My way of trading is high frequent scalping, unlike yours, I just don't have the patience any more, maybe age or more likely stats, but I try to get 12-15 trades in a hour, I will post some of my charts if ok with you, I don't mark exact entries too often as it allows readers to do their own back testing and colored arrows show type of trade. But within chart itself are often patterns that can help you identify times I expect reversals like Triple tops/bottoms near or at "Swing ave" which is usually between 7-8 points. Head and Shoulders shows high percentage trades. Volume divergence are best at extremes, Volume should be reducing as price makes higher closes at highs of a wave (waves make up a Swing) and lower closes of a wave. Waves normally are 3-5 points and "dips" or counter waves as in 2 and 4 of Elliott wave(Elliott said to have 5 waves in completed trend, 3 trend waves and 2 counter-trend), so the counter trend waves 2 & 4 are normally what traders look for in taking a trend trade, usually the coming out of wave 4 is shortest of all waves. BUT when dealing with short time frames, number of waves are seldom 5 waves, but knowing about the size of the waves you can keep track of where reversals most like might come in.
There is also pattern show when not to take trades even when you have a signal, Triple highs/lows, you might not take counter trend trades which is fine, but you better know where they coming in cause it you have a trend trade coming in where many that do counter trend, you can expect to be paying worst price when you could have waited for more retrace and get in better or passed on trade altogether. Today's trading saw a Megaphone, usually at conclusion of 4th pivot you can readily see it forming and I stop taking trend breakout trades cause it usually loss for me, is an average wave in 4.5 points and from lows to breakout is 3.00 points you have a possible 1.50 points left but unless market really takes off and you trying to get more, that trend might be ending and become a lower high, Megaphones don't last forever but you can expect them almost each week. It is good to know where other traders are getting in even if you not getting here in those signals, I developed an automated system where it trades failure signals, it searches for approx. 50 different types of signals and time ending for those signals will take opposite trades.
The importance of breakeven plus one tick, I had 22 trades today in 70 minutes and 11 were of Breakeven plus one tick, seven of them if I waited would have become losers and other 4 would not have covered losses. So I rather get out with a tick and look for a trade that will make more profits. But even if I had done 22 trades of one tick and if I was paying retail I would have net $187 per lot, so when you suffering losing days, start thinking about plus one tick.
