Disliked{quote} I think many will disagree with me what i am about to write about HH, HL, Highs, Lows and wicks in general.I think even RParm might as the one hour HLof daily is one of his constants. I completely ignore them. Wicks are meaningless to me in my entries. They are not "Constants" to me. Wicks especially Tip of wicks are primarily price manipulation zones. I don't go chasing after them. I don't analyse them. I don't believe trebdlines can introduce consistency. Drawing lines on charts does an irreversible amount of damage to your focal interpretation....Ignored
i did notice when trying the seneca pilot method one could either adhere to the wicks or place orders closer to or on where the line chart/closing price line is. by choosing one of these aproaches, it is merely a trade off then between which will be wins and which will be losses, with the probability being good enough and consistent enough over years either way
when multiple peaks have lined up ie triple top etc then definitely the wicks can be disregarded, although too i found it is best to pick one or the other (use wicks or not). i also noticed time and time again during times of extreme brexit level volatility that it is true like you say that extreme moves in price have a habit of leaving the tip of the tail almost directly on previous daily/weekly/monthly levels
there are no higher highs, lower lows, higher lows etc used in this method i should mention, unless the high or low creates a previous daily/weekly/monthly high or low. daily,weekly,monthly high or low are the only lines that will be traded and they should be traded every day within reason with no bias. also the opening bounce trade if there is room and it is triggered before the high/low level is
catching the wicks seemed to be the holy grail to him also. definitely a plus of trading blind into high or low lines, it will either win or lose, and the advantage is a better entry than if one awaited a candle formation etc. it has to be stressed though that when the weekly and monthly high and lows are thrown into the mix and traded with priority over daily highs and lows when they are approached 'during' your chosen trading window, it will help to keep you taking correct trades throughout the week. for example, at session open, if a weekly high or low is closer to price, it will be traded instead of the daily high or low(unless it is a great distance away at the time of session open)
previous daily highs and lows don't need to be drawn on the chart, as you only have to look at the highest or lowest wick/candle of the previous day to know where to place your trade for today. and since the monthly and weekly high and low lines are only occasionally on the chart(at the beginning of the week/month, then it is common when price moves away they will not even be visible....btw i use scale fix 1:1 so lines and candles will leave the screen out of view when not near enough
main thing is that one might have zoomed the chart out for a 10 second glance only a couple of times per week just to see where they were in relation to the monthly and weekly lines, they would not even need to look at another time frame
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