switching gears to Price Action via SLA

Incidentally, this was not rhetorical. If you are unable to answer the question, you shouldn't trade on Monday. (And that goes for anyone who happens to be reading this.)

 

I have often wondered whenever I would see someone say "how about a call in advance" why they just don't look at the charts and see for themselves. It took me a long time here at ET before I realized that they are on a completely different path but do not recognize the existence of different paths. In fact, I think that it was not until @monoid's excellent post using the analogy of "corrective lenses" to describe how different people use different frameworks to organize how they interpret price action that I really understood this myself.

 

Here is my attempt





BTW: Sorry gears for posting here, I just wanted to follow the thread

 

Thank you for participating, but don't embellish. The range at the open is 4300 to 4328. There is a hinge with an apex of 24. That's it. No other lines. No other considerations.

The bell is ready to ring. What are you going to do?

 

As above, wait at the extremes, price has to overcome the range before it can do anything else, trade the reversal or the breakout, apex is a point of inflection.

Apologies if I am butting in.

 

I don't interpret what lajax has drawn as embellishing, DbPhoenix. It seems to me that he is showing that what he will do depends on what the market indicates he should do. It may be a bit more involved diagramtically than what someone with more experience might think necessary, but for those of us with less experience, sometimes more is necessary to keep the mystery at bay

 

Zoomed out to the hourly to show more context.

Using Lajax's soon to be trademarked, patented notations You can assume a failed [BO] and reversal is there too... I just ran out of room.

edit: Sorry for butting in with the late post, didn't see the other entries before I posted, maybe should have posted on my journal

 

this is how one plans his trades and if>then trades the plan.. good job!

 

What the trader has first to deal with tomorrow morning are 4300 and 4328. Anything else is a distraction. 4270 may become important later, but not at the open.

 

The annotations are handy for charts, esp if everybody understands what they are and what they represent. However, for this exercise I prefer that whoever wants to participate explain what they plan to do in text. This is a high hurdle for one who overtrades, or for anyone who has not yet learned how to make patience a tool.