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Why not? One can easily do stats to see if a certain price action pattern works more often around the key level or doesn't depend on it.

That is a myth really, that winnings only come from losers. I said already in this thread, retail traders in general constitute negligible amount of total volume in markets like ES or currencies. Financial markets are zero sum game indeed, but it doesn't work as straight as "5% pocket what...

Both parts of my post are in agreement. :) But it's never cast in stone. Everything is probabilities. And certain price action around a certain level has different probability than the same price action in absence of the level.

Yes, personally I don't even enter when likely reward is smaller than the risk. See no real reason to take big risk for a small reward, maybe if only really bad timing and poor entries are the case. :confused:

Some people psychologically are unable to trade real money, they simple can't handle the uncertainty and stress. Sometimes they become OK signal providers, because their analytical abilities are fine. But most systems are like you said, something similar to 2 point target, 12 point stop...

I know, you asked NoD, but this matter is interesting, so I decided to join the discussion. Levels are basically the only 100% objective points on chart, where we know for sure, that supply/demand balance changed. Levels on big charts (daily+) for sure are watched by many eyes, including...

1-min three push pattern scalping entry within the context of 5-min channel top. 4 pips price action based initial stop-loss. http://www.cornixforex.com/2012/03/three-push-pattern-as-entry/

Price channel breakout pullback fine-tuned on 1-min chart: http://www.cornixforex.com/2012/03/channel-breakout-pullback-retest/

Yeah, European session was a mess, daily had double inside bar so it was apt to breakout and Bernanke started it. Managed to take part of the run. Thursday, 11:20AM here right now. Spring already started for us here in Siberia. :D

Yesterday Bernanke provided good trend in nearly all markets. Everything is so correlated nowadays, that it' just a matter of what suits trader's personality better.

Yea, over time excitement of "wow, I can grab so many little swings" steps back and you start thinking of maximizing gains while minimizing efforts.

Ben Bernanke spawned some nice EURUSD trend today, which is surely our friend. :D http://www.cornixforex.com/2012/02/trend-is-your-friend/

That's great, cause I think I'm on the same path, from scalping for tiny pips I try to pick the trades with the biggest potential lately and give back some for a break-even, but it pays off when catch a run. Scalping works, but exactly as you said... A little bit too much work. :D You...

BH, You traded CL with just 5m chart as you usually trade ES?

Did I hear "QE"? :D

Yeah, I even tried some longs around 1-min EMA, closed all b/e. But when it bounced off the bigger channel for the 2nd time in confluence with 3 pushes on 1-min, it started to really look down. Still sitting in this one.

What's important is know the difference between being smart and being paranoid. :p

Three pushes on top of the bigger price channel trade: http://www.cornixforex.com/2012/02/three-pushes-up-on-top-of-bigger-price-channel/

Who's that vendor everybody talks about in this thread?

Weird, got email of the new message from Jack Hershey in this thread, but not it's gone...