for people that don't get it what this thread is all about, I can just advise you to get the book by Trader Vic, I just found out last night that I have been drawing trendlines the wrong way for over a decade, which hasn't exactly been helping my trading Good luck for me when I used to trade options I never needed charts . To say I'm quite shocked here is an understatement. Well as they say, you live and you learn
Nice bit of divergence on the 5 minute -- http://i25.tinypic.com/2q8rj0m.gif There are quite a few folks who frown on the applicabilty of divergences. "TA Rubbish" is a comment one hears quite a bit. I've found them to be pretty reliable tools when drawn CORRECTLY...
That divergence would have resulted in approximately 40-50 pips depending on exact entry and exit. Not a bad hour's work -- http://i29.tinypic.com/308z0w1.gif
Good afternoon all, Been busy in the morning thats why late today. Bigger picture outlook for me is we're in a triangle BO from which will probably show further direction. So far watching big trendlines...
At some point of time when I read Vic's books it was also a fantastic discovery for me... Because I never could imagine that real order of the market can be explained and understood in so simple terms... Classic Dow theory is EVERYTHING what trader needs to make A LOT... Seriously.
Yea, divergences are among my favourite signals (if someone asked me what I consider to be most valuable in using indicators)...