Trading methods are designed to put the odds in our favor, not predicting.
- #2,906
- May 27, 2009 3:32pm May 27, 2009 3:32pm
- Joined Feb 2009 | Status: Trader | 1,292 Posts
Dear Sonic and all other traders here,
first of all sorry for my bad english. I am not a native speaker. I started to read this thread and now I am on page 100. So still some stuff to read. I tried to follow the system and in the most cases you get really nice and clear signals.
I like the idea to count the H,L,HL,HH etc. and also to take care of the direction of the indis. In the picture I post here you see GBP/USD from the 15 min chart from today. The first wave count (yellow colour) was very nice but the entry (point 1) was not hit. After...
Here is my opinion. There was a consolidation in that pair, as shown in the picture.
For point 1 : as you said , price did not reach the entry point, so there is no filter needed in this point, because the filter (enter few pips below the low) did it job perfectly.
For point 2 : there was a consolidation in that pair that should keep you out of this trade , as i noted on the picture, i rather not to trade if and only if price breaks through the resistance area and retest it. you see the consolidation and many times that price turned in that area (DarkOrchid Line).
And I noticed that you didn't have the NVO indi on your chart. It will filter some of the false breakouts too.
Hope it helps
Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
Great explanation. Thank you Basber. This explanation is simple and really easy to understand.
The NVO I have still to check. I do not get the point how the filter works but I am not through with the entire thread. May be there is coming some explantion on the next pages. I only jumped to the last post because the questions about my chart were burning inside me.
I reached page 126 on the thread now. So still a long way to go but it is worth it. Additional I look for the sonic set up in my daily trading. It is like always. You need some practice.
Dragon
The NVO I have still to check. I do not get the point how the filter works but I am not through with the entire thread. May be there is coming some explantion on the next pages. I only jumped to the last post because the questions about my chart were burning inside me.
I reached page 126 on the thread now. So still a long way to go but it is worth it. Additional I look for the sonic set up in my daily trading. It is like always. You need some practice.
Dragon
Hi Dragon;
Here is my opinion. There was a consolidation in that pair, as shown in the picture.
For point 1 : as you said , price did not reach the entry point, so there is no filter needed in this point, because the filter (enter few pips below the low) did it job perfectly.
For point 2 : there was a consolidation in that pair that should keep you out of this trade , as i noted on the picture, i rather not to trade if and only if price breaks through the resistance area and retest it. you see the consolidation and many times that price turned...
