Thanks X, appreciate the explanations as always! It fascinates me that horizontal 1/3s and 1/4s both work on that chart the way that they do...
My pleasure Jack. Elliot and Gann were trading at the same time and Elliot published his discoveries and predictions in Investors Chronicles. I don't know if that influenced Gann but they both worked in swings and divisions. Gann's 1/3's come close to Fibs and between the 1/8's and 1/3's it's very close to most Elliot lines. I look at the prior swing to see if 1/8's or 1/3's give the best fix and chances are the current swing will follow that until weekly cycles change. Elliot's 50% should really be a 55% level as the 50% is not a Fib number apart from the Golden Section intersection (21+34=55). 54 is a natural Gann number (36+18 = 54) Gann then got heavily into space and time as major influences and today lots of traders have preferences for Time charts or Volume charts and a few use Range charts. They each believe one style works best but they are all correct. Your trade ticket has 3 recorded influences, Time, Price & Volume and each has its opportunity to be at the forefront giving different trend lines and occasionally different S&R. Essentially what we are looking at is a 3D chart and not a 2D movement with each dimension having it's own vectors. Does it work, or is it gibberish? Any theory is as worthless as an ashtray on a motorbike unless you can see it work. You can easily prove this if you set up a 1m time chart and add in the range and volume nearest equivalents. and watch what happens. This is my preferred way to scalp. Whatever moves the chart from left to right is the controlling factor and in this thread I am discussing PA when in reality it is Time Action as time moves the chart from left to right. That means most traders are trading time without the slightest consideration as to how time controls a trade and have no idea how I can switch from scalping mode to holding for a big run. The only answer I get from the fearful is a cheap shot without having the ability to demonstrate anything to contradict me thus proving my point. Later I'll give my expectations for next week but first I'll let the clowns tell us their ideas (some chance).
Bob, Not a fan whatsoever of placing a short entry on a downtrendline or a downtrend channel resistance line that's testing itself a third time or more. Chances are it's a stop hunt waiting to happen. Let them hunt, when the hunt is obviously a fake breakout, aka head fake, now you may do so. When a side is caught with their pants down, that's when the fast easy money is made it just takes patience. Do not trust the obvious, the obvious does not make money overtime. Trade the unexpected event, the one no one sees coming, but don't predict it, let it manifest itself before your eyes, then strike with full power.
Another cheap shot but I need to respond to this for the sake of others. I know Jack reads this thread and has posted here but deletes his posts before 30 mins. For years I have tried everything to get Jack to prove his theory by Jack giving a forward projection but he chickens out. For the sake of all the newbies he hunts down on ET to use his NLP on I have asked Jack to trade live with me for just 1 day so we can see how perfect and powerful his What Must Come Next is against my inferior (as he calls it) conventional wisdom. I have even asked Jack to nominate one trader from his stable to trade with me if he won't but no one wants to step up to the plate and demonstrate Jack's errorless 3X or X6 ATR trading for just one single day live. I even got a mod here to set up a website for ET members for Jack and I to trade live on the 1m chart so that it could be settled once and for all if Jack can trade and to prove the value of his (imo) crazy forced channels. Jack again chickened out saying I could reverse engineer his work from that. I used to post here under the name of yoohoo but then after mentoring a group of traders that I still trade with years later (and it's live trading every day off the 1m chart with loads of trades,) I wanted to pull back from the public questions but still post on ET at a lower level so I used the name Xspurt. As it is now public on Google and some have searched for it, I might as well answer the question, yes it's yoohoo (I didn't know Cornix had it on his forum oops!)... http://www.tradingthought.com/ Anyway, for the sake of any who are beating their heads in trying to make Jack's ideas perform as he says, here's a thread with an old invitation from me and a prediction way into the future just like you'll find at the start of this Simplicity thread.... http://www.elitetrader.com/vb/showthread.php?s=&threadid=143706&perpage=6&pagenumber=1 My ideas have been working for a long time, have a demonstrable record on ET in many threads over many years and I do what Jack won't lift a finger to do - I trade live off the 1m chart every day with guys I have mentored and I project future moves for profit. I told Jack he offers zero help to those he confuses because he won't say, Here - watch me do it live. I don't mind you saying you don't understand what I am doing at a simple level or at a complex level. I don't mind you disagreeing with me. However you are just the inverse of Jack Hershey when you take cheap shots and can't back it up. Jack makes outrageous claims and shows nothing while you make yourself out to know what you are talking about just like Jack - now you and Mysteron and any other hecklers, prove you do know what you are saying by demonstrating it. It's a shame that ET has disintegrated into cat calling on one hand and lunatics on the other rather than being a forum where iron sharpens iron for the benefit of all by each demonstrating something that works. Yes it's been going on for years, but the number and quality of posts is in a bad decline because of what has been permitted. Jack, come in and tell us What Must Come Next with a forward projection. The invitation to trade live still stands, but I know you'd rather talk the talk than walk the walk. It's never been a question of who is a better trader, simply a matter of proving your channel idea or your order flow reading really does precede the move. Show us x3 for 1 day and see how it stands up to the conventional wisdom here. Just 1 day Jack... 1 day.
many troll come to post... trolls are losing traders who angry at the market... so they are critical of any who are say they make profits... i understand because i am not making profit day trading and i get angry sometime too but i watch and learn in many thread here at ET and Big Mike forum and hope to learn. but one thing, trolls never post any advice of theirs. Why Because here is what happen when troll post advice..... hahahahaha!!!!!
You don't say you are yoohoo?????? Anyway, your old thread with cferret was my first "enlightment". Thanks for the input you made. I read each of your posts in that thread , studying the trades on my own charting, etc. Thanks. Just wanted to let you know. Keep on enlightening.