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I agree that calling something "high probability" without the reason is not the way to go and that calling enough live trades is necessary if one really wants to prove that. But disagree that it has to be purely mechanical and possible to be mechanically backtested. Many great trading...

Already posted it in Brooks thread today, but definitely suits the topic. How much simpler can trading be? :)

Ya, after reading your thread already understood the irony. :)

Looking good. I will refrain from writing books, though... For now. :D P. S. Who's dr. Cornelius?

Yes, what's good about "real" breakouts is they usually mean serious one way volume and good momentum as a result. Some trades go like 5-10 times the risk into the money literally in minutes. I agree with Brooks, though, that whenever possible it's better to use some signal, which favors...

Thank you, Mark. Honestly I am a bit more veteran ET member than it may seem. :P And I ran journals here, one of them was very popular even. Just at a certain point lost interest to posting @ forum and now feel it could be interesting again.

Deal. :)

Ha, thanks. May be worth a try at least. :)

Yes, such threads either tend to turn into religious wars or the are quite passive. Quite sad to not have decent active technical trading thread on a trading forum. :(

True. I didn't think about this possible effect. I apologize if I misled anyone into thinking that trades presented by me are "Brooks setups". In reality everything I showed more fits in "general price action" category. Will better post them in some other, more suitable thread in future.

Well, Al Brooks describes breakout trades in his books, though I cannot say this one is based on his works. :) But this thread turned more into price action thread in general already.

Euro is rich lately for excellent examples of very simple, but effective trades. Here's another one, which just happened. Is anything more than good old price action really needed for a trading simpleton? :) http://www.cornixforex.com/2012/01/very-simple-breakout-trade-again/

Ya, Will, as everything in our life, trading craft demands a lot of practice, before you start to "see proper things". The key is not run in circles by looking what else to add or replace in your trading tactics, but stick to simple and watch, watch, watch it. Until it starts to shine. :)

Destroying some myths. :D

Yea. :) Actually, those big trades often have the smallest risk of all, because when you enter at the point of probable strong huge volume breakout, momentum very quickly takes away your trade in the money.

Yeah, definitely. The great power of context is exactly that: entering all trades as scalps, but seeing which have potential to turn into multi-hour one way trend (today is the great example of such an event, Euro squeeze, sort of shorts bailing panic).

Great post, SteveH! That's exactly how you decide what stop you need. By taking Excel (well, I use OpenOffice, but it doesn't matter much :) ) and working hard with spreadsheet and your trading setups. I would strongly recommend every newbie to pay attention to Steve's post, because it...

I strongly believe any sane person should never open any position just because someone on the forum said so. If he/she does, this person definitely needed such a valuable life experience. :)

So, how are shorts feeling? :D

Posted this a couple of hours ago. :) http://www.cornixforex.com/2012/01/eurusd-4h-bull-flag-on-daily-support/ Pretty simple rally in a very good context going as high as weekly charts (posted weekly chart here yesterday).