Fibs Fib confluence Fib extensions Times of day TL’s … 2 ways S/R levels 15/30 min PA PAMM & Brooks Along with a few proprietary… Are my bread n butter…. The more of these you can string together on a single trade Are confirming indicators & will dictate size, size of stop & conviction…..
Chart reading in a nutshell. One man's range is another man's triangle is another man's double top is another you name it... Regardless of what that geometric figure is - the market did breakout on Friday. That breakout could still turn out to be a failure. If we open around Friday's Close or higher in RTH my best guess is we'll see some continuation higher, but I'm not so sure it will get legs above 4030.
That's very impressive numbers. Not knowing your account size of course, but impressive regardless. Interesting. And I agree on the psychological aspect. I think it's important to be in a happy place when trading and to protect yourself mentally. What you say on trading days reminds me of Mark Cook. If I recall correctly he did an analysis on performance by weekday showing Monday was his weakest day and Friday was usually a losing day. His reasoning was that after a weekend off he needed some time to get back in the groove. And by Friday he was starting to get tired. So, I think his solution was to trade half size on Mondays and take Fridays completely off.
Given no mention on your part of using simple entry triggers like hammers, which are worth consideration via stats for this purpose once price reaches a potential trade area, what are a couple of other ways that you might recommend traders consider for achieving pinpoint accurate entries once price reaches a potential trade area?
Well, that's what makes the market and, unfortunately, robs one man's fortune and fattens another man's pocket. I have to see where the low will be for Monday, but I have a good feeling we will gap up and continue higher much of the day. The upside target should be around 4045-ish, so not much different from yours.
That's the main scenario. I like to map out various scenarios such that I'm always prepared and do my best to not get locked down on either one as soon as I get new information indicating I was wrong initially. What would surprise me is if we break out of this channel and get a new major leg higher, but that's also one scenario to prepare for. It can most certainly happen. It just seems unlikely from my POV. But who the hell knows.
Agree for targets and S/R. If only they drew themselves, lol. Nobody can complain if you don't of course but if you ever do divulge your methods for pinpoint entries vv potential trade areas, that'll be fun. How long did you trade before you turned profitable on a monthly basis? Did you start out as a rules based trader or go directly to artistic?