DislikedThanks Musgrove,
1. But what is a 'fortified castle' if not an area of potential S/R ?
2. Is this what FTI meant by his posts about Elliot Wave. I understood that as in his posts about support/resistance, that we should not use it .
3. In my reply to FTI, I have explained why I find trends difficult. With all the things that we should not use (from my comprehension of FTI's posts), there is very little left to base one's dancing on apart from 'feel'.
Perhaps now that I am unemployed I will have time to demo sufficiently to develop some 'feel'. Certainly it is too dangerous for me to try in my live account (due to the no stop loss rule - I really feel insecure without a catastrophic stop loss of a hundred or more pips, and I have never understood why FTI thinks these are susceptable to stop loss sweeps).
Thanks again,
IanIgnored
Dangers abt tradring on SR zone is, the approaches one take whne you trade at these levels. At times , if you get it right you get a winner when you short the top. but if it breaks out you lose ur 'BET'. Then theres those stuff like fake breakouts and what nots.
In effect there is no true price, markets is merely moving from one point to another, just a fact that some points provide more psychological interests to people more than other (based on hindsight), and these are levels where the dogs fight, culling each other, each dog will have its day, for us, we KNOW these levels but in a trade at these places we're merely placing a BET (gamble) that the market will 'flow' with our skillset called pattern recognition (or whatever), and this is where the original sin has occured, instead of flowing with the market we are becoming predictive in our behaviour, and building expectations, which is a fuel for ego.
Instead ofworrying too much abt TA, try to improve on the management skillset, fti has given a few good examples on those. Scaling in and out, taking loses here and there, understand how you manage your basis, raising or lowering averages. Book management is more important. When it comes to TA, we can quarell abt prices until the cow comes home, just to feed our own ego. But ur book will tell you a better story of your whole psycholgical setup. The Kybalion has been a great inspiration for me
regards