Again, you miss the point entirely. It's not the retracement. It's not the bar interval. It's not lines of one sort or another. IT'S THE TEST OF THE LL OF THE RANGE THAT PRICE JUST EXITED. Even if you plot a chart of 60m bars, you can see the retracement after the breakdown by looking at the right tick. THE EXACT ENTRY IS ENTIRELY IRRELEVANT.
Because I asked a genuine question that I hoped I would get a genuine answer to. Talking about lower highs on a 1 minute chart is somewhat different than on a 1 tick chart I imagine, just like a support level that forms on a 5 sec chart really means nothing, and hence why 40D outlines to use the 5 minute as a guide to get levels from.
I don't know about 40D but, no, it's not an entry short. For one thing, price is still going up. And nothing is being tested. Therefore, there's no reason to short, though a beginner might short because he thinks it's "too high". Edit: Given the time axis on your chart, I assume you're in Europe. If so, you were in a position to take the trade when it should have been taken at 0650EDT (1150 there). Again, what matters is the test of the lower limit of the range that price just broke down through. Any entry thereafter is going to be too late and will be far more likely to be stopped out. If you can't take that trade, then you should be trading larger intervals, such as 60m.
Oh. I don't see his posts at all, so I assumed you thought I was taking things to far. Which I may have been. The new ignore feature is wonderful - for me, ET is a kp-free zone
The SLA/AMT method/strategy is simplistic trend line analysis dressed up to look like more than it is. Too many lines--Too many variables like volume. Stick to an easier approach. Buy when things are rising. Sell when things are dropping. Never risk more than 2% of TLNW on any one trade/idea. Let your winners run. Cut your losses short. Don't be duped by the fancy charts.
I didn't see it that way. Honestly that little range there looked more like a continuation pause to me, but I can't say that it may not have been worth a shot under some circumstances, given where price was in relation to that low off the session's first low attempt. Given the potential reward, it would have been a relatively cheap entry, so long as you were disciplined enough to scratch or take a small loss. The 66 - 59 - 64.75 was more clearly, imo, a potential reversal in the making (which is why I chose to post that here). One thing that might help anyone who is doing observations rather than trading is this: When price is trading into a level, and you think you should be watching for a reversal, minimize your chart and just watch the bid/ask. When doing so, keep in mind the figure at the high (so you'll be conscious of being below it). Very often, you can see the market flip (such as was the case today at 64.75).
The SLA doesn't use volume. Perhaps you could take a break from being a Nomadic CryptoPundit and learn something about what you're doing.