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I would've found it difficult to go long where you did, but if I did, I'd have exited exactly where you did. I really like the pullback to the 20 EMA that found support at earlier congestion resistance. That pullback is very clean, by which I mean the pullback bars are small and their footprint...

You have a plan that you follow knowing it will work positively OVER TIME. If you keep reacting to each day's action and changing your plan, you'll chase your tail until you dig a hole just deep enough for your capital to be sucked into. I have trading plan where I won't accept a profit less...

:D :D That was definitely my epiphany and it took me sooo long to believe in it. I had an ongoing irrational fear that the day I actually traded all my valid technical setups, they'd stop working. Now after I put on the trade that I'm certain cannot possibly work yet again (because...

Price hit the 20-day EMA on the daily chart, which also happened to be right around the previous support area. It's a spin of the roulette wheel from here. If an upside break occurs with some conviction (as in "clears the 96.00-97.00 congestion area"), then 100.00 is back in play. If...

I thought we'd get a measured move. I couldn't believe the break of .62 failed. BCE, nice trading. What do you use to get your trades printed on the chart like that?

I can hardly see the chart you posted, but it looks like I would've been taking pullback long entries for trend continuation, drawing a channel off the high and first lower high (which is your first line drawn), going long off touches to the lower channel line as long as the pivot low of that...

OMG, Lord Voldemort is a trader??? :cool:

An anticipatory short allows a tight stop if done where you indicated, and you'd have scratched the trade off the 1-min price action (not shown, but I can see it in my head as I use that sort of setup a lot to position for a breakout of a level). The thing that would stop me from taking an...

I agree, it's uncomfortable holding, especially if there's an interim level halfway through the channel move, such as the infamous mobile S/R (20-bar EMA). Since first reading this thread and drawing a lot more TLs and channels, I do take significantly more anticipatory trades at the lines...

Ha ha, I remember that! I don't even look at the market action anymore, it interferes with my crude reality :p DonCorleone, that .10 R shook me out of my long @ .02, shook out the guy I was Skyping with, too. The important thing is to get back in for the breakout if .10 breaks.

.78 is no man's land during that run, IMHO. .87 must be tested (Law of CL Scalping Bots). If that breaks, you simply cannot exit your position until someone whacks an offer at .99, thereby gunning a whole lotta stops (Law of the HOD), which will result in an abrupt failure if it's nothing more...

Here's an example of a trade setup, entry, stop and two likely profit targets: I'm curious how the "stops are for losers" camp would manage the risk of this trade.

The extremely wealthy do not desire change. They like things just as they are and already have control of everything (the popular media and our "elected" officials) needed to maintain the status quo. They buy both sides in elections, ensuring a win every time.

Josh, I use that exit strategy a lot on a strong run where there's a key level in play. I used it earlier today during a long trade from around 10:15-ish ET. Once price broke 90.55 with some conviction, there was good airspace to 90.87, and 90.98 was a very key breakout level from that point, so...

Sam, don't interpret Al Brooks for everyone! Make them spend a year figuring out that book like the rest of us had to :p

Josh, I draw horizontal S/R lines a lot with CL because the levels are tested so reliably and I like to have a visual reminder of where they are while I'm in a trade. It's like those dotted outlines of letters the kids use when learning to write :D

Logicman, I really enjoy your posts because I easily relate to them, think about a lot of the same stuff. I've always construed strong and weak hands to describe capitalization. An asset manager (hedge fund, mutual fund, etc) has a large amount of capital to put to work and scales in and out...

The problem we're having in this debate is you're referring to professional traders who handle/manage large positions; I'm referring to small retail day traders (which is what I am). I trade small size and so I use technical price action patterns to spot the footprints of what the "big boys" are...

Have your trading rules in front of you and if you have two losing trades as a result of violating rules, take a break and get some physical activity. Also, if you miss a large move for any reason, recite your trading rules out loud to avoid revenge trading to try and get back what you missed.

Ahhh, Grasshopper, you now walk upon the wire without net as you attempt to execute your plan flawlessly :D