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I don't know if there's a limit to how many threads I can post but I promise this one will be my last for while. Thank you so much to everyone to who generously responded to my last question. I know the knowledge you shared with me cost you something. I have taken detailed notes of all of your responses and decided that today, I would watch from the sidelines. I started measuring each swing and found something that has always perplexed me. I've done well before when I would bind a range inside a rectangle and then stack it on top for a target. How can these swings below be so precise? Not a single order pushed it over the edge. It's almost as if everyone is moving together and knows when to enter and exit. While I'm watching from the corner like that one guy at a party that no one talks to.
I feel like I'm at the cusp of something but I have scattered data and no experience. I've seen people refer to "measured moves" and "ABC patterns". I'm not sure if what I'm asking below is extremely valuable trading education but if someone could just throw me the slightest hint, I will put in the work to figure out the rest.
Can you help answer these questions from other members on NexusFi?
This is not unusual. This is a phenomon based on self-fulfiling prophecy A self-fulfilling prophecy is defined as any expectation, about a situation or event that affects an individual/group behavior in such a manner that it causes that expectation to be fulfilled.
If you want to see an application of this to trading, just visit this blog from a trader who describes how he profits from this phenomenon: I am sure you will learn a few good tactics:
Thank you so much, at first glance I can already tell it's going to clear a lot of things up for me. As a follow up, as the day continued, the 17 got smaller and smaller and then it sold off. I'm interpreting this as the 17s long gang took their profits. I haven't taken a single trade today but this is the most exciting day I've had in a while.
I use a similar method to this trader. However, I identify the legs in a different way. I identify the (low or high) to B, then I trade the B to C leg to the 127 or 161.8 extensions. The B to C moves that blow past the 161.8 are identified as impulsive and have different rules.