Fwtrader – Voodoo Lines (Oct 2013)
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Are Different From Other Indicators
Trend lines, moving averages, pivots and many other indicators are often used to find possible support or resistance. All of them can be useful, but none of them do what Voodoo Lines can do. While levels for other indicators are always changing, Voodoo Lines stay in the same place. Not for days or weeks like pivots but usually for many years, sometimes decades. Because Voodoo Lines uncover important levels long before price reaches them, trading scenarios can be anticipated days, weeks, or even months ahead of time.
MACD showed obvious divergence as EURUSD approached the Fireline. This is the most significant level of support/resistance in Voodoo Lines and the setup warned of the reversal which came right at that level.
I use Voodoo Lines for my trading and found it the best indicator I have. If there was only one indicator to use with price this would be it. With price direction I can see where the stock is going. I watch as the price approaches a new Voodoo Linefor a possible exit. I also like to enter trades at a Voodoo Line and if price reverses I make a quick exit.
To many traders, “Elliott Waves” are dirty words. For every trader who swears by counting waves there are a dozen others who will tell you that the technique is either too confusing or too difficult. Perhaps the biggest challenge is that Elliott waves are subjective and analysts often disagree about how to interpret current price action. However, when we’re looking for an edge in trading we can look to turn weakness into strength, kind of like trading Ju-Jitsu.
Even if analysts disagree about the current wave structure, they usually agree about how to interpret what has happened long in the past since that action has concluded and one can see the results. Voodoo Lines are built by projecting levels based on these long-term wave structures where there is little ambiguity. By turning the usual challenges of Elliott Wave on their head we create a new tool which uncovers powerful support and resistance levels which any trader can use. The best part is, you don’t need to know anything about Elliott waves to use Voodoo Lines.
Levels projected from price action years ago generates levels which can be support or resistance for current trading.
I always spend quite a lot of time watching the indices. Voodoo Lines help give me a new perspective on what is otherwise very confusing.
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