OTOH, if one can't tell in real time whether or not price is rising above the level of a range, he should probably investigate opportunities in the food-service industry. If he can't tell whether or not price is moving sideways (ranging), waste management is a possible alternative.
db, do you have any expectations of this breakout given that it has gone the distance equivalent to the hight of the congestion range and retraced by the same amount? Do we now assume a trend following stance or expect a new range? Thanks.
Once it broke out, I didn't have any expectations at all. I just let it go until it was done. We'll see how things look Sunday night. But since we're only 50pts away from the upper limit of the weekly trend channel, I anticipate some effort to reach it before it starts ranging again. Last time we were up here, we hung out for eight days. Time before that, six (after we got off that overbought condition). Or we could just plunge like a stone. Can you stand the suspense? Isn't it fun?
We climbed 500pts last summer. It just took a while to do it. Which suggests a larger bar interval, maybe 60m.
Things that I wish I had of known when I started: understand right from the start that nobody can forecast what the market (any market) will do - anybody who says otherwise is lying. Study statistics and probability and read everything by Ralph Vince. There are no patterns and no hidden order to the markets. You cannot buy the answer, you have to do it all yourself - don't go to seminars and don't read market adviser letters and all that related male bovine excrement. Don't ever have an opinion about the market, you will be wrong much more than you will be right. Ignore fundamentals and volume, both are worthless. Trade highly liquid futures only, use the leverage. Your only question must be this: "does it work?" nothing else has any meaning. And last but definitely not least: there can be no possibility of return without risk.
Truly think logically about this hindsight advice. You will see the incredible naïveté. Have u received any PMs yet inviting you to a private but free price action trading room??? LMFAO!
Im familiar with Brooks and Volman, but dont' know Beggs, can you please link some of his-her work? Thx