Yeah! the indicator is good but i'd like to add a feature, that is, when price approaches one of the lines, i'd like to know beforehand if price will bounce or cross the line so that i can place my order accordingly. Can you do this for me pleiiizzzz, me too i want to say WOW!, that's a cool face-lift.
Here is a chart of the ES last week. The first chart is normal, the second chart has been inverted or flip-flopped. Price action is still the same and unfolds from left to right. Do you find it easier to spot good opportunites when the action goes up or when it goes down. Would you have seen the same setups on both charts ? or you see no difference ?
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I remember that when I was flying gliders, I preferred to turn right when I reached an upcurrent. No particular reason. I knew other guys who did the opposite. So, if you show me the two charts, it is obvious that I will not see the same opportunities, if I rely on my pattern recognition mechanism.
But then stock markets are not symmetrical. The have flat peaks and sharp troughs, so part of my mind is probably taking into account the asymmetry, another part of my mind is simply playing tricks on me.
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i fail to understand why people make a big deal of a simple concept, the idea as i understand it from mike, is to show that you can make yourself believe in what ever it is that you want to believe in and no body will be able to change your mind, especially if you make something work you can justlfy it and if it does not work you can justlfy it and find reasons, i would trade random lines the way they were presented here - if you use a boundry to choose the lines they will automatically fall within a range - making range bound trading possible, if you bound the range with an upper and lower limit ( the greather it is the less possibility that all the lines will be interacted with ) then you will find ways and reasons to trade it, the ultimate ( all you need system).
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Sorry about finding the thread too late. It started off quite interesting and was very informative before it was hi-jacked. It has me thinking.
The lines on my chart mark past turning points in price. Obviously at that price level something happened to change the dynamics of the move. But because it happened once in the past, does that imply it will happen again in the future? No, it doesn't. All the lines serve to do is to heighten awareness that price is at a level that in the past something occurred to reverse it and I should monitor to see if price action indicates a change in the trend as that price is approached again.....but shouldn't I be monitoring price action all the time to see if there are indications of a change in the trend? Maybe the horizontal lines on my chart really are unnecessary.
Anyway, again this started as a good thread.....sorry to see it stop.