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Great stuff Walt price action at its simplest - much clearer than all that squiggly line stuff!! Those interested might also look for posts by oattrader at the old Yahho financial groups he was a venerable trader who put this forward as a really simple way to trade. From memory the method he described was pretty much identical. I think you can also find indicators and money management ideas at NQOO's trading naked site.
For a similar but almost contrary technique (its essentially a failure of this). Check out trader vic's 2B's summarised here http://www.dacharts.com/2b.htm.
I may be mistaken but I believe Dunnigan used something similar too. Certainly worth reading for those interested in stuff based on pure price action.
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Correct Blow, the 2b would be the false break concept trade, where the break actually didnt have much strength and coming back inside would suggest a hold of the "non- breaken" level...
This aproach certainly could replace squigly lines for horizontal lines, making the interpretation process maybe more easier for certain traders...
could you post a link to oattrader stuff ? I would be interested to take a look... thanks Walter.