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Have to head out early today.

If you weren't already a wildly profitable trader I'd suggest a course in statistics for you. ;)

I do take discretionary trades that are not in my trading plan where the decision to remain in the position is based on a nearby level breaking quickly. If price doesn't break right thru the level, I exit. The area we've been discussing does not contain a short signal per my trading rules...

You can go long or short anywhere you want, but to place the odds of a particular directional price move in your favor, I've found it best to let the market test a level, pull back and then turn back in the direction of the test. Nearly exact double bottoms and double tops when this happens...

The patterns repeat all the time. Significant price moves that arise out of them repeat some of the time. If I keep my profit targets larger than my stop losses, it's hard to lose over each series of N trades. There are also setups that result in tradeable price moves more than 55% of the time...

You can't be too specific when the setup's sloppy, which it is there. F - it's a 1-2-3 setup with a slightly lower low (FBO). 1-2-3 trap setups like that tend to result in stronger moves because those "confirmed" shorts have to cover somewhere. Using a long setup as an example, a 1-2-3 can...

I'd trail a buy stop 1 tick above the 9:29 bar (on your chart) after the "double bottom" pullback test. That's the early entry of the 1-2-3 setup. The more confirmed entry is at R.

Yup, you can't help but trade price action; without it, no price movement.

A few questions for you: Where does trader A get his belief that the number of contracts with stop losses at a breach of, say, a weekly low will exceed the number of resting orders to buy a nice chunk of cars at that price? Where does Trader B get the curve with the points on it where these...

Any chart indicates imbalance. When price moved up from A to B or down from A to B there was an imbalance between the available supply/demand during that price excursion. I happen to use a couple charts that served as my plan development framework. If I used a 10- range chart and a 10-tick...

Pure mechanical system, single setup, fixed stop & target, no additional trade management.

Trend line stop sign :cool:

If you see that the illustrated step-by-step day trading method I've shared here this year is wrong, prove it. Yes, trading is incredibly difficult. I wrote a thread here titled Why Profitable Trading Is So Difficult. Finding potentially profitable trading ideas is the easy part. Turning...

I found out just how wishy washy my plan was when I attempted to describe it in a way that could be automated. Here's a fun exercise - describe these terms in such a way that a programmer could write code that would identify them on a chart the way you imagine them: Higher low/lower high...

I've divulged one of my primary "trading secrets" fully illustrated with a specific entry tactic (there are more than one if you study the setup) again and again this year, with step by step illustrations at the hard right edge. Anyone can apply the process to any instrument and determine...

I think that's a decent short setup because it's a small stop loss and you'd expect price to drop a bit off that UTL, but it definitely doesn't fit my plan. Once price breaks thru the 5-min 1-2-3 swing high (4007.25), I'm only looking for longs unless a valid short signal occurs (lower high...

Although my method is different from DB's, the entry time/price using my standard breakout pullback method that I've been illustrating on ET since last spring is quite close because price action is price action.

I am in business because I'm able to explain to myself how I will make money. The research and development phase leads to the profit realization phase. Whether or not anyone else understands my methods is irrelevant. The 5-min chart provides me with signals to trade. The 1-min chart provides me...

I have no idea what the skew is. I just watch for this particular repeating pattern that occurs around the upper channel.

"Any sufficiently advanced technology is indistinguishable from magic." - Clarke's Third Law Why do I spend so much time on this site? The main reason is because several experienced traders tried to help me out when I was making one dumb mistake after another, and I enjoy doing the same...