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How am I (a) viewing all of this in hindsight? As for (b), I'm simply following the entries you yourself marked on your own chart. How am I not following the rules?? I'm focusing on Step Three: Proper timing of one's entry into whatever it is he's trading..............
For the sake of getting on the same page, forget about 3/23. I've moved on to something else, which are your charts from earlier in March quoted in my last post. Comments/replies to my questions about that are extremely welcomed and anticipated.
@DbPhoenix
Can you help answer these questions from other members on NexusFi?
I feel like I shouldn't enter just yet because the last major swing low at 4110 hasn't been broken yet. Would you consider the last swing low to be 4110 or somewhere higher?
Not to mention the demand line hasn't been broken very convincingly.
@DbPhoenix
These are kinds of criteria you have to establish ahead of time so that you can make the real-time decisions you'll have to make in real time.
What constitutes a "break"? How deep does it have to be? If you wait for a retest of the upper limit of the channel and it doesn't happen, what do you do if and when price takes off without you?
Where and how does the rejection of the upper limit of the trend channel enter into it?
Which swing low is of greater importance?
What constitutes "convincingly"?
Granted you have much more time to think about it when trading a 60m bar interval, but you still have to make these decisions in advance.
Is this when backtesting is called for? In other words, looking at other times price is at the Weekly extreme and applying different variances of these criteria to see which is most profitable?
@DbPhoenix
My suggestion, as given in the pdf, is that beginners and damaged traders exit as soon as the line is broken. Without hesitation. Without question. If it turns out to be too early, so what? The point is to regain confidence and experience success. Eventually, one will learn -- having racked up considerable observation time in the process -- when and how to give price a little room without destroying everything he's gained. Eventually, one will be able to do without the lines entirely.
As for the backtesting, yes. If you don't want to start from scratch, I suggest you review the work done by "lajx" and "gozilla" in their journals. You may also want to look at what they posted in my old SLA thread. Just do a search of the thread using their names. They are the only two I know of who are working on this, at least publicly.