Is there anyone here who is self-taught, consistently profitable and confident of continued success?

[Overnight]

You guys are my frens <3

Lol, if that were true, you'd not be tea-bagging us with that emoticon. Nasty.

 

[volpri]

Thanks volpri,

I understand what you are saying here. Basically since 80% of breakouts fail in a range, just buy bottom and sell stops because the probability of win is high.

For example, if I just blindly (no waitiing for rejection bar) place limit sell and or buy orders at those support and resistances leves in the range, odds are price will go down because of failure of breakout.

Just trading your concept with 2 contracts/lot (I can not afford more now), would have made about $1000, with one loss of money.

All based on the 80% failure probability of breakout failure.

Of course testing this theory is a requirement

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I generally don’t wait till price is at the top of the range but will start shorting in top 1/3 and covering the middle third or bottom third depending on how price is moving. Waiting to cover a short at the very bottom of the range every time is not a realistic strategy but sometimes will work out ok.

For longs buy in bottom 1/3 and buy more if price moves against me. Then exit in middle or top 1/3.

Basically the idea is catch a slice out of the middle of the range. So the range has to be at least 3 times as broad as a min scalp with I consider to be 1 pt in the ES.