Using multi time frames results in a lot of time frame conflict so important to have appropriate filters (for me anyway)
Or a bearish flag forming. A lot of contradicting support/resistance zones right now for me at all different time frames so for now i am uncertain in which direction it will go.
It has yet to trigger and chances are this will flip to short or chop before it does at this point. I was waiting to see 89's again to buy.
Or channel with a bull bias ... hence the importance for each trader to define his terms and have a plan.
Good example of the "IT" factor needed for successful (and consistent) trading. PhD doesn't mean much for independent trading. In fact, I would say higher degrees are detrimental in that intellectual right and wrong is ingrained, but not necessarily applicable for trading. Anyway, I concluded for myself, I can not teach someone to trade. Give 10 people tomorrows newspapers and 8 of them will lose money. The other 2 have "IT".
The thing was I thought the method I showed him was perfect for him - it was an engineer turned trader's dream. A little "if ... then" flow chart. The problem was when it came to real money, he changed the rules. He introduced that breakeven stop. If you move your stop the BE every time your trades are +4 ticks on the ES but take full stop losses you are not going to fare well.