Intraday Technical Patterns

[TinGull]

Just because he doesn't think it's a good way to make money doesn't mean he doesn't know what he's talking about. Maybe it's just not a good fit for him. When someone finds something that works for them, it's good that they stick with it. If scalping works great for you...awesome. More power to you. Just please don't go saying it's the only way to make money, because it's not.

[Soultrader]

I personally have no idea who the man is until I heard him on the radio show. 15minute for me is way too long and on the other hand scalping is not my style of trading as well. We all have our bread and butter.... for me its one shot one kill type trades.

I have tried scalping but had little success. That does not mean scalping does not work. It just doesnt work for me. I have also tried using 5min, 15min timeframes. Never liked it since I was entering late all the time. I tried using 1minute timeframes.... too much noise. Now Im comfortable with a 233 tick chart and do not place too much importance on time when viewing a candlestick bar. I prefer to see how fast 233 transaction are taking place.

Peter Reznicek was also reffering to intraday techinical patterns. I am assuming you do not use these patterns as a scalper scalptrader? Most scalpers I meet rely heavily on the tape using super tight stops. Always amazed how their execution and entry is flawless. Perhaps you can elaborate on how you identify scalping opportunities? I am definitely interested.

Soultrader

[scalptrader]

"Just please don't go saying it's the only way to make money, because it's not." Where did I say that??! I didnt even say I scalp personally, or mention a word about my own trading! Hell I dont even trade myself 

Those who cant do, preach, become talk show hosts and open chart rooms.

We all have to pay bills, hell I cut the neighbors grass on weekends and flip burgers in the evenings to pay my monthly gas bills. This industry is filled with so much trash and myth, its too easy, I am even thinking about joining the band wagon after listening to this guys show. I think Ill start my own radio show, gives me credibility, and instant guru status, pay a couple well known guest speakers to talk trash, setup a site and rename variations of rsi and moving averages coded to make them so they look different and pretty, give them cool names and sell them for thousands of bucks.

Any one want to appear on my show, please send me a private message.

[Soultrader]

Guys... please respect each others posts. I try to maintain a friendly and quality environment here. Either kill this debate or I will close this thread permanently.

[scalptrader]

Ok Ill start a more constructive thread tomorrow. Need to prepare some screen shots.

[Soultrader]

Thanks scalptrader. My main focus here is for folks to share and exchange ideas and knowledge to make them a better trader. Let's try to keep it educational.

[torero]

In a way scalptrader is right because there are alot of false messiahs in this industry that no one should be fully trusted unless he proves with performance and results. Anyone can claim anything, including me, but without proof, it wouldn't fly unless you do careful DD. A better way to interpret scalptrader's thread is: don't follow blindly, do research for yourself.

Anyway, I personally don't follow anyone after follow so many already from earlier in trading career. But it's healthy to look around but always with a skeptical eye is all. Accept these people are your mentors/guides etc, but remember that it's your own initiative to get into their chat rooms, your own bank account and credit card that you punched in on their site to get education from them. In the end, accept these fact with responsibility is all I'm saying, can't blame anyone else for trying to make a living, a bit dishonest by some but always the responsibility always lie with you. This is trading, accepting responsibility for your own actions is the first step to growing as a trader so accept this step too as your own doing.

Good luck and happy new year! Be nice and play nice please!

[enlightedtrader]

	Quote:	Soultrader
	I was listening to an interview by Peter Reznicek today and found one of his comment particulary interesting. I am not a candlestick pattern trader but he mentions how day traders focus too much on trendline breaks, channel breaks, and candlestick patterns on too short of a timeframe. He mentions how these technical patterns are only valid on a 15 minute or more timeframe. I also agree with his comment. I am not particulary fond of price patterns when day trading. Any thoughts?

1 min, 2 min, 3 min, 5 min, 10 min, 15 min, you name it. Any time frame is workable as long as you know how to make it work. Or any time frame is not workable if you don't know how to make it work. The key here is not the length of time frame, it is up to the trader to make things work.

Having said that, I do think lower time frame will generate more trading opportunies. In lower time frame, you can be a scalper, a swing trader or you can be both a scapler and swing trader. On the other hand, you can't be a scalper in higher time frame,

My personal experience is that since I moved from higher time frame (5 min) to lower time frame (1min/3min), my trading has become more flexible and more efficient. I realize other traders may have opposite experiences. There is nothing right or wrong. The important thing for traders is to find our own comfortable trading style and edge.

[walterw]

Coming back to "Intraday Technical Patterns" what I said before about whats behind the pattern I believe it is Support and Resistance.... and the performance both have as they are tested or breaked... The example above is very clear, a support got breaked... then this support became resistance and DID hold.... I call this "break and Hold" and will expand the topic on a diferent thread ... about scalping or trading.... its the same... they are in diferent speed universes... a bank can be a scalper on weekly universe... ALL technicall aproaches are just about the same.... we can vary on our speed universe... but all technical concepts are common for scalpers as to traders...