No, it was an exercise in studying price action. It began with just a 5 minute chart and 3 EMAs, but then I noticed price had a habit of reversing in the middle of nowhere. Took me a while to identify that middle of nowhere on the 5 minute was often an EMA on a higher time frame, or a pivot point. Collecting that data was more for trade management than anything else. If someone wanted to I suppose they could backtest entries on pullback to EMA. Based on what I observed, I'd look at 2nd pullback to ? EMA as the entry. On any given day you never could tell which EMA on which timeframe would hold, but once one did often it would hold the second time. I don't day trade anymore and as a swing trader that's not how I look to make money.
Amazing!!! (But true) It's not often Surf is right, but he could well be wrong again. Bulls annihilated??? Somehow I don't think so. A trader cannot afford to have strong convictions on direction. Somehow Surf has never learnt that lesson. next...
His timeframe lends itself to prolonged periods of uncertainty and the appearance of randomness with regard to the daily results we mock him over so readily.
An acute observation. To a swing trader, intraday charts are noise. I am reminded that O'Neill uses weekly charts, and Elder featured a trader who trades off monthly charts. Now that's a scary thought. Imagine, the daily charts I depend on would just be random noise to him.
Hold the course surfers and surfettes---- the pop higher will be short lived and can be shorted here15106YM ----expecting down close today in DJIA. surf
I like your style - and hope you're right My prediction is we break the March 09 lows by the time this bear is finally, finally over..
That would actually be nice. Reset the clock and build up the investment portfolio again. Asian stocks are way too expensive for investment currently.