I only spent about 2 or so hours today on my system. I was kinda burned out. My brain was fried and I was making stupid mistakes. I gave it a rest for the remainder of the day, but will be back at it tomorrow. For some reason I can go fine with no sleep for a day, but getting 4 hours a sleep 2 days in a row messed with my head. Strange.
Lol. Nice!. You can always go get wasted when your millionaire when your in your mid twenties. Keep it up bro!
So despite all today's testing, everything was for nothing. Blah. I'm open to any suggestions on PA used to identify a trend and verifying the strength of it. Trend lines alone didn't work, neither did supply/demand lines or the channels created by them. . I have a few other things to try, but like I said..I'm open to any suggestions!
So it seems like I may have stumbled upon a way to identify RET producing trends while they still have a good amount of RETs left in them. So far so good. Still more testing to do. I spent most of the day doing calculations and when I went back and looked they had no consistency in identifying RET producing trends and ultra short lived trends.
You are right, i'm exploring a couple different ones right now...just so I know i can see the trees in the futures forest.
I now have what I think to be a consistent way to both identify direction of trend and assessing its ability to RET multiple times without reversing. Yesssss I also think I have identified the most common characteristics of RETs before and while they occur. Next I'm going to study reversals. Hopefully this will help with a couple different things. First, If I can identify some reoccurring traits of reversals I can differentiate them from RETs, which is obviously important. But also to one day help with actually trading reversals/breakouts, and maybe even one day trading them both at the same time . But for now I'm going to study them with the main goal of avoiding them. My whole scheme is to study different aspects of PA one at a time. Eventually I can start to piece them together and develop a strategy that covers more time and more market conditions. As it is now with this particular strategy, I usually will find the setup I'm looking for 1 or 2 times per day, but sometimes It doesnt show up at all and rarer still it doesnt show up for 2 days at a time. But thats ok because I'm only trading one strategy. Like I said, whenever I can (assuming I make it out of this stage alive) trade this strategy I will be able to focus on other aspects, eventually stringing them all together to have a very good understanding of PA. I can't understand why people try to grasp it all at one time. For me, its not possible. Just trying to comprehend RETs and the common factors in them boggle my mind, I can't imagine trying to predict breakouts, springboards, etc Next I will have to determine an entry/exit strategy, which I know is going to be rough. I plan on using multiple time frames for this, along with scaling in and out, and other ways of hedging risk while maximizing profits. At least thats where I'm going to start. This is where I will determine my stop strategy, including trailing stops etc. The method is coming a log, one slow step at a time. I guess thats why its called a method, it's created methodically.