You can really take the mystery out of price action and the signals if you plot the following levels on your charts, and then use these pivotal points to, in a sense, "filter" the signals you get from your methodology, whether rocky's or something else.
Soon after 8:30 AM, the 6E tested yesterday's low as support - it was a double bottom test as the 7:44 candle also tested that level. Thata was a good buy. Price rallied back above the Globex open, almost reaching the daily pivot point, and then put in an "M" top with a lower high. That short signal was a good one to take.
Price tried to rally again, but the 4 SMA never closed back above the ema HI, and in fact price was turned away at the Globex open. Another leg down tried to find support at yesterday's low, but there was never anything close to a buy signa, and the continuation short signal was a good one as price closed back below yesterday's low.
Price then found temporary support at last week's low.
For a long time I have been posting here to rocky's thread saying I was working on rocky method AND Stacey Burke method.
Only recently have I really had the "eureka" moment that led me to realize that the reason both of these approaches appeal to me is that they really do work well together.
I didn't invent anything.
I'm just putting together good ideas from others.
The other concept that has been very good to me is that I am working very diligently on becoming aware of developing trading ranges. Once a trading range low is in place, DO NOT SELL SHORT just because a renko candle closes below the ema's. Price must close below the trading range low. Same goes for getting long at a trading range high. Price must breakout first.
Soon after 8:30 AM, the 6E tested yesterday's low as support - it was a double bottom test as the 7:44 candle also tested that level. Thata was a good buy. Price rallied back above the Globex open, almost reaching the daily pivot point, and then put in an "M" top with a lower high. That short signal was a good one to take.
Price tried to rally again, but the 4 SMA never closed back above the ema HI, and in fact price was turned away at the Globex open. Another leg down tried to find support at yesterday's low, but there was never anything close to a buy signa, and the continuation short signal was a good one as price closed back below yesterday's low.
Price then found temporary support at last week's low.
For a long time I have been posting here to rocky's thread saying I was working on rocky method AND Stacey Burke method.
Only recently have I really had the "eureka" moment that led me to realize that the reason both of these approaches appeal to me is that they really do work well together.
I didn't invent anything.
I'm just putting together good ideas from others.
The other concept that has been very good to me is that I am working very diligently on becoming aware of developing trading ranges. Once a trading range low is in place, DO NOT SELL SHORT just because a renko candle closes below the ema's. Price must close below the trading range low. Same goes for getting long at a trading range high. Price must breakout first.
My objective is to learn the skill of flawless execution of my trading plan
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