|
Quote: |
|
 |
|
|
I actually just focus on the 22T chart for my trading... |
|
|
|
|
I guess timeframe is a matter of preference. I prefer to use a larger timeframe to catch a bigger moves as well as move away from the "noise". I'm not sure I agree/understand why you want to trade in the "noise" or how it helps. These "M" and "W" patterns are basically double tops/bottoms that occur because buying/selling dry up in the timeframe that you're trading. Why is the noise important? It seems that the noise would hurt you by having your tight stops hit more often.
|
Quote: |
|
|
|
|
I really dont look for M`s Its too tricky to do so... |
|
|
|
|
Can you elaborate here? Why are M's trickier to trade? It would seem to me that trading the "W" pattern within a trading range would get you chopped to pieces, but would work nicely in a trending market. I would say the opposite for the "M" pattern... That is, the "M" pattern would work out better in a rangebound market because you would be essentially trading near the limits of the trading range and looking for a trade back to the middle of the range. In a strong trending market, the "M" would get mowed over, similar to a divergence.
|
Quote: |
|
|
|
|
the "1rst intention" (I call it) its what gets the pattern started... |
|
|
|
|
Walter, I don't think I understand what you mean by first intention. Are you referring to the first peak of the "M" or "W" pattern?
|
Quote: |
|
|
|
|
its not just looking to all the M`s that get formed, you can loose your mind trying to do so... |
|
|
|
|
I agree that one should not try to trade every pattern on such a small timeframe. I guess what I was trying to say was that there seem to be higher quality "M" and "W" patterns that I would have traded before the ones you picked out, but I think I may be missing something here related to the setup...
I do look for double tops/bottoms in my trading, but instead of using the Keltner channel for entries/exits, I use key reference areas from Market Profile. By the way, I like using the Keltner channel, but I use it for other purposes. In fact, I usually have it up on one of my charts.
Good thread Walter... thanks again for sharing...