Yup, and that is where the majority of ET are at and why they will remain there. Every thread that makes a positive contribution draws a crowd of clever clogs who know better based on their experience of failure.
It might indeed be out of date. The market changes and we need to evolve with it and that can be very demanding. What is likely to happen in your own development if you are creative and analytical is that making adjustments becomes faster. I mentored a group of traders a few years back and the PA we are trading today has many differences to what we were trading then. However the core values didn't change and everyone was able to make the necessary adjustments to keep a winning strategy. Bots can fight each other and really screw up quality PA but they have weaknesses too.
"I mentored a group of traders a few years back and the PA we are trading today has many differences to what we were trading then. However the core values didn't change and everyone was able to make the necessary adjustments to keep a winning strategy." Can anyone please help me to decipher this bull crapola?
EURUSD just provided an example of price action in it's most beautiful form. http://www.cornixforex.com/2012/01/precise-trendline-retest-pattern-eurusd-provided/
The same thing can be done by confluence of indicators , moving averages trend lines and candlesticks.
Another example of a trade, which basically does not require any pre-defined stop-loss at all (aside from catastrophic stop of 6 pips ). Such trades either work immediately or you kiss them goodbye. http://www.cornixforex.com/2012/01/eurusd-scalping-with-very-tight-stop-example/
Yes, there are many ways to skin the cat, as one Chinese billionaire said last December. http://abcnews.go.com/blogs/headlines/2012/01/death-by-cat-meat-chinese-billionaire-poisoned/ Sorry, couldn't resist from bringing that analogy.
No wonder I am smelling a rat in my attic . Bar by bar analysis is not necessary for profitable trend trading or profitable intraday , infact a single bar analysis is less valid than 3 bars confirmation or 5 bars confirmation.By the time you get to three bars , you might as well look at fast moving average.
I never stated that bar by bar is the most effective trading tactics. For me, the most effective way to trade is combining price action of several timeframes, to take low risk entries on small timeframes within the context of bigger timeframes. As for moving averages, formations etc. I tried nearly every indicator and trading methodology during the learning curve. Settled with what described above as the most optimal approach. For me. For some other people it may well be different. Everyone develops personal style over time and that is wonderful. Life would be too boring if it was just black and white.