Price is not respected, but pattern is respected. If you run a hamburger store, And you set the price like you know the price. You don't know SHIT. A dumb person would say he knows the price and price it @ $7.00 , and no customers will come . A smart person doesn't know the exact price, but he knows crowds, He will first set the price at FREE to get a huge crowd, then gradually jump the price $3, $4, $5 , until a manageable level of "crowd" where it satisfies his profit margin and workload from the CROWD. The price is only a byproduct of the crowd. The crowd is equivalent to a pattern. ------------ Things such as Pivots L3 @ 1300, and 200 MA Resistance @ 1500 , price will be supported @ 30.00 will immediatelly tell you the skill level of a trader. Low. If it is supported, it will be supported for one reason. The "reversal" pattern has formed, not because it hit 1500 and decided, oh, its time for me to go up. ------ All "tape readers" trade on patterns, they do not trade on PRICE. When they say they are reading the tape, it means they read the pattern of how price is reacting, They seen this pattern before, they act on it, regardless of where the price is. If its on an important price, GREAT, if not, they still act on it. ------ Christmas Present for dumbshits with reportedly high IQs like Jasson but end up with $10k in IB . The pattern of people with $10k in their trading account usually tells me, they weren't smart in the first place. Too much pride to admit they have little EXPERIENCE in making $$$, Too little logic to gain EXPERIENCE in making $$$.
<b>Apply patterns only on high timeframes. </b> Never trade or LOOK at timeframes under 60 minutes. 3 minutes , 5 minutes, 15 minutes are for <b>LOSERS.</b> with Attteention DEFICIT DISORDER. 60 Min Weekly Monthly. Stay with weekly and 60 min. All Timeframes should all conform for the best trades. ============
There is one young trader on here that has turned a £5k account into £100k plus in the last 3 months using a 1-minute timeframe based system. Maybe he has ADD but at least he will be rich this time next year if he maintains his performance. The bottom line with timeframe is what holding period you are targeting, the guy I was talking about might only take 40 pips out each trade but his stop will be 10 pips and his win ratio say 60% - how is this different from someone who uses a 4-hour chart but targets multi-day swings of say 600 pips with a 150 pip stop loss? That 98% loser statistic has to be crap. Trading is not that hard if you have realistic targets, an adequate level of intelligence and discipline.
Only 40 pips, 40 pips is a lot if you're trading on a 1 min time frame. I would be surprise if he makes more than 10 pips on a trade.
And yet patterns consist of what? PRICES. I wonder, are those hamburger "analogies" indicative of your real profession? Another "I am smarter than all of you and MY way of trading and view of the market is the only way" thread. Where the fuck do these guys come from?
I will give 100% to whoever can make me porfitable pattern, price, indicators, trading the moon, whatever, as long as I make money
The advice about trading within the context of the weekly and 60 minute time frames is not bad advice, not bad advice at all. However intra-day scalpers of necessity must enter and exit their trades off of the lower time frames, so that is where they should place their focus ... but doing so in the context of the higher timeframes cannot hurt. Happy Holidays, P.S. I'm trying to show something positive out of what many people may feel is just dreck.