I was checking FGBL out too. But I find the spread versus average true range not interesting... if you compare the moves at FDAX with the average spread, you pay relatively much less...
Strongly suggest you look at dbphoenix's threads on Trading By Price and Plotting S/R at t2w.com. They should clarify a lot of what is confusing you.
Thanks for the suggesting. I read about everything I could read, I checked out all his posts and started with his PDF files about demand/supply which I btw found to be very good. Nevertheless, somehow it won't work when I try my hand at it. If anybody could give any suggestions or directions I would very much appreciate it...
I invite everyone to give comments on the charts posted. I appreciate any insights, especially if they are related to the PV matter...
No idea. Too much hassle, probably. In any case, why not ask your questions there? I'm sure he'd be happy to help.
If you were going to play a bounce off that support zone you should have been long 6 candles prior to the one you entered (low probability entry.....guess trade)......that was the first time near your actual entry where that support zone was tested (you got in way to late after another re-test of the support). Another big factor that I see as a terrible reason to get long in that area was the market delta was shifting VERY NEGATIVE (more selling than buying). Entering a long trade AGAINST the "delta" there is exceptional low probability. Learn Market Delta and you will understand the movements of price SSSSOOOOOO much better.
Here is an example of the use of "delta" information.......... 5Pillars Registered: May 2006 Posts: 340 07-28-06 12:34 AM Figured I throw out a few more examples from today for those who are new to Market Delta charts. Here are two of about 8 really great scalp set-ups from today.... The first chart shows a great long scalp area right at the end of the 08:40 (central time...right near the market open) bar as the start of the 08:45 bar began. The market delta out of the cash open was positive, so the first pullback after the initial surge gave a good area about 08:40 to make a scalp long entry (going for 2, 3, or 4 ticks...whatever is your style). The delta climbed more positive as the 08:45 bar was forming and anyone could have seen the increased rate of buying during this period. Long entries from 1280.00 or below were optimal for this method at this time. http://www.ttrader.com/mycharts/dis...Pillars&id=1699 My next example was right after the delta shifted to negative on the day. There was a perfect set-up for a short scalp as the 09:40 bar finished and the 09:45 bar was forming. The optimal short entry here would have been around 1276.25 to as low as 1275.75 for another quickie....LOL! http://www.ttrader.com/mycharts/dis...Pillars&id=1699 These were two simple scalp trade set-ups from today with the overall day and intrabar "Delta" at your back. Edit/Delete ⢠Quote ⢠Complai
----------------------------------- You can search his last few weeks here on ET. Mr Burrows(dbphoenix) expects all to "bow down" to his religion or perish. Yes he has a lot of good ideas but......... enough is enough sometimes. agpilot
I've seen no evidence of this. He does expect traders to take the responsibility for their own results rather than blaming them on something or somebody else, but that's hardly a "religion".