Why does your box from 5-6 go higher than the high? It also sounds like you're saying don't buy a retracement that retraces more than 50% because that's likely to be a reversal rather than just a retracement. Don't tell the Fibonacci people that
For me its neglible. As I posted, you can see my prints are stating that about 10% of gross goes to covering costs. On the other hand, there is the considertion of getting from gross to net. Here my biggest cost is keeping on the correct side of the market. I certainly give up a lot of potential profits in this arena. That is to say, I make money less effectively and efficiently that is possible when really carving turns. I do not think of it as good enough type trading but instead I think of it as staying relaxed and not being concerned with what was left on the table. For statistical reasons, I use all the daily 5-minute bars. Until a person has worked through all the possibilites, it is still possible that he may find noise, flaws and/or anomalies. after this phase of analysis is complete, then not many bars are required to maintain continuity. to better define the elmnts of a finite system, I found keeping a set of examples handy in a condensded collection was helpful. I keep on hand a minimum of six examples of each element. I also do daily frequency analysis on the occurance of the elements. It is very very amazing to know and work in a context where very few of the total possible elements are ever in play. sometimes I take snapshots of my annotations without the variables being present (when my computuer is reloading before open in the morning. Thus, I decised to use a bar duration that aqfforded me much more time than needed to do monitoring and analysis. as you can see on my daily P&L log I have clumns for the EE and surrounding columns for putting in check marks (LI and fixed). LI is lock In and fixed means I have perfected the annotating to keep my observation time in the 10 to 100millisecond range.
I agree.The attempt to stay on the correct side of the market can be less effective,but very beneficial,if you do it correctly.Thats really cool and I try to do the same. You use daily 5 min bars.Dors it mean you have 81 bars on you chart at the beginning of the session? As for frequency analysis.Whats in it for you,if I may?
Come on relocate(man with thousand aliases). You can/could do better than that. You could for example ask him how he decides on LI. Actual volume or PRV? You could ask him what are the possible values he fills in EE. You could ask him what "fixed" means. You could ask him for a filled out reference log together with the corresponding chart. All of this would advance you more in your understanding of his method than the number of bars he has on the chart which you already know. But it could also be that you know everything and that you don't want to make it too easy for all the lazy bastards by asking questions which would reveal too much and that way prevent them from doing some work.
Try to have a simpler view of the price action pattern and have the entry at the best levels possible like the support or the resistance levels and then play for the target to the next level. Remember if you are day trader take the profits which is good for you, sometimes its not easy to ride the entire trend wave.
a thousand and one... LI is a leading temporary modus vivendi,and i believe it`s being monitored on a several concurrent fractals.EE is the toughest to get-there isn`t enough info on this.By ''fixed'' my guess is that he means some sort of a desicion making at the time of the temporary uncertainty(change in pace,entering lats mode,''unusual bar'' range[aka wide tail],etc...).I guess he`s achieved a great partnership he`s always talking about.We,however,have not,yet.