by eric-pal » Mon Oct 23, 2023 12:50 pm
The one is a matter of a few factors.
First, many have difficulty in understanding exhaustion and believe something "has to happen". Nothing has to happen. . . ever. It is just that enough elements align to put probability in one's favor.
In the first situation, it is a matter of counting. You want to be long, so you will attempt to count your way to success. But what is being counted there? That isn't a second entry long is it? NOPE! To want to take that you are taking a Failed Second Entry Short -> aha! Going to trap them ------ NOPE!
1. Is the entry towards the beginning of the move -> NO. In fact, Mack correctly points out it is towards the high isn't it.
2. Is this a good higher low? No, this is the same movement, which makes it a Failure Attempt.
Please stay away from failures.
If you compare this to the second case, the elements are reversed now aren't they.
It is an entry to go short, when you want to go short.
It is towards the top of the move.
It is towards the beginning of the move.
In both cases note how the trade type count selection affects your biasing. Staying away from traps and trap counting is always recommended.
Work through 100 charts to differentiate counting, failures, and higher lows.
Hopefully helpful and good trades to you!
The one is a matter of a few factors.
First, many have difficulty in understanding exhaustion and believe something "has to happen". Nothing has to happen. . . ever. It is just that enough elements align to put probability in one's favor.
In the first situation, it is a matter of counting. You want to be long, so you will attempt to count your way to success. But what is being counted there? That isn't a second entry long is it? NOPE! To want to take that you are taking a Failed Second Entry Short -> aha! Going to trap them ------ NOPE!
1. Is the entry towards the beginning of the move -> NO. In fact, Mack correctly points out it is towards the high isn't it.
2. Is this a good higher low? No, this is the same movement, which makes it a Failure Attempt.
Please stay away from failures.
If you compare this to the second case, the elements are reversed now aren't they.
It is an entry to go short, when you want to go short.
It is towards the top of the move.
It is towards the beginning of the move.
In both cases note how the trade type count selection affects your biasing. Staying away from traps and trap counting is always recommended.
Work through 100 charts to differentiate counting, failures, and higher lows.
Hopefully helpful and good trades to you!