Not sure what page 53 is cuz I changed my setup to show 30 posts per page. I got tired of having to click "new page" hundreds of times per thread (edit - this reply right here is the first one on page 12 for me ) According to what you said, "buy when price makes a higher high," that is directly opposite to what I was questioning where he was calling tops and bottoms. That's why I was wondering how he knew they would reverse instead of buying when they break.
here is uj, failed to climb after fed rate cut, but this is how tops/bottoms can be "timed", buy buying breaks of highs and lows. I still like indicators to some degree, but this is why a lot of people dont like them. the pa will give the signal before a ma cross, or what not.
Just use google, plenty of sites out there explaining what it is. Candle Patterns. They can be very powerful, but as a SECONDARY signal. In this case, the HOD and LOD and 2b's are the primary. If you take every candle pattern you see, YOU WILL blow your account quickly. Detractors of candle patterns, do not seem to understand that.
1) what is a trader vic 2B? It is a reasoned strategy, let us just hope that not too many others know of it otherwise it will run on into another shakeout leg. regards f9
So in trades 1 and 2 you couldn't have entered until the first tick of the candle following the signal, right? I'm a bit confused because of where you have your arrows located. In other words, the hammer, for example, you didn't know it was a hammer (definitely) until the next candle began to print. Right?
How I use the DOM is I try and limit my trades around recent highs or recent lows then I just fade the move and don't expect a whole lot. I have a small account and only trade at night so have to limit where I enter in what may be a higher percentage trade. Sometimes they aren't. I don't use a set stop. If it starts moving against me I will just take myself out manually. Trading corn so I also watch the dollar (vs Euro) and Oil. Here's a trade from just a while ago. I may only do one trade a night. Probably not what a lot of you want to see and hear but it is what it is and it seems to work for me.
closing price are more important, but as day traders, waiting for a close, sometimes isnt a luxury we have..either you gotta take the trade, and hope it closes higher/lower or wait for the close, and take the trade on the open of the next candle, and hopefully you didnt miss the move.
Ironfist, I see no one has yet laid out a system for you to work with since the start of the thread. There someone said use the LOD and HOD after the first thirty minutes of trading. Have you tried that as a system? Once you have a system for determining when highs and lows might hold, when S and R might hold, then you're on your way to being a trader. If the system is good, then you might even be profitable. But the charts which show good trades after the fact get old pretty quickly. If you're smart and dedicated, you'll learn that in no time. You might want to focus on more specifics of when to enter a daytrade, like that system someone posted earlier based on the first thirty minutes. How did I figure out that charts after the fact are a great introduction to trading, but they don't show when to enter and exit. When a real trader showed me a chart marked up with the same logic you're seeing around here (charts after the fact) but he showed only the failures of highs and lows and R and S. The key question which you've asked several times is when do good traders enter and exit a trade. How do they determine which S and R and which high or low is important? BTW, other threads on ET do talk about systems such as buy on the pull back after two new highs. Of course, you need a time frame (or volume constant) to determine when a second high has been hit. Anyway, the reason I mention this is that what you're really looking for are the systems, not the charts after the fact.