I am working on a refinement project about my trading style, and now has just begun experimenting with lines and lines only. I see that there is a possibility of finding success in working only with price action by using lines. No Fib clusters, no EW count or so. The most important part of this style, I believe, will come by experience. So, here we go with the first idea.
Since each two points define a line, a strong line should touch three price reversal points. In such a case, a fourth reversal point is anticipated to touch that line, too. Let this one be the first experimental rule.
Today's final move down disregarded the support, so further downward action is anticipated in short term. If the price jumps from the base trendline, I'll buy.
(Well, actually, I will buy regardless of that condition, but here I'm pretending as if I solely rely on those lines.)
Comments
IvanLabrie
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David Weis, a former Wyckoff student relies on lines, point and figure targets and volume data if available.
His book 'trades about to happen' is a nice read.
IvanLabrie
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That being said, I find these too subjective for my taste. Will be interesting to see if you can come up with something reliable.
YuzukiChan
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I am studying the price histories of majors. First principles are beginning to be formed. I'll explain my findings as things get clear.
His book 'trades about to happen' is a nice read.