DislikedHi Bob.
I used to trade patterns with fiboacci ratios ( Gartly- Butterfly -Three Drives-HS) but the problem was that you do not get the signals so often but since I have studied and applied your system I get signals much more often .I still trade the patterns only when the it is confirmed by your system otherwise I consider the pattern invalid.
I am going through the whole thread slowly in order to get the feel for the system .As your system is spread all over the thread and I missed the tradingroom session I try to read and have a "written trading plan of your system".
On page 345 post 5167 one of the members ( Jren07) has written a very systhematic trading plan of your system.
I would appreciate if you let us know if you agree with that trading plan or you would like to add or modify that system.
Thanks for sharing your system and knowledge so generously with all of us.Ignored
If the Intraday movement is bullish your looking for a retracement to bounce from the Intraday inner levels 38.2, 50, 61.8 (Short,Pivot,Long)
If the Intraday movement is bearish your looking for a retracement to be rejected from the Intraday's inner levels.
If the Intraday movement is bullish and the retracement breaks through all 3 Inner support levels your looking to scalp a short position since price has not shown to be a rejection yet from resistance levels, a rejection from resistance levels on the next waveform is a reversal signal.
If the Intraday movement is bearish and the retracement breaks all 3 inner resistance levels you looking to scalp long until price is shown to bounce from support levels on the next waveform and it has reversed.
When applying this logic, check for the major support and resistance levels from the larger timeframes that may interfere with the direction your trading.