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From my experience reverses are dangerous in total chop. But in a strong market yes, failed long is often an excellent short (and wise versa).

Should... But we weren't happy to have one back then when we just started... Though many people helped and help now of course, but still - titbit here and there and you learn the rest yourself... You know, we went through it together. :) As for PA... You know, I think no mentor would...

OMG, 100pt range in HSI is DA CRAP... :) Well, practice now so you'll be ready for a paradise like last October. :D

Yes, 2% is the maximum risk per trade (not counting theoretically possible slippage cause of news spike or like that if such a case of course). But often I get out of a losing trade for a smaller loss. All depends on PA. How was your HSI day Will?

Squared near LOD for another 4% profit.

Shorted @ 81.

Will, I always aim for at very least 4%. Take less only if PA seems obviously reversing against me. 4-6% is what I usually try to take in first trades of the day, then when have some PIB my plan is to try to fish for a BIG FISH... :)

We have broken out from triangle (down)... Now let's see how it acts further...

Yea, divergences are among my favourite signals (if someone asked me what I consider to be most valuable in using indicators)...

Squared @ 603 for ~4% profit.

Have shorted @ 20...

At some point of time when I read Vic's books it was also a fantastic discovery for me... Because I never could imagine that real order of the market can be explained and understood in so simple terms... Classic Dow theory is EVERYTHING what trader needs to make A LOT... Seriously. :D

Good afternoon all, Been busy in the morning thats why late today. Bigger picture outlook for me is we're in a triangle BO from which will probably show further direction. So far watching big trendlines...

It was but of smaller pattern. And I'm talking about bigger 123 completed... Actually even not counting 123s bounce off S/R is bounce. :) Finished for today... Cya tomorrow!

Also yes, price is often attracted to strong areas (round numbers including of course). So better place stop BELOW them (for a long). It's like full point in stocks - respected area usually.

As for qn 2 you almost answered yourself with your chart... Going long just UNDER PP or any other S/R is generally a bad idea. Price is apt to bounce (at least short-term) and can stop you out.

Very simple. Where is closest resistance (previous support and pt2 of 123 reversal) on that chart? Well, price bounced off it... :)

Yes, it's cause TL's are drawn very easily and conveniently in QT. Don't like how it's done in PRT. Also as I mostly use one monitor to switch beetween TF's QT is easy (hotkey) to toggle TF's.

Yoohoo, Yeah 1H is a great help! Thanks for so much info to learn and have fun in your travel!

Yeah, large TF's PA is looking bearish to me.