ES Journal Archive (2011)

Isn't "top" and/or "bottom" an "extreme", by definition?.

 

Read my post again.

The 1st sentence already tell you exactly what it means.

 

okidoki. So, you mean that instead of fading the pushup (trying to pick a top), you wait till the market leaves a tail or rejects or enters back into the bracket (leaving an extreme behind). Right?.

That clears up the difference between picking a "top" or waiting to see the "extreme". Even I can understand it now. Thanks!.

The "extreme" and the "top" are the same thing pattern wise and the difference is technically the entry mechanism. Correct?.

 

1. entry on breaks (double top, 1-2-3, etc.) gives higher prob and well defined risk from the established extreme

2. "top/bot picking" in general looks for way larger return comparing to "picking extremes"

e.g. NiN picks local extremes pretty well

 

Thanks LC. I got it now I think.:eek:

A top or bottom is a larger feature than an extreme, as extreme could happen in any faster timeframe?.

 

Bought 07 with a 4 point stop for a daytrade. Target is 15+

 

a top / bot in a time frame marks the high / low.

e.g. day high, month high, etc.

a local extreme is just that - price action within a very short period of time

 

BGT 130450...Target 130725

Will ADD, if necessary

NiN

 

Got it. Thanks. Therefore an extreme can become a top after a while, like yesterday's case. Very clear. Cheers.

 

Added 05. Stop moved to 99 same as the swing.