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Depending on what one wants, perhaps the more important events/levels this morning were the tests of the lower limit of the 5m pre-open range at 0930 (0830 on your chart) and the test of 4510, which is the halfway level of the upmove from the 8th to the 19th. As for the latter, that may not be the only reason price bounced off 4507, but one doesn't have much time to ponder the whys in real time.
. . . retail investing has exploded in China. Between June 2014 and May 2015, 40 million new brokerage accounts were opened in China, and many of them invested in stocks with borrowed money.
This is off topic and I apologize for that in advance.
db, I've just begun reading 'The Foresight Thread' at ET. What a helpful, well laid out, logical piece of work it is. Clearly, it took a lot of work and I want to thank you for it. For whatever reason, I was unable to post to that thread, so I'm saying this here. Actually, in many ways, through a variety of threads, posts and documents, you've helped me quite a lot. I appreciate it. - I'm reading this thread as well, though way behind (the cares of life push in), and am getting a lot out of it.
I also want to say thank you to Fortydraws. So much of what he has contributed to the forums has connected for me. I'm delighted for his success and grateful he takes the time to share his thoughts.
You're welcome. You should understand, though, that as the epochs roll by, I find ways of making things simpler, finding things to throw out, finding ways of explaining certain concepts and tasks better, so you may actually be making things more difficult for yourself by studying material that's "older". I never really know whether or not something is going to be clear until I put it out there and see what people do with it. As a result, I often find that it wasn't clear at all, so it's back to the legal pads to rewrite, sometimes to start over.
So I suggest that you stick with the latest and greatest and ask questions. That'll save you from delving into stuff that's past the sell-by date.
Everyone learns - processes information - a little differently. What makes perfect sense to one, may be absolutely unintelligible to another. That said, I have felt that your more recent threads are really excellent - no aspersion intended for the older threads.
Which threads do you consider to be 'the latest and greatest' at this point in time (and which websites are they located on)?
It's great to see you here on BigMikes. This has traditionally been a little more serious trading site, in certain respects, than some of the others. I certainly hope it remains such.
You may be aware of the "challenges" I had years ago persuading people to read Wyckoff. But they were nothing compared to the challenges I faced persuading people to open and maintain journals. However, rather than make a short story long, I'll just say that I underestimated the extent and levels of fear in those who were struggling and I also underestimated the amount of misinformation they had crammed into their heads (age is a disadvantage here, as I come from an era long before the internet, so some of the modern obsessions were puzzling at best). Learning something new without "forgetting" what one knows that isn't so, much less re-wiring oneself, is a formidable task, particularly when grappling with fear all the while.
What appears to have the greatest effect is to use the SLA/AMT as a frame and to explore everything else -- support/resistance, trending/ranging, risk, management, "setups" -- by placing it into that frame. If nothing else, this aids focus, which seems to be a common difficulty. Therefore, I suggest you begin there and use it to re-evaluate what you know, or think you know. After working with it for a while, you may find that Section 7 of Wyckoff's course makes a great deal more sense, even on a different level (which is after all where the SLA came from).
As for "which websites", there's little interest in this elsewhere. Those few who were interested in it are now here. And even if you drag yourself through older threads, 95% of it is repetition, and life is short. Given the simplicity of this, there's no need to spend years banging away at it unless one just can't live without his indicators.
I am exploring exactly this in my trading and studying right now.
If anyone is interested, I will be exploring SLA/AMT combined with other ideas (S/R, "legs", accum/distr) in my journal here on futures.io (formerly BMT).
SLA seems to help me stay in winning trades. It gives me a framework to use (line broken? No? Stay in.)
Good thing, you said that here on futures.io (formerly BMT), and was not able to post on ET. The hypocrites there would have labeled you as a "troll", and come down on you with vengeance.
