Dislikedlol. I'm actually glad you've taken a look at some of the stuff I've posted. I'm hoping it'll make some traders think about what they're doing when they make their trades (not just me).
Here's something else to think about. This is about waves again.
1. When you draw trendlines, what are you using as reference points?
2. Support and resistance levels, if you look at them carefully, what are they really?
3. Fib levels. Everyone loves using them because they say price bounces in those areas. What do you think you'll find in those areas?
4. Some use PA setups... they actually don't realize this but say for example a buob setup. When it works, it's actually a wave breaking to the upside.Ignored
I agree. And if you are trading the break of a small wave upwards for a long trade (BUOB on, say, 4HR) at a place that is also a pullback of an even larger wave (say daily or weekly) then you are effectively trading PA off of major support and resistance levels.
However, I think that bar analysis in this case has the upper hand when fine-tuning entries because it allows us to more easily evaluate how the wave broke. It is more easily quantifiable simply because I know that each bar is 1 unit of time... so I can look at it and say "wow the market turned up equally as fast as it went down". To me this helps a person get a feel for the market.