[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]

Originally Posted by 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...

[mikjurado]

This chart show us a really amazin pattern... Is really important to recognize that specially the measures... I think that only Torero knows what we are talking about

mike

Originally Posted by torero »

Hi walterw,

Can you elaborate on that a little bit more? Here's my example of what I was talking about using patterns with price action:



Like I said before, patterns need to be confirmed by price action, in this case, lower higher and that turned the support area into resistance area (this is what I call confirmation of a breakout). My stop would have been the last higher low pivot (just below 796), and entry just below the confirmation area, then target is around 791. The R:R is not even 2:1 so I'd either take a small position or find a bigger pattern in higher timeframe that might be at play to find a bigger target to confirm the direction and possibly lower target. In this rectangle target, the target is near the low of the day, which is quite a safe exit.