Here's an excellent example of "Price TA".. support/resistance

Hello Scataphagos,

Do you always use a 10 second chart to trade the NQ market?

Thank you

 

I use a 4-10 points and figures chart for the ES.

4-10 meaning it prints (X or O) every point (4ticks) and create a new bar when price reverses at least 10pts (4x10ticks).

But a 5min chart would do the job.

 

Hindsight charting analysis, the oldest trick in the book.

 

Hello Sekiyo,

Thank you for the response.

Not sure I understand the the 4-10 bars.

Thank you for the explaination

 

I don't know who wrote that but he is crudely describing a pullback. We know how to measure pullbacks.. not only do we know how to measure pullbacks we know how to measure when pullbacks will likely begin. Trading is nothing but statistics and probabilities... There's really no such thing as price action...a term used too loosely that implies price moves in some manner that is not predictable....that you somehow have to react to price after the fact when trading.

 

Well, I'm a regular on just about all his threads. Yet he doesn't seem to mind one bit since he keep churning out same ol' hindsight analyses.

 

You're going to ruin it if you keep putting it out there like this.

 

I checked the chart, and you are correct, you need to write down the detailed information and your rules. I think it is a wedge first, then a fade broke out, then we can short when pullback. most of the time the price is in a trading range, it is hard to trade on 10 seconds chart.

 

LOL. I've received many replies that I'm a blowhard and a charlatan. This is the first one where someone is concerned that if I keep posting and everybody catches on... it will ruin it and make it stop working. Not much chance of that.