Happy New Year John, I hope it's an Absolute Smash Home Run...!!!
ADX doesn't do anything for me in establishing trend. I know many find it worth while and useful, and I've looked at it and played around, but just can't plug it into my brain.
What do I use, Pitchfork angles in various time lines and certain linear studies related to pitchforks that I've developed also seem better for my brain. EMA's, 25day summation studies, clx/aydis work-ups and the simple support/resistence lines, also factor in. MACD historgam is also something I've worked with.
Only Wilder "thingie" I use is the RSI 5.
I don't count waves, that doesn't fit this brain either. <smile>
>>many traders focus excessively on looking to catch turning points and changes in trend instead of trying to trade in harmony with the trend<<
Agreed, the complexities of finding pure tops and bottoms successfully is the domain of a few...... But that doesn't mean it isn't fun. Don't most people use crossovers of some sort...., like Stochastic, oscilators, moving averages, ADX, MACD. etc...! This seems the easiest way for most traders to find something they can trust and trade.
The forward time projection's I use are more like "Potential windows for change," rather then set in stone.., whatever direction the price wishes to take out of the window is just fine, and have found certain bar patterns that signal trend reversal areas.
Right now the daily bars on the INDU and SPX/OEX are signaling potential swing top with a two day bar pattern...., it's called the cherry bomb. <smile> Quick Sneakie little pattern most easily seen in the candles. This is also seen in the weekly charts. So it's a heads up period.
btw, have you noticed the beautiful "W" pattern on the BTK.X daily and weekly charts. John it's a beauty and is good until 500 is broken cleanly.
marketdd.com
My Best,
Chip |
