jayhawk 5: IMO, yes. The market is going to let me know very soon.
One thing that happens from time to time is that patterns have their constraining trend lines adjusted, some times they even morph into another pattern. I use OB/OS indicators to help me know what to expect when the price action nears the constraining trend line. Surely it is obvious by now, they do not always work. But I do have a system that works far more often than not.
However, since no form of market analysis is 100%, it is very important to learn how to manage your trades (money). IMO, this is just as important as learning how to read the market or setup a trade. Now I am talking more than just learning to ride the winners and cut the losers early, which is very important. I am talking about multi level time period trading if you will.
That is one of the primary reasons I work hard at identifying pivot points, intra day, short, medium and longer-term. If I enter a medium-term trend early then I can establish a profit pad. This allows me to develop a core position with a more relaxed stop. Once established, I can maintain this trend biased core position while I trade the ripples (shorter time frame trends), which add to my profits. And, if I happen to be wrong regarding a pullback for instance, I am still holding my core position.
Of course, sometimes I give back some of this core position if I am late in recognizing the next medium term reversal and some times my stops take me out. I work at not letting this happen very often.
Managing multi tiered time frame trading positions is one of the things da_cheif seems to do well. Although I am not sure, I suspect Zeev does some thing similar.
Regards,
LG
News 
Market Data 
Discover 
