationary window considerations. Attached is one pane for the P,V of ES only.
Trader Zones, what is your beef with Jack Hershey? You don't like primary and complementary trend lines? As old as the first chart ever drawn. Congestion convergence and centering? Ditto. Breakouts? Don't make me repeat myself. The same for depth of market and divergence of price from index. Mr. Hershey is merely teaching old tricks to new dogs. Who would pay attention if he said "Go read Schabacker?"
Very cool. TZ is not picky; he is beefing it up all over the threads. For some reason he reads my every word and does the picky pointy thing. On ET, mentoring is often mentioned. If I mention getting hooked up with another person who has succeeded, it is spamming because TZ hasn't figured out an aspect of spamming includes a benefit to the spammer. He can, of course point to how others who learn to make money, can help their communities and that does reward me econometrically speaking. You are correct that a lot of practitioners do use the first and long ago approaches that were apparent before computer science, etc. Geometry was at play and so were the three main brain operators: spatial, patterns and movement. It all glued together. I liked adding the work of Carnap, Keynes and eliminating Bayes, however. I admit the academic community didn't handle the riddle of induction until recently. When Wall St. pays for advice they get what they want, apparently. In the early 60's I had WS currier stuff to me in Greenwich for "fixing" but I moved to Switzerland after a few years. There is no way working in the financial industry can compare to being retail. I chose freedom of retail. I mentioned I followed this guy TZ from his first appearance here. I use WJO's 18 common mistakes to round out my analysis on how a person progresses to where he crosses the point of no return, rationally speaking. TZ hit it rather early. His experience and training were a death nell, apparently. So now he does the site rule guardian thing and he protects newbies from himself and sometimes others. I notice that detractors do not have sustaining power nor do they deal with thoughts or how the mind works. The marriage of a trading method and a trader is key to making money. There are many many successful trading methods. As a problem solver, I felt effectiveness and efficiency were important. So I make the market's offer the standard. TZ ommitted considering this aspect of making money. Beige time coming up.
Quote from jack hershey: ... My suggestion to you is to get in contact with a local user of our stuff... Thanks, Jack Any local users in Europe?
Mr. Zones perhaps objects to the fact that you seem to attract to your banner mostly novice traders. There is something slightly squeamish about your expansive encouragement of them when the natural tendency of hard-hearted experienced traders is to be cautionary. So I think he is viscerally drawn to be your detractor. Looking at your work dispassionately, you have added to the classical heritage many useful shorthand phrases. I particularly like the concept of "right side" and "left side", so elegantly spare a description, one that will no doubt survive you. I also like the ambiguity of the Failure to Traverse. No reason given. Or needed. It simply happened. As a confirmed support and resistance trader, often I find myself frustratedly at a loss to explain a major reversal based on S/R on any of my charts. Or based on public news. It is mentally comforting simply to dismiss my profound failure of analysis to say "It was an FTT."