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please tell me I am not the only one who sees the irony of this thread being bumped when a certain journal on the forum giving eight numbers chosen by a special indicator and the advice for the futures.io (formerly BMT) members is, "I don't know what number is going to be important, but I know it is one of them will be important intraday"
You should take these lines seriously. Some people sell them at a high price $550 for the US equity index (4) per month, no joke. To be sure, check this site: JS Product Overview
1.) The more lines you plot on a chart, the more probable one of them well become a factor. That is like playing Russian Roulette with 5 bullets in the chamber. You are increasing the chances your odds significantly with each additional line
2.) Lines on charts in themselves are already victims of our attempts to seek out patterns. For example, when traders look at resistance, we are taught that sometimes the price action might shoot beyond the resistance level before retracing. Also, we are taught that price action might fall short of the resistance level before retracing. yet we are also taught that price action sometimes directly touch the resistance level before retracing. So if we are looking at a stock about to break $5, any intraday/daily hesitation between 4.95 and 5.05 can be deemed as resistance coming into play. That is a 10% price range where no matter what happens, we will assume that the price is 'reacting' to resistance. In other words, resistance on a chart might be a line taking up 1/100 of a trading screen, but the way we use it as traders, it can sometimes represent 5-10% of the intraday price action.
3) Also, we need to take into account the fact that with every candlestick at resistance, we have four potential ways to confirm that the resistance level is true: the open, the low, the high or the close. If ANY of those interact with a random line, we assume that the resistance has played a role. From a probability standpoint, those are the kind of odds we want to take to Vegas with us.
I think one thing to remember is that the lines may be random because where the market starts and stops is arbitrary imo, but once a line is 'hit' it no longer is random as traders give it meaning. As a group once we give a certain area meaning, we base our future expectations on it, so a place that started off as a place where buyers and sellers convened becomes symbolic and a breach below that level means that the bulls have disappeared and vice versa.
Just happen to notice your mentioning pivotfarm...I have spent a lot of time studying thier method....actually I figured it out before discovering them and when I found them it was nice for me. They essentially did my homework for me...that is until they wanted money for thier #s then I walked away. Anyway I guess I am off topic here but thier #s are definitely not random. The #s they provide work best for the 6e (and eur/usd) which was the same as what I came up with, also can be used with some sucess on tf...the rest, forget it. I don't really focus on that anymore because trades are infrequent and happen in the middle of the night most of the time but it does have a high success rate.
Seems like Elliot Wave is similar to random lines, except the random lines in Elliot are created real time patterns, u 12345, abc ,, until something works.. Then say see it works...
Ambiguity is a key element behind all cults, con men and incorrect reasoning. A lack of a solid answers allows people to constantly shift the goalposts whenever a prediction comes up short.
Also it reminds me of:
and also
When you sit down and really think about it though, trendlines are the exact same as well though..
Trendlines are exactly the same as other areas of support and resistance. They are meeting points watched by many technical traders and work as self-fulfilling prophecy. They can either hold or break, and this is interpreted as the continuation or the reversal of a trend. Works as long everybody interprets the price action in a similar way.