If shorts or longs are exited without notice, that alone brings this tally into question. And if it includes the hindsight Squiggles charts of which we've seen so many in this thread (containing so many entries that have to be taken in the middle of the night), the tally becomes meaningless. For the time being, I'll assume that the 84 short was exited at 80 as an SAR. That still leaves about 70pts in the hole (not including the current 14pt loss). The problem of course is that even if this "long" were to succeed, he'd still be over 50pts in the red. The SLA trades, on the other hand, which do not have to be taken in the middle of the night if one is trading an hourly interval, are several hundreds points on the plus side. The SLA is easy to evaluate because it has rules. The Squiggles Method is impossible to evaluate because it doesn't. Here are the rules that I use in trading my system [as posted by the OP]. 1. Keep losses small. (Never risk more than 2% of Total Liquid Net Worth on any one trade/idea.) 2. Let winners run using stops outside the noise. 3. Keep commissions small 4. Don't scale in or scale out. Nothing about entries. Nothing specific about exits. Nothing about trade management. Nothing about risk management beyond "use stops outside the noise", whatever "noise" means, whatever "outside" means. There is of course the caution regarding risking more than 2% of one's TLNW, but without trade management of any kind and with no sense of direction, one is facing a slow bleed until the TLNW amounts to little more than bus fare.
So the "grail" method is now in the hole for more than a hundred points. Not being embarrassed about posting losing trades is admirable, but if the method provides no sense of direction whatsoever, there is no practical value in posting the losing trades other than to emphasize the fact that the method is woefully incomplete.
The method of multiple time frames using overbought and oversold areas is a valid method. RSI is not an old tool. It is extremely current. -Love it.
Okay. So . . . Incidentally, I'm going to assume that those who think this is a viable method have no idea why we're stalling at 30 or what the next level down is in case price drops from here.
The 5 and 15 are deeply oversold. The 60 has just reached the oversold line, but is not deeply oversold yet. Be careful with initating new shorts here. If trading the 5, may want to take profit and look for new short entry on a bounce.--or look for a new long set up.
What I have discovered and I will impart to you is the following: Straight lines can be drawn across charts at any price and a "range" described. Then one can take a breakout, breakdown, retrace etc etc etc off of the those lines. It really doesn't matter where those lines are. The SLA Scribble method is laid out like it's the end all. It's not. Don't believe me? Just draw the lines anywhere and you can make a case to go long or short there.
The range creates the lines, not vice-versa. One needn't draw any lines at all. Those who believe otherwise don't understand what a range is or why it forms.
I believe it's a misquote. The scribble method is SLA-AMT, not just the SLA. Db has been pointing to the document all this time along. There have also been multiple mentions in the document and in the posts that the SLA is for damaged traders to get their sense of direction back. One can combine it with AMT to garner larger profits. So far SLA alone hasn't been surpassed even though pure SLA is almost on autopilot. The hourly is there for all to see. Shorter intervals than the hourly have a lot more lines and turns hence make it difficult to enter or exit so fast for a newer person (something also mentioned quite a few times in threads). From what we have seen is that the indicator method has been found wanting. It's 50 points exits, one after the other, with hardly a string of winners is remarkable. The winners haven't been significantly larger than the losers so to make things even at least the probability of success need to be higher. Either gains or probability of success or both need to be higher yet from the posting (commendable though) is nothing on which one could dare to take any kind of leverage. How is one to then get richer if fraction of profit is to be made even to to make that large sums are needed to use only 2% of TLNW? The method may be functional in larger sample but how's one to put faith in something like it? Can a person with 10-50k in cash turn it into 100K? Or does one need to include the value of the house and car and then determine position size? Gringo
Lets see. I have made a random range from 4413 to 4432. I'll play either the reversal or the breakout and update you with the result