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Does not MM rewrite if certain levels are breached? Kinda hard to review an indicator at the end of the day if what one sees is not what was available earlier in the day.
I disagree. The whole idea of equating randomly drawing lines on a chart and fibs or MML is just silly. This would indicate that the market is random, which it certainly isn't. While people sometimes have trouble because people tend to just put a bunch of fibs on a chart drawn at different levels and point to one and say "see - fibs work!", the idea behind any trading method is that it has to work consistently a high majority of the time. I have a trading partner who has been using fibs successfully for over 10 years, but that's because she's consistent in how she draws her fibs and what levels she trades off of. Fibs coupled with MML for confluence is a powerful combination.
I use MML every day in trading. They work very well for me. If they aren't working for others, perhaps it's because they spend all their time trying to ridicule trading methods that either they're not familiar with or haven't gotten to work to their satisfaction, instead of putting in the time and effort necessary to successfully trade those methods. You don't just throw an MML study on a chart and go for it - when I trade with MML, I have very specific rules - before I enter a trade, I know exactly where I'm getting in, where I'm getting out, and where my stop is - try that with randomly drawn lines on a chart! Few other methods will afford you that level of discipline.
I have to agree with n7ekg on this one. Most are too quick to jump to the conclusion that something doesn't work in general because it didn't work for them.
I don't completely understand all the fancy math behind the octaves and why not 9ths or 10ths? But what I do know is any system can work IF you have a consistent method overlaid with the proper risk management, and the discipline to follow your plan.
Can random lines work? No, because you're applying an inconsistent method where the risk profile will always be at your whim. Can dividing the chart up by 9ths or 10ths work? Now that's a good question. My inclination is yes, if you apply the above and actually trade the level rather than blinding placing limit orders.
In trading, shortcuts lead to the longest path possible.
Hi n7ekg,
A positive and well written response .BUT....
Whenever I see a strange name like n7ekg, I suspect somebody is making up stories to expand the thread.
Why dont you post a trade using your system ? Prove all the experts wrong, or give some food for thought.
And tell us what n7ekg means?
Regards
bobc