(continued)
see last post for notes...
see last post for notes...
Price pattern scanner where I choose the pattern 4 replies
Harmonic Pattern Journal 79 replies
Bronco Capital's ABCD Harmonic Pattern Journal 94 replies
Harmonic Pattern Journal 8 replies
Another Trading Journal - Yuhu's Journal 16 replies
points to consider when using this method
Disliked(revision: post#1)
So I told my relative,
"My method may be logical,
but I'm not."
DECISION
logic* emphasizes serial, and serial use of, chart drawings, over, for reason, single or stacked reasons that each of chart drawings are.
pattern:Attachment , psych-onlyAttachment
state...Ignored
DislikedHey did you ever consider that historical price might NOT be indicative of future price? Perhaps its not indicative of that in certain ways while it is in other ways. Perhaps you have assumed it is indicative in ways it is not.
Bare with me as i think aloud in terms of my most recent empirical knowledge.
You see that price looked a certain way before, and you assume that there is a general pattern, a general shape that repeats. What if there is general knowledge to be derived from historical data, but its not the shape of price or the general pattern...Ignored
Dislikedinteresting comment, although i believe patterns do give clues, but only in indicating immediate momentum (mostly because of stop losses), how far it will carry price is another story, but one can observe the strength of the resistance against the trend an decide whether to stay with the position or not
on the other hand, when you look at larger timeframes, you can trade them as you would scalp, e.g. taking a setup on monthly chart and staying with it for just another month
: what you define a pattern is another storyIgnored
DislikedFor them price is NOT at ALL controlled by feelings, and those feelings that its not controlled by does now show itself in the shape of price so the shape is not indicative of things that will come to pass.
Thats the conclusion i have reached. And im working assuming its true. Though the exception is EMA 21 on M1. It might be subcioncious, it might be consious.Ignored
Disliked(You made my day.)
Thanks for visiting again.
I appreciate your studying in on this, can always use another view.
Resistance-support lines are simple 2D patterns, often with a vector aligned with it. Thus, 3D patterns tend to react to and bounce off it at a single point (1D), reaffirming its utility.
Not that it'll help me make $ to know this; likely, your ma idea is better for that purpose. Continuity is extremely difficult, the way I propose to study charts.Ignored
DislikedYou mean like this?
Ill have a look see either if i can find a trade i made on a pattern you have in the picture or if i see something i fancy for any reason.
Update: yupp found something, a downturning but the same.
I think i might call that pattern a horizontal squeeze with a plop. But i guess any name is as good as any, its the essence of the thing that matters not its arbitrary name. If i see a similar pattern with lines forming above and below pointing like > or < thats not something i would want to trade, thats just...Ignored
Dislikedinteresting comment, although i believe patterns do give clues, but only in indicating immediate momentum (mostly because of stop losses), how far it will carry price is another story, but one can observe the strength of the resistance against the trend an decide whether to stay with the position or not
on the other hand, when you look at larger timeframes, you can trade them as you would scalp, e.g. taking a setup on monthly chart and staying with it for just another month
: what you define a pattern is another storyIgnored
DislikedMore on your using the pattern drawings:
Maybe I should explain them all. Only, as I noted earlier, continuity is a huge problem for me.
One minute I'm earning 5% an hour on 50:1 leverage, the next minute (in simulator time) I'm in margin call....Ignored
This method looks nice, only all it really is, is a cheat sheet for plain candle reading.
What I've worked for, in replacement of this, is to pick temporary pattern lines drawn from regular subpatterns that match the importance of candle reading.
Logic in a series of these puts an extra layer of understanding above the chart. It chooses enough candles to align with at the same time the entire area of candles has an explanation for existing.
This precarious balance lets one move speedily from one chart area to the next, trading big and risking small on the 1'.
Okay, on with your list of points:
Dislikedthe banks aim is not to entertain you and make patterns for you to have fun with.Ignored
DislikedPrice is completely build of patterns, one pattern chains into a new and that new pattern chains into another one and so on.Ignored
Dislikedi have conditioned my consiousness in such a way that i have build maps of candles similiar to your pictures of patterns. All im pretty much doing is modifying those maps in various ways, mostly a subconsious effort.Ignored
DislikedAnd of course the same goes for an MA, a certain pattern of candles in the period you assigned to the MA will shape it.Ignored
reference
A chart is absolute time, conditional cost/price/worth. Thus,|| -> = types of actions , listed in order of ability to control/change/adapt (from none to all)
, where
|| the most profitable to losing range of possibilities allowed;
-> becomes the same as (rare; sets consequences for future possibilities (that is, a pattern whose subpatterns/reasons project into the future to influence/create other chart areas));
= certainties establish possibilities, level with serial-time action of various costs/benefits
What affects a chart's actions, including from before the chart area considered?
Thought patterns carry from previous, or imagined future, scenarios
- other past trades or
- a cycle of action-reactions in this trading session, to
- nontrading events that are continuous and thus super/subnormal of any one physical event,
- that recently happened in the physical and/or thinking sense,
- or that happened in the far past as in an injury or old, no longer useful habit
What affects a chart's actions, including for after the chart area considered?
involvement that carries to next action and to overall development into a professional trader:
1 momo, overleverage -- wild
2 gut direction, intertrade chart study logic -- wild and confused, clear instruction
3 watch or let ride -- exhausting, surprising (respectively)
4 profit -- a mild to marked satisfaction
5 consistent profit -- boring
action
observation
(picture)patterns: observed
price-time chart - appropriate division of patterns and other creatures, with starter/ending patterns suggested
cognitive bias related to each division (source in help for narrowing down choice of cognitive biases noted)