A simple price action approach
- Thread starter metal
- Start date
great tl ability. great tl drawn.
did you follow your own tl that day to clean up? lol
however, mind you, you would have also lost your 'Polo' brand shirt and lv pants at the same time, had you followed your own tl drawn for the previous day which unarguably continued to still giving out long sig.... lol
much appreciation.
incidentally which time zone are you?
for day and swing traders.... i doubt if any would have to wait that long to get a signal to trade.... in whatever market.
come on, if any of these two groups have to wait out 2 wks to place a trade...
i would seriously suggest that the individual takes a good look at his own criteria and setup for whatever the individual is trying to target or achieve....
i surely won't argue if you were to state in a more specific terms that the long term hold and sell traders would surely many times wait for weeks for a signal.... in this case, i won't personally know either..... because i am not a long term hold and sell trader....
succinctly, if you were to say that traders ought to sit on their hands, if and when there is no clear signal to trade, according to their own trading plans.... i would wholeheartedly agree with you and applaud your insight which is one of the most important concepts and practices any trader should develop and possess, in order to preserve trading capital....; is my humble opinion.
welcome any suggestion that would help a trader to become even more proficient and more profitable. thx everyone.
Could you please post the chart showing this trend line giving out long signals that cause you to lose your shirt?
I'm very curious how trading off a trend line can cause significant losses. I found that this style of trading has resulted in smaller losses and larger gains because of the much earlier entries I'm getting.
ohhhh that....
the pix with trendlines drawn were perfect, the trendlines were going south all day that day.
however the trendlines that were not drawn on the previous day chart were all going north all the way till closing, as i vividly remembered....
that was what my comment was referring to--the previous day where trendlines were going up.... and had a trader been a little greedy and held on to the long position into the closing, like a famous gura who charged some 400 usd per month for his chatroom, would love to do....
would become a disastrous trade--following and holding the profitable trendlines going long into the close of the day with the hope that the uptrend would undoubtedly continue to at least part of the next morning--that was the intent of my comment.
sorry to have caused you undue concern on trading with the trend and not making profit, it was a situation specific comment. thx for helping me to be more elaborate on what i need to say.
finally i think i found the pix that you were asking for, which hopefully would help to illustrate my long rambling much more successfully.
Except for of course the jack hershey always in method that does 3x the ATR every day
Always in = never sitting on your hands... other than maybe waiting for your signal to reverse!You're right, a day trader probably wouldn't wait 2 months for a signal, but the point is, you wait until you get a signal. You don't just jump in cuz you're antsy.
Quote from 1a2b3cppp:
Except for of course the jack hershey always in method that does 3x the ATR every day
You're right, a day trader probably wouldn't wait 2 months for a signal, but the point is, you wait until you get a signal. You don't just jump in cuz you're antsy.
Yes, and should go without saying. JH revised his method and now does X6 without any losing trades. I'm not at his level yet.
I see a clean channeling downtrend, followed by a channel breakout. The only way it becomes disastrous is if you don't exit the long position at some point when the channel breakout fails to traverse through the previous resistance. A breakout is only as good as the next S/R level in line. If price can't traverse through the next level, you should be taking at least some profit off the table and identifying the zone at which you'd look to trade in the opposite direction.
"Disastrous" is good description of many "hold and hope" trade outcomes.
Price action traders don't have disasters unless the market gaps against them on a critical news event. They use stop losses at key levels and they don't average losers. If a level is breached they take the small loss and reverse sides if indicated, or wait for the next setup.