Here is another chart showing something that I find interesting. Look at how price acted today on a chart using 60 min candles. All day long, price could not get above the midline of that wide range bar to the left. The market didn't tank, but it couldn't break through that point either. Check it out. We are at what my teacher used to call an "impasse".
And here is the last one I am putting this one here to show how important it is to have a context for your trading decisions. What you can see is a LRC (Linear Regression Channel). I don't want to get into the debate about whether this is a good or bad way to go. Do the research yourselves. What I want to say is this. You (everyone) needs a framework within which to evaluate the data. You have to have a way of looking at things that serves as a basis for your decision making process. I use this. Whatever you choose, just make sure that you have some basic ground from which to work. The blue lines are my analysis of the market. I am not willing to talk about how I decide to place these. What I will say is that price seems to respect these lines, and if/when it "takes them out" it will have to be on a strong impulse move. If not then we will have what is called a "failure move", and that is likely to be on a strong impulse move as well. One that is aimed at freezing the retail crowd, leaving them stranded at these prices (and above).
I'll tell you the whole secret of trading, real simple. Observe, measure, hypothesize, test. Everything, that is.
Hi Steve Sorry, I obviously misunderstood your original post. I thought you were debunking all t.a. not just EW. Btw, I'm not looking for help with t.a. . Best daddy's boy
If I HAD the edge I speak of, I would not have started this post. I did not call ALL of the responses dumb... YOU are the reason this post is still going. I welcome all ideas but when I ask what color is the sky and someone tells me they like to fling poo, that has nothing to do with anything. MY reason to start the thread is to refine a system and to get an Edge over everyone else, to limit the risk, to gain higher probabilities. NOT to gamble or play the lottery. I can go to poker stars for that.
1) I am starting a journal, but I will not be posting it anywhere. (I wish I could go to a place where I could do that without some freak popping up telling me why nothing works). 2) if I am able to predict direction with good to great accuracy options will give me more leverage. If the underlying raises 10% or more, my option can raise 50% or more. It makes more sence to me. I am NOT an investor, I am not interested to buy and hold. I want profits today and I am gone tomorrow.