I got a prliminary use of Ackerman's idea before I realized the whole theory. After the 25 % Retracement has been taken out I assume that a downmove is on the way. The pivot is a Fibonacci extension that is a former high of the last trading hour of a day. Once it worked as you can see. Let me see now if it works a second time.
Comments
motleifaul
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It worked well for me, but it was no classic Ackerman as I know now.
As I classic Ackerman it would have failed.
So I better don't use the Hidden Pivots not in a classic manner in future?
motleifaul
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Well I closed all positions now. Usually I would have left part o the position with a trailing stop. But I usually don't trade such short periods like 1 hour. It was just to get a feeling how this method could work. It seems that it does. But as ForceFollower also said one shouln't through away all other wisdom. As this chart shows Fibonacci figures can not be ignored. But there are different possibilities to predict pivot points. They are not always hidden. Everybody sees the Fibo levels and they work nevertheless. Ackerman would certainly disagree.
Usually a trade the day range and in the next time I will find out whether this method may help me there.
At least it looks more promising for me than Wolfe Wave Trading and Harmonic patterns that I had tried previously(That doesn't mean that they do not work but only that they don't fit me very much.).
motleifaul
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So the chart looks loke now:
motleifaul
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I took some profit now. at a point I defined as a pivot.
cryptoyoda
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It's easiest with the 'trend-based fib extension' tool, customised to just show (0.00) 0.25 0.50 and 1.00 retracements. Sometimes you need 0.618, I keep that set up on the 'Fib retracement' tool. Maybe someday I'll save some templates :p
motleifaul
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Yes, I actually used this. The filius of Bonacci can not have lived in vain only because of some Rick Ackerman developed another idea. :-)
As I classic Ackerman it would have failed.
So I better don't use the Hidden Pivots not in a classic manner in future?