Replies to post #2422 on 123Tom's TA study group

[jxyzobrien]

trading slumps
Effective forms of Technical analysis
1-classic
2-simplistic elliot wave (complex is just very inconsistent)
when you see prechter constantly give terrible market calls
you see why complex gets a bad name
3-wyckoff supply and demand
4- basic trading skills and rules
5-welles wilder/ bollinger


Most people use one form of technical analysis and the method goes
into a slump. Traders either accept that or lose faith in the
methodology and toss it out the window.

So one form of Technical analysis lacks full analysis and
objectivity. You can confirm your analysis by using multiple methods
and duming down.

So we pull back friday close to support
1 EW -finishing the b wave of the larger ABC.
2-welles wilder -RSI 30 on 15 min

Monday

1-basic trading skills- expiration week is 80-90% up
Enter the market with up 5 minute up candle and stop below
2-bollinger- stay in the trade since market held 15 min BBCL
and market breadth was excellent (basic trading skills)
3- market oversold on 15 min RSI 70 and first time at swing point resistance and market has used energy to get there so expect
failure there (wyckoff and classic TA)