I'm sorry. I probably misunderstood, Butterfly is it a geometrical form or not?
My point is that if I give you a great setup, the greatest, which go like this:
1. First bar should be an up bar, max length of 10 ticks, the body of at least 5.
2. Second bar a down bar bla bla bla. And so on for 10 bars.
Its a great pattern as I said, the price explodes after that.
Will you be able to verify this, or you will just take my word for it?
My point is that with indicators, witch are a smoothed representation of the price action, some may say even they filter the noise, you have an unlimited number of setups you can check. Thats all, I don't say that price patterns are no good only that they are harder to spot.
With all do respect I don't need your setups. If they are good keep them to your self like I do with mine.
why dont you guys focus on simple trading methods for all the new traders instead of trying to confuse everyone,this site is a great place to come and learn and teach but keep it simple so everyone can follow, the new traders have so much to learn and still so many battles to wage its not fair to just throw them a bunch of crap to slow their learning curve...sharky
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All indicators are lagging. Show me one indicator that will tell you where price will be 1 min from now. The indicator itself is always lagging based on old data. It's your subjective interpretation of that indicator that has predictive qualities not the indicator itself. You're confusing predictive qualities with predictive interpretation.
Hi to all,
It was my time to go to sleep and I woke up with lots of replies, but with no original thought.
I don't say that the indicators on them self are predictive. Only that they have an anchor point. Like price patterns and everything else in TA. You make a statement, to your self, and you try to validate it. If you did, great you have a starting point to a setup.
The most common example is MA cross, but the same is for FIB levels. People think that because the Fib retracements or extension tools show you levels in to the future they are predictive but because MA cross does not, its not a predictive tool. The truth is that they are exactly the same and so are price patterns. Your point of view should be of predictive nature. Your only question should be: If this indicator did this move what the PRICE will do next.
The last thing I want to say on this thread is that I question everything. So if some one gives a statement about trading, I think about it a lot and only then come to a conclusion if this statement is correct or not. (The emphasis is on a lot). So please if you want to contradict my statement your most welcome, but please take a moment (few hours) to think it through.