funny, just noticed I missed a short right at the open. Would have only been for a couple of points, and probably for the best. I might have opened the position and just figure it would run 20 or 30 points..... Could have turned into a real crappy day!
Nice simple systems marketpath. You're off to a great start and I look forward to following your thread. MultiCharts is great!
or not. This is probably going to be the toughest thing to explain, so I will throw this screenshot out there and try to explain and/or field questions.
OK, here goes. Pivots (in price) are determined by TRIX. Higher Highs, Higher Lows is a little misleading, because I am not looking for 3-4 HHs, HLs in a row before something happens. I am interested only in breaches of the previous TRIX highs/lows. Ok, looking at the chart I posted, the first HH (breach) I marked is not a price pivot. Why? Because the following low (marked with the arrow) did not breach the previous low, so the pivot high is UNCONFIRMED. So it goes back up, new HH in the TRIX, comes back down, still no breach of previous TRIX low, so still unconfirmed. Then, this is where it gets weird. Price goes up higher, but the TRIX did not -it made a LH. So that makes that price top around 654 unimportant (sort of, but I will get to that in a minute), but not a pivot. Then, price drops and the TRIX does also,and this time breaches the previous TRIX low. Now the pivot top, at 649.80, has been confirmed as a top. Im losing everyone aren't I.....?
I will get to the actual entries tomorrow - too tired tonight. Just as an fyi, anyone that is interested in the concept of confirmed highs and lows and trend determination, do a search for Proflogic's posts. His stuff helped me a lot, and although what I am doing and what he does is different, it gave me a real good understanding of market movement (after giving me a headache for about a year) To cut any crap before it starts, I am not affiliated with Proflogic in any way. As far as I know, he doesn't sell anything other than doing some seminars (no, I have not been to one) and trying to get people to understand there is a method to the madness (most of the time). Take it for what you want. Damn shame you have to put out a disclaimer every time you give someone kudos on this board.......