After looking at recent posts, I am thinking that most live traders are no longer following the system as was. With the introduction of trend lines, pivot points, lower time frames et. al. is there anyone still using the system?
Hey, Dobbo, I´m watching this trade too. My 4hr bar will be closing in a couple of hours, thou.
Please, guys, tell me what you think of the s/r levels I´m considering (gray dotted lines). Would this approach work with this method?
The green-red crossing has a nicely steep angle, but the price seems kinda too near 9667 (next considered support).
TDI is pretty close to 68, well over 50, but I think traditional technical analysis would consider the better entry point somewhere closer to the last resistance (9728).
I ask the more experienced in the method to help me find out if this is a valid setup.
After looking at recent posts, I am thinking that most live traders are no longer following the system as was. With the introduction of trend lines, pivot points, lower time frames et. al. is there anyone still using the system?
Cheers,
Geoff
Ignored
I'm pretty sure that's still part of the system and is considered part of the Forex Basics (Support/Resistance, Fibs, Trendlines, ect.) Big E keeps talking about.
After looking at recent posts, I am thinking that most live traders are no longer following the system as was. With the introduction of trend lines, pivot points, lower time frames et. al. is there anyone still using the system?
Cheers,
Geoff
Ignored
True, and now some members have added new rules like to look for higher time frames to see the trend, like weekly charts for 4 hours charts, unbelievable. A nice PA simple system is being converted to a regular trend following system, this is not even a rule from the system Author. It is always the same on any good topic. Forex basics is for example not trading near a major news release, or when the market is almost dead, mgood money management, these would be Forex basics, all other stuff belongs to other kind of systems which you can find dozens all over the internet but they loss the simplicity and efficiency of PA. Price is the king always and when price moves strong It doesnt take into consideration any line, fib, trend, etc, I have been trading almost 10 years and so far I have never seen the benefits of Fibonaccie lines, of course that some Traders will use them very good but the esence of this system is simplicity as any PA trading.
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