M1 entry; M5-15-30 for patterns, M60-D1 overall view @Turveyd very true. I only use M1 for entries, but do not scalp. The intention is for protracted moves. Exactly why I posed the original question. If you can read the pullback very well, it gives you an opportunity to pick bottoms/tops giving a better R:R. However, without a good read, picking bottoms/tops is way more costly than entering on a move up and not good for business
I know the type of input you are capable of, so heck yeah I'll take it to PM! One would think so right!. My read is pretty good and I can get it spot on about 75% of the time. The other 25% is what I am trying to work on for further improvement.
@lawrence-lugar I agree. As simple as the concept is, the truth can be far from that. It takes years to really understand the personality of each pullback and how to handle them. However, there's always a little more to learn right?! Yes it can be, but there are some that are good at making it easy (a la @NoDoji , @Handle123 , @Redneck etc.) I equate 6th sense with it being handled by your subconscious. However, when allowed to dwell in the conscious, it allows for better prep when anticipating a trade and makes a better trader overall.
@der_kommissar I hadn't looked at it from that angle. Do you think that this may be the case due to the fact that the participating side (e.g. bulls) has a bias conviction to reach the magnet and so keep on persisting, while the counter party willfully allows them and waits their "turn"? Also, do you think that the pullbacks are more simple (single legged), as well as reliable, during the mornings due to the urgency factor to buy or liquidate by the bigger funds?. When an order is 75% completed (over the morning session), price may takes precedence over the urgency and so the accommodation of a complex pullback is allowed in return for a better fill price?
Good questions, I do think that there is a tendency for that morning bounce (and it's been very prevalent recently)...And I believe that the tendency for the pullbacks to work prior to that key test of resistance (for instance today it was a run to get back to yesterday's lows) is that it's something of a feedback loop since price seems to gravitate to those key areas...
Indexes tend to trade a little differently than individual equities partly because there are a larger number of "big players" trying to imply their convictions. They also tend to have bigger pockets and so the pullbacks in indexes (maybe even forex, futures and commodities) may have a higher % of complex pullbacks as opposed to simple ones. I mainly trade momentum equities and those tend to be cleaner.