What do the experts on Price Action trading say about this strategy ?

[SunTrader]

Also a nonsense argument...

No, this is:

"because everything is already published somewhere..."

+ + +


Even if this was true you have no way of knowing, or more importantly, proving.

So to state it as fact is once again ... nonsense.

 

[Sprout]

So many people are going to begin buying on support / resistance thanks to ET gurus talking about it, the next system will be to anticipate all the failures. This is the game - taking money from beginners. Sad but true, trading the market is a combat sport.

All perceived PA and the patterns derived from them are binary; Breakout, Failed Breakout, Range-bound true, Range-bound false, Continuation, Change, etc.

Iow, it follows through on the basis for the trade idea or it does not. The trade idea has specific criteria pre-defined;
What's the bias? Why? What is the specific set-up that one is waiting for? What is the trigger to enter? How much risk taken? Where's the SL? Where's the target? Where are partials taken?
If I book a loss, what's the next amount to risk on the next trade? etc.

Doing all this on the fly isn't setting up long-term success since there is a lack of data to debrief the trade.

Journaling is a broad subject and captures more of the psychological aspects behind trades - logging quantifies it.

So in the example of this particular indicator, logging the values of the indicator builds a correspondence of associations. With this one begins to sort indicators through comparison and contrast. Some consider that backtesting, but backtesting in itself is an art & science (what to include, exclude.)

ymmv

 

[syswizard]

The best exits are those which provide huge profits in trending markets and only small losses in choppy, range-bound markets.