What a lot of nonsense. If your "orientation" is "making money", then why can't any of your followers do so? Why, after a year and a half, does one of them (God knows how many) still have no idea what trend is, what support and resistance are, how demand and supply move price? If you're so simple and such a great trader, why are you incapable of enabling anyone to make money? You are anything but simple, much less a simple student of the market. If you were a student of the market, your sense of it wouldn't be so out of touch with its reality. People like you make me angry because you persuade beginners that if they don't understand something, it's due to their deficiencies, not to your utter lack of talent or skill or knowledge in teaching. What's truly sad is that so many of your devoted fans, out of money and ready to quit, remain convinced that it's all their fault.
Support & Resistance are specific price levels in every individual Market. They are not hypothetical levels that can be calculated or guessed at. Pivot Points and Fib's are "guesses" and belong in the casino. Support & Resistance levels are chart specific as well and this is why multiple time frames confuse traders and keep them from pulling the trigger.
ROTFLMAO!!! I love this chart!! This is a keeper!! What a great example of a fried mind. When I get around to the next Trendlines file, this is a definite inclusion.
Thanks for the chart Grob109. I've saved it and will bring it up when I am either drunk or high so that I better enjoy the kaleidoscope that you've got going there. But hey, if it works for you, it works for you. I'm not going to $hit on someone's method if it works for him/her. More power to you if you can make it happen. Not that DBP has directly placed any money right in my pocket (actually, his stubborn refusal to give any strategy or methodology pointers is amazing), his posts and the files he has shared have drastically improved my thinking and my P&L (& I'm no newbie to the game). I would hardly consider what he has on his hands to be a mess. How can it be? It's just a way to consider the price / volume relationship. All the other aspects of placing the trade are left to the individual. -------------------------------------------------------------------------------- Quote from Grob109: Once you have drawn all the channels, you will find that you do not have a "mess" on your hands as does dbphoenix. --------------------------------------------------------------------------------
Quickie comments. There are four levels of channels showing on the five min. For today 21st the trading continued as a carry over from the prior day where yesterday we came off the double blue IT line. I copy it in segments. Perhaps, you can get a feeling from what I said above. What I personally get from it is a feeling that there is a comfort zone that I have being in the ball park. My day commenced from the top of bar 2 because the top was a "carry over' for me. I felt the volatility was "set" for he high volume open that was similar to the close data (vol and volatility). I needed a point 1, 2 and 3 for the first high vol trend ASAP. the heliotrope lines for bar 2 and 3 give me a right to left traverse and I have point 1 and 2. Next I look for the right to left traverse (bars 4,5,6,7). Top of seven gave me the point 3. You see this short trend as a lime channel. Since I am in a carry over I know the price for the turn on the end of the first channel of the day. It will be where the lime meets the trendline of the carry over. The second trend of the day is a high volume trend as well. you can review it as a beginner would. Just use the "rocket" notation. Intermediates on level IV, use the iceberg reversal out of the trough. They hang in until 11:45. Rocket beginners do the same using the STOC 14,1,3. From this point on we are on Top of R and riding a cycling lateral. SCT people use slaloms through this until the CCC goes to centering for the PM two afternoone channels. First a short, then a long back up to the top of R.
not to be ciritical Grob, if it works for you it works for you but that graph has too many things going on. Did you make a trend line for every 3 bars? It seems too much, if i had to trade realtime using that chart i'd have to take too much time interpreting what is going on. Just give me a line that connects two major lows and another with two major highs and i can call it a day. what does heliotrope mean?
You just hit the nail right on the head. Jack can't do this in real time either, nor can any of his followers, all of whom seem to trade on some sort of continuous deja vu feedback loop. I used to say "keep it simple", but a member who used to run an S/R thread pointed out that you have to make it simple before you can keep it simple, which struck me as a very intelligent observation. So make it simple. Simple Simple Simple. What Jack has drawn is the result of brain fever. Simple.
I added a few quickie notes. I made the chart attachment at the request of David. David is used to my charts, I believe. It is not likely that anyone is going to want to do what I do. were a person to have traded through the day and then looked at my chart, he may have found out several helpful things. were I to put these items on a list according to the biggest to smallest, from the money making pint of view, I would make the list below. I am glad you have gotten some ideas to add to your quiver from DBphoenix. That is nice for you. My caution is related to what no one should add to their efforts. If a person is a trader, he works practically by comparing his method to that method he has under consideration. you cannot do that with the dbphoenix stuff for the reasons that you have pointed out and which confirm all others who realize the absence of anything in that realm. I only work in the practical money making realm on the other hand. What I do is nonsense and from a fried brain for 4 out of 5 persons as determined by polls, etc. My stuff does not work by backtesting where reseults covering the same time period vary by an order of magnitude. The most frequent poster on ET says I have 200 aliases and what I do is snake oil by his measure. It is not possible for me to have any credibility by any measure here as you can see. It is being pointed out that no one who uses anything I suggest makes any money. From my viewpoint the dbphoenix stuff is a "mess". That is, I have written, from my viewpoint in response to questions I raised, what I specifically find wanting in his cavalier post. If you soberly look at what I mean by the channel and carry over from yesterday and do it yourself for 100 charts, you will get what I am talking about. Here is the list of priority ranked thoughts anf feelings that can come of getting to a place that is the result of thinking and working for a few hours: 1. You get the feeling that the price is not going to "fall off the side of the earth". 2. You get the feeling that there are four levels of channels all operating within one another and the outer ones just happen to set correctly all the limits of the smaller more frequen lesser duration othr ones. 3. you can figure out where things are going to end and approximately when by using straight lines in a simple unchanging manner a head of he price movement that fills in the envelopes. 4. You get the feeling that things move rather slowly and steadily and make money most of the time through vertical price movement in a "left" to "right" context. 5. Channels "work" and you can trust them once you have done the "work". The next 20 you grow to "know" are more detailed. I posted the 20 questions that each person goes through writing up to get to expert for any method they choose to develop and follow. A way to do the writeup is to cut and paste.