|
PureBytes Links
Trading Reference Links
|
Greetings Bill:
I do not agree that one can randomly anchor the DGL and especially the
Pitchfork anywhere on the chart. Sure, as you have mentioned, put them
randomly anywhere and you will bound to get some kind of supports and
resistance levels. But that wouldn't fit in too well to the rest of my main
trading tools: Elliott Wave and Fibonacci support and resistance clusters.
IMHO, the DGLs and Pitchfork are not meant to be utilized as some kind of
'stop and reverse' tools. For the sake of argument, let's just assume for now
that the USD/JPY is currently in an impulsive up trend. I would be
anticipating that the wave counts, fibs and PRICE ACTIONS satisfying my
bullish perspective. With that in mind, I would be expecting the price
actions to continuously penetrating the various DGLs to the upside. Notice on
the USD/JPY chart, once penetrated, price actions revisited the DGL, which
now acts as support, and catapult to the next DGL. In my books, these are
just perfect trading setups and I can't ask for a better entry setup. The
only time that I would treat the Fork and DGL as a 'reversal tool' is when,
in general, the five wave impulsive sequences have been satisfied, ALONG with
confirmation by fibo. resistance clusters and patterns. Apologize for using
so much EWs....Can't help it....That's the way I trade the market(s). This
approach is definitely not a 'systematic' methology in trading the
market(s). By that, I mean my approach cannot be coded as a trading system.
I use my own interpretations alot and I read price actions and patterns all
the time. That maybe the reason why I feel so comfortable with Elliott Wave
in the first place. Regards
Have a good one
Jeff Harteam
Hong Kong
Bill Pigg wrote:
> I'm not trying to be a dickhead or a comedian about this; but
> I really can't see any correllation beyound random chance. In the
> several dozen or so reactions, I could only see one or two that
> bounced off of DGL/Pitchfork lines. I mean, unless your error factor
> is large, you could basically draw lines anywhere and find some kind
> of pattern.
>
> Still skeptical,
> bp
>
> --- In realtraders@xxxx, Jeffrey Harteam <jharteam@xxxx> wrote:
> > Greetings Traders:
> >
> > With the generous sharing from Bob and Clyde and the methology of
> Tim, I
> > have incorporated the DGL&P and Tim's method along with the Elliott
> Wave
> > and fibonacci clusters of the spot USD/JPY market. Notice how nicely
> the
> > 'fork', fibo clusters and DGLs embellishing one another while the
> market
> > unfold itself. Regards.
> >
> > Have a good one
> > Jeff Harteam
> > Hong Kong
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
|