I am loath to putting the hatred in kids for reading price. With all the homework and other activities there's limited time to do much every day. Nonetheless, there's no hurry so I am willing to experiment a bit. I might open a private thread to garner input as this will be the purely SLA-AMT child opening eyes to the world of markets.
Those who've had the most success with it with children approach it as a puzzle. I still look at it that way. Otherwise it would be numbingly boring.
Price poked the Pouch of Love (POL) and awoke the longing in the hearts of bidders. They were feverish with passion and wouldn't care what they'd have to pay to get what they desired. It's blind folly to restrain a lover under the spell of love. Touching the POL is known to arouse lovers into this mesmerizing trance of utter passion. As the magic wears off, the sanity is returning. These lovers might choose to follow their object by bidding up or realize what fools they have been and withdraw back to their blissful stupor, ending the chase. Dotted SL has been breached decisively. We're around support and had a good reaction. If the price finds is hard to continue down then those of my kind who revel in observing this display of passion might pack our magic bags and head home for a break. What the magic giveth, the magic also can taketh. Gringo
I have decided to be thankful for the magic and not try my luck further. Demand seems to not ease it's pressure. Even when the activity was low price wouldn't budge, giving an indication that perhaps there wasn't much supply coming into the market. The probabilities of a bounce seem to be getting higher so exit it is. It wasn't a bad trick for a part time magician. Gringo
No long for you? Even though it isn't an extreme, I tend to try my luck in these regions (with an other instrument), especially if it going long with the trend.
I am not yet convinced of the strength upwards. The bounce after such a drop is expected in the absence of much supply. Exiting short simply meant the down trend may be in jeopardy but not that the upside was promising. Your entry might be right, but here's it's a matter of how much risk one's willing to take. Had it been a climactic move down I might have considered it, but with a pretty smooth flow down I am not yet ready to try the long side. Gringo
Waiting to see how far up the price goes before weakness re-emerges. If there's a chance to re-enter I might take it. For now there's not much to do. Eyes are on the 50% level. Gringo
I've gone back and researched and have found that numerous turns in the market from this chart have been seen with a simple RSI/Bollinger Band analysis as well. Gringo, I was wondering if you could show the protective stop loss levels on your chart when you get a moment--Thanks
This threat is about indexes using price action, hence, a lack of indicators. If an indicator can predict what can be predicted without it, what does it tell us about that indicator? What does it tell us about the user of that indicator? The conclusions people draw from the same set of data are at times astounding. Curve fitting in hindsight is a wonderful pastime. I have done it extensively, yet when the market starts behaving differently that curve gives a curve ball that not only hurts the ego but also the account. There's a reason traders develop a fear of trading and do unsavory things as a result. I am also recovering from my traumas and as a result don't always do the right thing, yet, I can see and feel an improvement in my behavior and actions. The results are also improving rapidly, adding to this positive belief in myself and my own abilities to read price, not in some indicator. Does an indicator help? I am sure it does. Does it hamper one's own ability to judge price behavior independently? I believe it does. Is it bad then to use an indicator? Not at all. If one doesn't have an objective to make conclusions from the behavior of price itself then an indicator may be one alternative. I've gone down the indicator road before and didn't find it to my liking. Others have their preferences and desires. If it works for them then who am I to dissuade them? I am reaching a point where the journal might become less useful as a public thread. There's only so much to the basic theory. For other stuff I can have a private journal where input only from those who think similarly is garnered as desired. Understanding theory isn't the hard part. The hard part is to practice it as per one's own preferences. I sincerely, wish those who are on this path to succeed. It's not my desire to discourage them from whatever they find to work for them. At the same time I also understand that I am no expert and have only recently started to walk on my own. Not everything I do is full of wisdom; and not everything I don't do full of folly. One thing that I am doing here is posting trades in advance. This seems to not be enough as some find it less than admirable that an indicator could do that automatically for them. I encourage those of such thinking to open their own journals and experience the excitement of opening up to the public and facing ridicule. All the best to all. Gringo p.s Next week is on an off relaxation time for me.