[brownsfan019]

Good stuff guys! Another solid thread in the CC.

Quality over quantity in this part of the forum.

[brownsfan019]

Originally Posted by Bearbull »

this depends entirely on the individual risk/reward tolerance but all this has to be worked out and tested and obviously requires considerable effort and patience as you already are aware I am sure. you might only get one or two setups a day, sometimes not at all, patience is not easy to implement.

That's probably the most important part of the entire process when using a setup that may not show up often. I'm glancing at the charts and other than that 1 long (or 2 if you take the one I looked at), that's about it for the day so far IMO.

1 or 2 trades and done or watching and waiting patiently.

My guess is some would struggle w/ that and want to trade even though the setups may be solid.

[trader273]

Here is another way to view pullbacks as well.

[brutusdog]

this is where i first came across this.

http://www.trading-naked.com/FloorTraderMethod.htm

has provided the basis of a very solid strategy for me. stalking retraces is low risk high reward trading.

[Bearbull]

Originally Posted by brownsfan019 »

That's probably the most important part of the entire process when using a setup that may not show up often. I'm glancing at the charts and other than that 1 long (or 2 if you take the one I looked at), that's about it for the day so far IMO.

1 or 2 trades and done or watching and waiting patiently.

My guess is some would struggle w/ that and want to trade even though the setups may be solid.

Precisely, that is where all that talk about discipline and consistency comes into play.
As per DbPhoenix's excellent definition of an Edge "An edge is the knowledge proved through research that a particular price pattern or market behavior offers an acceptable level of predictabiity and risk to reward to provid a consistently profitable outcome over time"

Once the strategy, tactics, trading and money management rules are in place, adherence to the trading plan based on that is of paramount importance if consistent success is desired.

Ofcourse there is also much merit in the Power of Quitting after a certain level of profit has been extracted or after a certain % loss, the river will be running tomorrow

[OAC]

Believe it or not. Price action around 5-min and 15-min 20EMA and the Bollinger Band during early hours can be your clue to whether or we may have a Trend Day.

[brownsfan019]

Here's one from today that I would consider:

[brownsfan019]

Originally Posted by OAC »

Believe it or not. Price action around 5-min and 15-min 20EMA and the Bollinger Band during early hours can be your clue to whether or we may have a Trend Day.

I'd love to see a thread about that OAC!!! Feel free to start in the Candlestick Corner and I will make sure it stays on track.