No but he is taking credit for a very old method sometimes referred to as the floor traders method and naming it after himself.. so lets not put the sainthood submission into the Vatican just yet
Wolf-pak, thank you for continuing with the discussion. Am I correct in assuming that, since these were pullback entries, you're bypassing the retest of the mean line, and jumping in on the trade as soon as the price moves above/below the first move? Thanks, Schaefer
If u aren't interested just hit the road ok? And let those who may have an interest discuss w/out having to read all the negative or cynical comments.
This name kinda made me laugh and brought back memories. When I was 19 years old I created a "Yahoo Club", back in around 1998. I was trying to think of a really cool and aggressive name for it, and it just came to me that I should have the Wolf Pack Traders club. It turned out to be a major turning point in my life and everything I've done since then in some ways can be traced back to the wolf pack. Anyway I've not read anything on your thread, just the name..but good luck. Brandon
I'm afraid that would remove some people's reasons for visiting ET. For whatever reason, they are mad at the world, and they can only feel better after slamming others and their ideas. There would be no joy from simply clicking out of a thread while mumbling "whadda bunch of bs", or heaven forbid, placing an OP on ignore. Maybe wolf-pak should have named his method ,Paris' Glistening Camel Toe'. Bottom line - the simple ideas presented to date are based in the fundamentals of price action, and could possibly improve one's awareness of why price bounces up and down.
Why does anyone care if he names this method after himself or his grandma. Personally, I see something here I didnt realize before, even though i recognize the initial chart as a dragon pattern/entry. Wolf, please continue. Aren't you simply establishing support in the mean line? Thus enter the first higher high after support is established? Correct me if I am misinterpreting?
IMO patterns should be used only in a background of the market structure. If one zooms to close and starts trading the pattern every time it shows up, it will be a loosing game. The pattern discussed is good and proven but only if used as an entry that you have anticipated because of a strategic plan based on the market structure. By market structure I mean things like, the news just came in, the market is showing signs of moving up but not as much as the news suggested. Your idea is that you need to go against the move. THEN you can use a pattern as the one discussed. There is no substitute for thinking.
Schaefer, This is not the case... look closer. You may have to go into a smaller timeframe to see it, you may not. One of the main points in learning price action is looking within a candle. Notice the last candle to touch the mean line. That is the MEAN TEST. Before this what do you see? A move in the main trend direction, that is the FIRST MOVE. Finally, the entry comes on the SECOND MOVE. You have to learn to read what the price is doing at each candle. Read each candle, follow the actual movement inside the candle if possible, use the lower timeframe to confirm. This ability and determination and patience is the key to reading price action from the chart. If needed I will post the same entries in the smaller timeframe. This is why it is not a simple pattern or setup... it is a behaviour that can play out in different ways and look different to the eye. A doji can be 1 bar, or it can be 2 or 3 bars together. I will get more into this on a later post.