In a previous post someone asked how we can determine targets if previous high are taken out. In reply I mentioned that one could use extension levels and how symmetry and confluence could further gives us further clues to the probability of these new targets being met. The video I posted had a very high level of downloads since i posted it so there seems to be a lot of interest in this. I Further mentioned the fact that we had now reached to just beyond the 127.2% extension of the swing high of 28/10 and swing low of 25/11 and how this was showing symmetry and confluence with previous swing high and lows. This allowed us to identify what for now seems to be a top which may or may not hold. It certainly seems like we are likely to see some kind of a pull back. This video looks at a practical example of symmetry and confluence and how it can increase the probability of gaining a good trade entry (it was created a few months ago but the principles remain current). We have similar confluence at the moment on the top 40 in that the swing low of 8/07 to yesterdays close is lining up with the same extension level as the previous swing high to swing low. http://www.realchartist.com/videos/free-videos/213-29-aug-2011-symmetry-and-confluence.html
my setup indicates a short, but until i get a trigger and a confirmation , I am neutral. I have stopped making projections and predictions...all I know is that if all three steps of my strategy are wrong, my risk amount is acceptable because thats about all that you can know on a consisitent basis...If the market goes up, then my setup will indicate a long and I follow the same strategy. The hard part i realised is knowing when to stay neutral and not agonise about missed opportunities!
well thats good to hear. You have moved on to the second stage of trading...normally referred to as analysis paralysis.. You doubt yourself/try and get the perfect entry and usually end up chasing and getting involved just when the real move has finished. I am not being personal here. It is something everyone experiences/has experienced. From your previous posts you say you have been trading for about a year and have not made any money (possibly lost) and therefore the timeline of this new stage you are entering seems about right.
well lets just say I am not in the boom and bust cycle....the market will never move about 400 points against me... remember we still far away from your ambush zone of what, about 30200 and the you averaged with a short at 30480 and now at 30525... you have not moved from the first stage as yet..its okay to lose money (and make money) but its not okay to trade badly. Take my strategy and put it up on your website and your subscriptions sure to go up...
and enuff with all this symmetry and constipation bluesheet, toss a coin,if heads go long, if tails, go short. then wait for trigger and confirmation, enter the trade and wait for the market to take you out at your predetermined profit or loss.Now you are in charge!
why did the realchAtist stop posting his challenge on the website,?? explains it all..(much tougher to show results with proof than talk wacko here) and btw i seen those statement..never seen such uncomposed trading in my life, 100 clicks a day with costs amounting more than 30% of the gain/loss.