Price broke Demark trendline on hourly and closed below. This is Demark trendline technique. You see Demark gives weight on more recent action, history is not important. In uptrend you have to connect 2 most recent shadow lows (each point has to have at least 3-5 candles above on both (!) sides. I also demonstrated how Demark target is projected. It should be up to 171 pips. My stop was hit on previous trade. Folks u have to learn to absorb losses. They are inevetible. Reentered short. TP ca. 150 pips. That bank use aDemark pivots, as you see - I heard this from one pivot guru earlier. As far as Demark trendlines, theu view it as the only valid scientific approach to trading they say... The rest is subjective shamanism.
Thanks for sharing your idea and the DeMark technique. I will investigate about it.
Question: How do you determine TP and SL levels with this technique?
ICFX
⋅
@angelascanio, Demark and his followers use these ways -
1. The distance between the CLOSE of the highest shadow-candle (above the trendline) to the trendline. Then you project it from the point of breakout downwards. Hit in 90 percent of cases.
2. The distance between the highest CLOSE (above the trendline) to the trendline. Project from breakout point. 90 percent accurate too.
3. The distance between the highest SHADOW (above the trendline) to the trendline. Project from breakout point...Target reached in 60 percent of cases.
1-2 recommended. Then I also came across people using the highest-lowest swings, major support resistance levels as targets. But 1-3 is classic method.
Question: How do you determine TP and SL levels with this technique?