we found one and there is a hope I will explain what I want to say on charts Here is a line chart with some spots and how I think we may play them 1 > I will long based on the breakout of this pivot which signals a false downside brekaout and reversal signal to the upside, stop loss under the low and trailing under reactions 2 > also long on the breakout of this pivot or Ross Hook if you a Joe Ross's fan like me and SL under the small reaction (this trade give great reward to its risk 3 > long too like 2 4 > short on it's breakout and sl over the high, after it I neglect some signals cuz a clear congestion shows himself from the second leg which narrower than the first and rest of the legs aproved the congestion, and because we're in uptrend so a breakout to the updise is likely to happen and this take us to 5 5 > long on the breakout 6 > short 7 > addition or new short with the same SL and trailing 8 > long and BE 9 > short then here is the candles chart, can you spot the same entries or better with the help of trendlines, etc?? what's your comments and the things I didnt saw? everyone has a mentality, I love simplicity very much and was wondering why there arent more traders using line charts, and didnt consider my self as a genuis, this tool available in all packages in the market and for all traders, so why? I play with this in some daytrades with small risk and it was great livermore hadnt even the line chart but in his book he show his work sheet and he was aware only on the close prices and was focus on the pivots like the numbers on my chart and waiting for breakout, the same idea anyone else uses the line chart? your comments will be very helpful and important
Hey, if it makes you money, then continue to do what works. But I do think that candlesticks provide far better opportunities because they contain more information about price action. Additionally, because all traders use candlesticks, the patterns are self-fulfilling prophecies. Also, every trade setup can easily be spotted in hindsight...regardless of whether it is a candlestick chart or line chart. Good luck