They are less reliable if coming off a major support/resistance level. I still take the trade though. I don't care. The problem with trading pullbacks to a moving average is that the retracement may be deeper than you'd think it should be, or sometimes it won't even touch the moving average. So you can end up missing out on a lot of opportunities.
Flash, the market was range-bound when you attempted entries 1,2 & 3. Also, your focus on double tops/bottoms indicates that you're trying to pick tops and bottoms. Wouldn't you increase your odds for success if you took your trades when the market is in a strong trend (e.g. 1300-1400 hrs on 10Nov ) ?
"if anyone has any criticism please speak up" Flash.... 2-3+ years later you are still trading on technical analysis? Do you know anyone who makes a good consistent living trading that way? I don't. I DO know guys who have failed trading TA. Don't get sucked into that trap. TA makes sense, but it doesn't usually work and by no means is it a way to make a living imo.
The more I trade the more I come to the conclusion that trading is all about exits and risk management, just as Patrick says. Although I agree that we as retail traders control when and where we begin exposing our account to risk, the main problem with entries is that we can control what the market does prior to entry, but not what it does once we're in the trade. So, yes, we should be selective in our entries (i.e. not trading just because we have to trade), but we should not obsess about entries, rather obsess about exits and risk management. Illiquid, you're right, we are not always given ideal exits, but an exit is what stands between a profitable trade and a losing trade! Just my 2 cents. Cheers.
I've known Flash for a long time here at ET. Technical Analysis is not his problem. He has too many other problems outside of TA that's causing him to be concerned with his trading. Not trying to start an argument but if you would read any of his past posts especially the ones where he discloses what's going on in his personal life... You'll quickly realize it has nothing to do with TA by itself. By the way...I know many making a living trading via TA and they aren't some online annonymous alias. However, these retail and pro traders aren't using the typical trading tools that many charting programs try to saturate new traders with. Too many traders spend too much time in trying to put the blame on some method instead of looking at their own personality as they interact with the markets. Mark (a.k.a. NihabaAshi) Japanese Candlestick term
Hi Flash, There's something more important that needs to be said to you and it has nothing to do with some of the recent threads here at ET where traders have discussed the specifics of an entry signal that's applicable to ER2, ES, NQ or YM. I really don't understand why your even still looking at charts or trying to trade after all what's been going on in your personal life...especially recently. Some traders (very experience traders) in the recent past strongly advised you to take a break from trading... Including me. Simply, your not mentally ready to be interacting with the markets right now. Flash...take some time off from trading at the minimum of one year... No trading, no analyzing charts, cancel all your subscriptions (data vendors, charting programs et cetera). Attempting to use the markets to heal yourself psychologically will only cause more frustration, stress or worst. Mark (a.k.a. NihabaAshi) Japanese Candlestick term
Can you honestly say that you spotted #1-3 at the actual time of them happening? To me that would be almost to good to be true. If you did can you explain further how you did that? An how did you avoid all the other signals of similar kind that day?