So basically you're saying that after price had gone up over 10 points, we could have bought at 02 or 03, had we done so over an hour before your post? Price is hugging 4419, and it looks like its going down, but I will tell you an hour from now if you should have sold or not.
I would caution all to do their own due diligence rather than assume KP understands any of this well enough to warrant adding his commentary to the chart work of others. For example: They are not 5 minute bars. Not even close. Not that that should matter, as what matters is price, and the continuous flow there of. You still think and see price in terms of bars, which leads to this gem: All a "close" is is just where that bar was trading when its data-increment was fulfilled. You can call a "close" a low, and I could call you a "friend," but merely calling something that which it is not will not make it so. Which, because you do not know how price flows, you have no chance other than random luck to get right. In this case, luck let you down. Let's look at a 1 minute bar interval so you can see there was no "lower low." No. No it doesn't it. No. No it doesn't it. No. No it doesn't. Not by me. Perhaps by you? As usual, you do not understand. Not even close. You mean my scratched short? How could I possibly mention what exists only in your imagination? The price action that followed that fourth test was different in kind from what followed the first three. It is not my fault that you are unwilling to see that. In order to understand how to trade it so as to take advantage of that difference you would need to understand how to use a retracement entry to your advantage.
Since we both agree that price is continuous, and since you even say you can trade a 5 minute chart by just watching the right tick, then I think we need to dig a little deeper than just 1 minute bars you use to illustrate. So here is the chart of the action. You see, I have been trying to figure out how you're able to get such amazing and tight entries, and yet you seem to never be sucked into a (EDIT: wrong word used at first) bad move. Look at this second chart attached. I marked your entries on the chart via the red rectangle. I'm not sure where you entered as on this day you just mentioned your price for a long. But given that these are 5 second bars, and given that there is hardly anything to go on, your entry must be based on really micro price action. How on earth do you get long here having caught the very bottom? And yet everything you show, you show via 1 or 5 minute bars.
For those who are interested in the sort of hindsight schematics used to illustrate the RSI Grail method, here are the trades, using 15m bars, that one would have made by applying the SLA/AMT rules following: Where 4440 came from: And an updated copy of the range chart above:
Yup... I was right. Here we are an hour later, and as promised, I would like to tell everyone about the trade. I would like to point out how we were unable to continue going higher after the breakout. 20 contracts sold short for over 5 points is not too bad.
You are wasting your time. And mine. Again, if someone truly is interested in learning anything about scribbles, kp is not the example to follow. Do your own work, and do not use his as a model. Come up with your ideas based on your own observations.
I don't consider it a waste of time. I'm not trying to teach anyone. I'm trying to learn but its really hard to follow when what you show is extremely incomplete. Did you put on a trade when price hit 4419? Surely that was a juicy area to be watching, and it was still way before your cut off time of 30 mins before the close.
Oh that's where I left it. I guess now that you gave me my hat back, I don't need to borrow yours anymore.