Do yourself a favor...pick any market, gold, crude, SPY etc. Whip out excel and apply a rolling volatility study in that market with your high and low data, let's say over a rolling window of 15 days. See if there is a correlation with volatility in one period with volatility in the prior period. If you have done any work with simple statistics this should take you less than 20 minutes. Take it a step further...Do periods of compressed volatility precede periods of higher volatility? Do these periods of compressed volatility look like anyone of your favorite chart patterns? You will see why chart patterns provide possibility. Not just possibility of a random move but a significant move! Now this is pretty simple stuff...the fact is you haven't done the work. Thats usually what it comes down to...most people arent willing to put the work in!
LOL...At least you are doing what you are good at, which is shilling for others. While you are on the subject of Denise, did you read the title of this thread? Reading the chart is just tape reading, IMO.
that is the point the astrology was the show... I used to see him on cnbc... he would start of with the moon in capricorn but then he would show you a graph and it would be a head and shoulders on the dow. or something similar. when you read a fund perspective and hear the head guy speak of fundamentals and research... do you really believe them? my friend was a head trader at a fund... the head guy loved to short stocks which made huge moves.... he had a great record and money poured in. his prime broker told him to speak about fundamentals for the investors. Even though he just shorted really extended stocks. (he had a filter to avoid short squeezes... but I have forgotten it.) In the end trading is using the right tool in the right market... or its about cheating. your call.
Here is a look at how the herd's uncertainty before housing and after housing stuff affected the market. The first move one "slower fractal" had those bookmarks as the herd's dominance went into the second non dom move and out and then back to dominance for end of day. Open Friday is LONG. Note the long is part way through with P1, T1 and P2 bagged on bars 79, 80 and 81, respectively. Prior days after margin shift were in a lateral; this is different mentality. I deleted the attachment for practical reasons.
Interesting. Following the methodology in Spyder's Journal, roughly, my "carry over" on the 5 minute ES is "long", after Point 3, looking for an FTT or a VE. I wonder how my "carry over" fits with your RDBMS "carry over"? -river
Absolutely agree. "Correct" TA is very basic really, so is the market itself. Up/down/sideways, volatility expansion/contraction. Nothing else there.
Most have heard the Wall Street saying: "Bulls make money, bears make money, pigs get slaughtered" In my opinion, a failing with many in trading or interpreting TA is they are greedy and want to or think they can wring a dollar out of every price move. When they discover TA theory causes them to lose money, they then blame TA or throw away what may have been a money making idea or strategy.