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Thread: Price reversal points

  1. #211
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  2. #212
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    Quote Originally Posted by blott View Post
    Nice find. thanks. so its all about moon phases, tide charts superimposed on stock charts. Sun and moon cycles. Hmmm. everyone to their own and im not going to knock it. but i would need to find an indicator to place lines on the days where inverses (not parsons meaning) occur and do a study of it before i can form any type of opinion.

    So, if any of you clever people can source an indicator that overlays charts with moon and sun cycles as described in the Welles Wilder book please let me know. i may have more luck with that than what im currently having with parsons reversal magic points on forex pairs. on the stock charts they are more successful, forex is a mixed bag of results for me. But i have enough with BM points and utilising channel surfing techniques.

  3. #213
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    Bitteschon!
    I didn't read it myself; was getting near my cocoa time

    Re your comments about Forex trading using Parsons being a mixed bag of results, I think that one needs to use all his techniques combined in synergy to gain the best advantage. But who am I to teach granny how to suck eggs!. I first started with RM and found it difficult to use alone. Then I looked more closely at BPpoints and found that really useful in my trade on Friday (coupled with VSA techniques to keep me in the trade). I still can't recognise all balance points yet, but that will come with practise. Then I must get to grips with Channel Magic; maybe the missing jigsaw pieces will reveal themselves after that...


    Mike

  4. #214
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    Hello Gents,

    New to the forum as I was web surfing for more Parsons material.

    For those of you who may not know, Parsons wrote a 200 page book on Channel Surfing (available on Amazon) if you do not have it order a copy now. I may be new to the forum but I have traded Futures & Fx since 1995 and I can tell you that the Parsons material is all you need to build a lasting career.

    In my opinion Channel Surfing is the Master work and BM & RM are support.

    This may seem selfish but this topic should be held offline (private support/study group) after you have traded this for some time you will understand why.

    Good Trading Guys.

  5. #215
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    Hi,
    Could someone kindly tell me why the high marked with a green circle should have been the correct high to use to find the projection at the low on 16th Jan., not the high marked with the red circle? I used the higher swing high, thinking it would provide a more significant reversal destination than a minor swing high part way along the down leg. Thanks,

    Mike




  6. #216
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    Hello Blott.
    While it is an answer it is not the best price action answer have a look at
    http://tradingarsenal.com/tutorials-...ercentage.html
    where fresh levels apply.
    Some guys like Carl and and who trade naked could tell you exactly but hey, why would they?

  7. #217
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    You are exactly in the middle of an AB=CD

  8. #218
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    Quote Originally Posted by blott View Post
    Bitteschon!

    Re your comments about Forex trading using Parsons being a mixed bag of results,
    Mike
    Im fine with balance points and channel surfing, I have had a mixed bag of results with the reversal magic points on forex pairs. I find it works much better on indices or non paired items.

  9. #219
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    Hi Paul,
    If you mean my red circle in post 216 is point C, I'm not so sure. From 'A' to 'B' = 105 pips but from 'C' to 'D' is only 79 pips. Does that qualify as an ABCD pattern?
    What do you mean by "While it is an answer it is not the best price action answer..."? I wondered why the correct high to take a line from, through the BP, to give me the target at the bottom of the swing low, would be the intermediate smaller swing high about 1/2 way down the leg (swing high @ green circle)? Why not take the line from the green circle major swing high at the top?

  10. #220
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    Quote Originally Posted by SMPFutures View Post
    Hello Gents,

    New to the forum as I was web surfing for more Parsons material.

    For those of you who may not know, Parsons wrote a 200 page book on Channel Surfing (available on Amazon) if you do not have it order a copy now. I may be new to the forum but I have traded Futures & Fx since 1995 and I can tell you that the Parsons material is all you need to build a lasting career.

    In my opinion Channel Surfing is the Master work and BM & RM are support.

    This may seem selfish but this topic should be held offline (private support/study group) after you have traded this for some time you will understand why.

    Good Trading Guys.
    Hi SMP,
    Thank you for taking the time to give us the benefit of your experince with Parsons' material and to advise us to concentrate mainly on Channel Surfing; I think I started at the wrong end with Reversal Magic! I'll certainly take a look on Amazon for his Channel Surfing book.

    Thanks for dropping by

    Mike

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