CFerret, cvds16, Pholeuon thank you for your upbeat, thoughtful replies. I will lurk in here awhile longer and try to keep an open mind. Yoohoo, my last post was not meant to be a personal attack. I felt my questions were valid. My background has been systems trading; discretionary trading seems like alchemy to me. I am an old man, and it is my prerogative to be cynical. Remember the movie, Dr. Zhivago? In the last scene, Zhivago's half-brother finds Tanya and tells her who her real father was? She doesn't believe him. He asks her, "Why don't you believe me. Don't you want to believe me?" And she says, "Not if it isn't true!" That's how I feel. "Higgs dreams of being a trader while he sits at his employers desk for year after year after year." I hope you have trading figured out better than you have me figured out, or CFerret and cvds16 are in big trouble.
yea CV. Higg's brought out an important point and that's making sure I am clear so I will do some eg's over the W/e. Guys, seems a lot of you missed the reversal at 1.5995. This is something I can see/feel. I showed this in threads that were deleted so here's how you eye should see the appraoch to a top and be aware of a reversal. I've hidden the bars and used a 40 WMA. The top is the last high and it predicted into the future the reversal at 1.5995. Actual hi was 1.5994. We've seen so many examples of horn tops, drop, pullback and fluid reversal. This is often where the reversal comes to. Using MA's to predict future time and price reversals is a bit ahead of us but if you can visualise this then when PA is approaching the double top you will be aware of failure if the 40WMA is projecting Resistance there. Now I don't want to get into this big time yet. All I want is to add something to your feel for PA.
LOL HiggsBoson - just saw your reply. Sir, I gladly take back what I said and I'm mighty impressed that you had the courage and integrity to follow through with this. I stand cautioned about making myself clear
Higgs, Good that you decided to stay here for some time. You are very welcome to post what you consider to be useful. This is also IMO the best form of competition if you find yoohoo's or someone else's contributions are not worth much... Nothing can proove you being right more than showing that you really can do better. Thanks for caring also, but hopefully I'll not be in a trouble no matter what, because at first I never follow something blindly without first seeing with my own eyes that it works and at second, because yoohoo so far posts nothing but logical market observations which I doubt can bring any harm (only if one gets so overconfident that bets his entire account on one trade ). As long as no snake-oil is sold here all constructive advices and observations from all participants are appreciated. It just happened so that yoohoo have become the most active contributor to this thread and when I say thanks to him I am not making him a guru or like that, but simply judge people by what they actually DO. Very simple. And of course, experience matters. I have just above 3 years under the belt and yoohoo has let's say a bit more... IMO learning from experienced people is the most wise thing a rookie like me can do to succeed.
one old eg from previous training I did. This is all done automatically by the s/w. The thin horizontal S&R's are all a WMA projections into the future. Any vertical lines were WMA attempting to predict future turning points in time. The only reason I show this now is that you probably have not seen anything like this before and so have no confidence that a WMA can give future PA clues. Let me please emphasise, all I want to do is say when we get the pullback to the high, you should have a feel for the turning point. You might want to experiment with a 40WMA and horizontals from the clear turns. So we had a fluid move and reversal (at the WMA projection)
Yoohoo, Settings are the same, but my WMA never reached actual price high as on your chart posted... As for the last chart - looking voodoo to me. I don't understand the principle of how WMA predicts highs/lows and turning points. Just as you have posted it I got curious.
it seems to work for me, I think he is taking the previous high and if I understand this well, 52 should be a point of support on the downside (?)