Are all price patterns the same? (examples)

[1a2b3cppp]

Quote from Visaria:

OP, i have this feeling you are looking for something that works all the time.

Start off with the premise that MOST i.e. at least 50% of your trades will LOSE. Not 10%, or 20%, but 50% (and more likely 60%).

When doing your research always have this in your mind.

I know trend followers usually lose. Sounds like they're just randomly entering. I mean think about it, random entry should be at least 50%, right? So if you're doing less than 50% that's worse than random.

I'm not saying every trade has to be a winner, but it sounds like they have poor entries.

 

[1a2b3cppp]

Quote from horton:

You get what you pay for grasshopper.

Actually, with trading "gurus" you usually get less than you pay for... because you paid for something and got nothing.

 

[FreakofNature]

Quote from 1a2b3cppp:

Actually, with trading "gurus" you usually get less than you pay for... because you paid for something and got nothing.

True words of wisdom.

 

[horton]

Quote from 1a2b3cppp:

Actually, with trading "gurus" you usually get less than you pay for... because you paid for something and got nothing.

Not true. You pay to play the Yes, But game and the guru obliges.

 

[Visaria]

Quote from 1a2b3cppp:

I know trend followers usually lose. Sounds like they're just randomly entering. I mean think about it, random entry should be at least 50%, right? So if you're doing less than 50% that's worse than random.

I'm not saying every trade has to be a winner, but it sounds like they have poor entries.

Yes, trend followers generally have poor entries. Not sure what that has to do with my post though!!

 

[Visaria]

If on AVERAGE, you make twice what you lose on AVERAGE, 50% of the time, and you do enough trades like this, you will make a lot of money.

 

[FreakofNature]

Quote from Visaria:

If on AVERAGE, you make twice what you lose on AVERAGE, 50% of the time, and you do enough trades like this, you will make a lot of money.

Except he does not know how to obtain 50% accuracy with 2R.

 

[Visaria]

Well that's what he needs to think about, making money overall even though his win ratio might be 50% or less.

 

[FreakofNature]

I understand, but what you suggested, it is not trivial to achieve, certainly not via Achilles's 123 suggestion, not 50 percent and 2R.

 

[jack hershey]

Quote from 1a2b3cppp:

I mean technically it's a LL after price retraces a certain amount, but do you have a way of knowing if the retracement is going to continue vs go back down and make a HL, DB, or LL?

Yes.