I never have price targets. The positions of the indicators tell me what to do. My system cannot give me price targets, but i get information about time. I know normally in advance approx when i may expect a signal. So most of the time the market cannot surprise me. This works in any timeframe. So in 60 minutes frames i can look 60 minutes ahead, in 15 minutes frames i can look 15 minutes ahead. If the trend is clear i can see most of the time several bars ahead.
Guys, just a general question: Do you use overnight data to calculate your indicators or only the daily sessions?
one more refinement here and then I believe I will be able to move on to stop placement--the refinement is as follows: A single peak or trough in RSI can constitute reversal absent of a second equal or lower/higher peak/trough, if it breaks the classical charting trendline or support/resistance lines of RSI.
Still long here, by the way here is another WRB @ 10:00 over 4 point L/H with body larger than shadows and an almost definite opportunity for 2 point trade. EDIT: 2 point stop
question Romik-- The top descending line between the two peaks took quite a bit of time to develop. Could you have also drawn a different one earlier across the tops of the 4 red candles? Would you do that if you get a chance? I am curious to see if the low bounced off the other side of that extended line.
Had to go short at 1315 and long again at 1312.25 (13 minutes ago). Trends is such that several smaller trades are to be expected. Have to take them all because you never know when the trend will become stronger. Just follow the system.
Looks like it does. I remember when I used to use the trendlines etc. on daily and weekly charts that when price breaks a trendline, it has a tendency to bounce off the other side and provide a good entry. Now it looked like it bounced more than once, but if long entries were used with tight stops and perhaps increasing size, it would have proved fruitful. Do you think there is any merit to that?