How would you trade this chart ?

[SunTrader]

You must have done something wrong.

When I backtested trend lines, they always worked. When I traded live, they stopped working. Why? Trend lines are a lagging indicators.

Read @schizo's post carefully, he is a pro.

Most everything in TA is lagging. Doesn't mean they don't work live.

TL's for instance. Just drawing a line, even if done correctly, doesn't mean a trade should be entered just because of a touch ... or a breakthrough ... by and of itself.

 

[schizo]

S/R and trendlines ?

Obviously, you didn't read anything that I wrote.

 

[Sergio123]

I would skip it and find something else to trade.
Not forcing trades when you don't see a good setup is part of good trade management.

 

[tiddlywinks]

There's about a 15 handle range. It can be scalped for a handle or two at a whack, or you find something "better" to trade while you take pleasure sitting with a conviction as to which way it will break.

 

[ironchef]

Most everything in TA is lagging. Doesn't mean they don't work live.

TL's for instance. Just drawing a line, even if done correctly, doesn't mean a trade should be entered just because of a touch ... or a breakthrough ... by and of itself.

Yes sir, but the devil is in the details.

 

[ironchef]

Obviously, you didn't read anything that I wrote.

Because you speak in parables.

 

[schizo]

Because you speak in parables.

And that's what differentiates between the noobs and us experienced traders.

 

[tiddlywinks]

And that's what differentiates between the noobs and us experienced traders.

Oh be nice. Ironchef seems to be a decent bloke. And he's quite forthcoming with his current station as a trader. Just focused and spending time wrongly in demo. And on this, demo mode, Ironchef and I disagree. He's still a good bloke imo.

 

[ironchef]

Oh be nice. Ironchef seems to be a decent bloke. And he's quite forthcoming with his current station as a trader. Just focused and spending time wrongly in demo. And on this, demo mode, Ironchef and I disagree. He's still a good bloke imo.

Don't worry, I have thick skins.

But thanks.

 

[ironchef]

And that's what differentiates between the noobs and us experienced traders.

True. I am just an old noob.