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It seems to me that the next step is to find a pattern of HHs and HLs or LLs and LHs and then writing up some rules around that. If you have 6 different market events (HH, HL, LL, LH, DB, DT), then figure out what combination of those events more often than not leads to a significant price move...

took a break from learning due to school, but I'm still very interested in trading. Live in downtown Philly.

From another message board forum:

I'm wrapping it up earlier than usual because I've got places to be. Today was an off day for me. Not sure what was going on but I wasn't completely focused and fear was creeping up as well. I only attempted 2 trades, both of which weren't successful. Neither trade was within my...

SeriousTrade, I was right where you're at like less than 2 months ago. As they say, everything works until it doesn't. So what I've found is, having a fair knowledge of price action, I had to create a simple strategy that worked (until it didn't). That's where I'm at now. Entry...

Today was progress, as I hope everyday is. Just like yesterday, I only had three trade attempts, of which one was successful. The first was a decent long setup out of a trading range but the setup failed and I exited at break-even + 1. I then tried a second attempt at a long trade...

Only took 3 trades today. I think my daily number of trades has gone way down since I've started adhering to a solid set of rules. My first trade was improper. I entered because the setup looked close enough, but was not complete. By the time I entered the trade, the most recent 5-minute...

Time to update: I now have a solid framework which provides a consistent context to the market. I'm still Sim-Trading NQ, and I'm now incorporating multiple charts. I use the 5-minute chart for setups, and I enter on the 1-minute chart for tighter entries. I've attached an image...

Redneck, I've been re-reading this: Here's the latest progress: I've been drawing channels throughout the day, but it seems there are times when I have, for example, a down channel still holding, but then a HL appears so I draw an up channel and it seems as if price could go either way...

Took 2 setups. Again, they're only using channels. The first was stopped out, as price was in a downtrend. I drew a channel up, but it turned out to be a simple pull-back instead of a reversal. The second trade was a winner. I tried to let the trade ride. Price obeyed the channel and...

Another opportunity. I missed it because I drew the channel right after it happened and didn't want to chase price. Again, price flew away and had I caught the setup, if I had held on I could have netted around 10 points.

RN, Beginning to have ideas about setups based on what I've learned thus far. The main setup I've tested uses channels. Back-testing shows positive results. According to the setup, a golden opportunity arrived this morning just a minute ago. Attached chart shows what I mean.

RN, Seems as if there are two low-risk possibilities. The first is a short after the first large red down bar, when price moves back up to the top two horizontal lines but cannot close beyond. The second would be a long right after the first, when price can't close beyond the bottom...

And today's chart. RN, Today has been interesting because I was not able to draw channels too well until about 10:15 EST or so. I relied on horizontal lines to provide context, but I had trouble with channels. Is this what you would have done, or was I not seeing the chart in the best...

Here is yesterday's chart.

Again I applied consistent framework. I think drawing channels (although I never really liked them before) is a very easy way to provide a clue as to where price might go. Here is the chart for Tuesday.

RN, Thanks! :) I will continue practicing channel drawing, and remaining consistent in my drawings. I assume we'll move on after more practice? No rush, just curious.

Another chart with my attempt at horizontal and diagonal lines. I'm scrolling through each chart bar-by-bar in order to draw the channels and horizontal lines at the "hard right edge". If price does not adhere to my channels, I try to erase them. If a new channel appears, I draw it, and...

Another chart, using Sierra Charts, but from my laptop, hence the different chart colors. Nevertheless, I'm starting to get the hang of using the same channel angles, and it's making more sense.

And this one is the lower TF, but I've now got uniformity with channels being at the same angle. As a result, I'm noticing price holds to the channels better.