Double Top, Dbl Bottom. Show your Opinion, Use Charts - Especially Non-Workings! Text is cheap, lol.

Less Than 200% MFE could well be considered non working, imho.
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DOUBLE BOTTOM - 200%

 
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easymon1 said:
hey, where's your chart? lol
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Note: I am NOT a consistent profitable day trader, yet. Please take what I stated below as my own personal experience and thoughts.

Here is a chart of double bottom and double top all over the place.

They are easy to find. What will you do when you find them? You still need a way enter the trade and manage the trade and you need to record each trade to calculate long term profitability.

upload_2020-8-3_10-16-45.png
 
Tradex said:
Yes these formations are profitable, it's just that you don't want to trade them and discover 200 trades later that you are earning 5% return per year on average (half the return of a simple buy and hold approach).
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Tradex,

You are exactly right!

Many people have good trading ideas, noone wants to back and forward test for XXX to X,XXX trades.
 
SimpleMeLike said:
Many people have good trading ideas, noone wants to back and forward test for XXX to X,XXX trades.
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Good point my man. :thumbsup:

You know why?

Because most traders want to keep their illusions and dreams intact, they don't want to backtest their trading ideas and discover that they are worthless, or mediocre at best.

In other words, they don't want to face reality.
 
SimpleMeLike said:
Here is a chart of double bottom and double top all over the place.
More...

True, these double top/bottom formations are everywhere, and most of them are fake or very short-lived (meaning they never reach their measured move target).

In both cases they hit your stop without mercy.
 
SimpleMeLike said:
Tradex,

You are exactly right!

Many people have good trading ideas, noone wants to back and forward test for XXX to X,XXX trades.
More...
Tradex said:
Good point my man. :thumbsup:

You know why?

Because most traders want to keep their illusions and dreams intact, they don't want to backtest their trading ideas and discover that they are worthless, or mediocre at best.

In other words, they don't want to face reality.
More...

meanwhile more charts from all!


Especially Non-Workings! Text is cheap, lol.

hey, where's your charts?
hey, where's your backtest parameters?

how to construct backtest parameters
https://yippy.com/search?query=how+to+construct+backtest+parameters

i like it. do carry on with this essential aspect of trade plan development.
 
Tradex said:
True, these double top/bottom formations are everywhere, and most of them are fake or very short-lived (meaning they never reach their measured move target).
More...
Tradex,

Note: I am NOT a consistent profitable day trader, yet. Please take what I stated below as my own personal experience and thoughts.

Yes, when taking those reversals double top and bottom, its best to aim at RR > 1 because trading against current trend, so low odds of a win.
 
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