Murthy, my TL's also remove subjectivity. They are drawn from the dip/ peak to the swing low/ hi.
Tom DeMark is a little different inasmuch that he teaches when a new swing is made, then the TL is drawn from swing1 to swing 2. He also teaches to trade the break as price will head to a projectionary.
Many people like that way. I will never say it is the wrong way, but (And what do you expect here?) I like my way better.
(At this point, I would urge anyone to try both ways, then you determine for you which way is best.)
The reason I like my way better is because, you are not trading the break with my TL's, so you are not going to get whiplashed. Once the TL is broken, then we are waiting for the correction back to the point of the break, while the TL contains, and then enter the trade. It will go deeper or higher than the point of the original break.
With my TL's the only time they needs to be readjusted is when the exception happens, such as a break and then the candle moves back under or over the cloud. That would be defined at the candle close and not in the middle of its movement. A huge difference!
Also Tom's TD lines (As he calls them.) does contain the predictable qualities mine has.
Those are the differences, but again, I urge anyone experimenting to try his and try mine, then you decide which is best for you
The nice thing here is you will get answers to your questions and ongoing dialogues without paying for a seminar.
I am very much acquainted with Tom's TL's and I would invite any other dialogues concerning it, or even a comparison of mine and his methodology. I'll do my best to be objective.
BTW, my TL's do not focus on just history. Getting back to Timepass's question, if you drift 2 miles (figure of speech) from the TL, it does not matter. There will be a noticeable swing on the lower TF's The one where price drifted so far from, all you need to do is watch for it, keep the TL there, then notice the fantastic action you get once it is broken. Also, once it is hit, if it is not broken, then you can notice the strong containment it has. Eventually all TF's, when drawn from the peak/ dip to the swing high/ low will almost invariably be corrected. Look what happened to Nifty as I identified at Nifty50 Trends. The DOWN TL needed 4 months to correct, but eventually it happen as circa 5370 was hit.
Any rate, if you'd like, I look forward to further dialogues on the subject.
Tom DeMark is a little different inasmuch that he teaches when a new swing is made, then the TL is drawn from swing1 to swing 2. He also teaches to trade the break as price will head to a projectionary.
Many people like that way. I will never say it is the wrong way, but (And what do you expect here?) I like my way better.
(At this point, I would urge anyone to try both ways, then you determine for you which way is best.)
The reason I like my way better is because, you are not trading the break with my TL's, so you are not going to get whiplashed. Once the TL is broken, then we are waiting for the correction back to the point of the break, while the TL contains, and then enter the trade. It will go deeper or higher than the point of the original break.
With my TL's the only time they needs to be readjusted is when the exception happens, such as a break and then the candle moves back under or over the cloud. That would be defined at the candle close and not in the middle of its movement. A huge difference!
Also Tom's TD lines (As he calls them.) does contain the predictable qualities mine has.
Those are the differences, but again, I urge anyone experimenting to try his and try mine, then you decide which is best for you
The nice thing here is you will get answers to your questions and ongoing dialogues without paying for a seminar.
I am very much acquainted with Tom's TL's and I would invite any other dialogues concerning it, or even a comparison of mine and his methodology. I'll do my best to be objective.
BTW, my TL's do not focus on just history. Getting back to Timepass's question, if you drift 2 miles (figure of speech) from the TL, it does not matter. There will be a noticeable swing on the lower TF's The one where price drifted so far from, all you need to do is watch for it, keep the TL there, then notice the fantastic action you get once it is broken. Also, once it is hit, if it is not broken, then you can notice the strong containment it has. Eventually all TF's, when drawn from the peak/ dip to the swing high/ low will almost invariably be corrected. Look what happened to Nifty as I identified at Nifty50 Trends. The DOWN TL needed 4 months to correct, but eventually it happen as circa 5370 was hit.
Any rate, if you'd like, I look forward to further dialogues on the subject.
