Your english is very confusing, and why you keep knocking counter-trending? IMO counter trends offer the best risk / reward and im sure a lot of other traders agree.
trendpro, don't make too many sensible comments like that or you will be the one with the problems here..lol.....
Rule of 10 on Friday: 1. Premarket high at 1479, first big bounce 1459. 2. Next high is at 1466, a decent bounce at 1456 and low at 1454. 3. From 1454 low it overshot a bit to 1467, but 1464 wasn't a bad place to go short. 4. From the LOD of 1450 it rallied exactly 10 pts to 1460....
so what is said here is that it is not good for the forum for me to "knock" counter trending...???? seriously, one must have an open mind and the counter trend approach has cost me all it will ever cost me again...ever...the pro's don't do that, that is why they say "the trend is your friend"....it will take a long time to figure that out ...for most....smart ones 5 years....geniuses 10...seriously speaking ..no offense or insults intended ...it is not my money and i hope you make millions, whatever approach you use....we all have to learn the hard way...I did...and still do....fwiw..imho..
For weekend extertainment: When I saw this picture, it reminded me of Saxon's strategy. This technic for fixing a truck can work for a long time, but when it doesn't work....
Counter trend trading is quite lucrative if you enter on a reversal confirmation but then again, when that happens it's no longer counter trend trading but trading with the "new" trend. Without the confirmation is just prediction, what you really want is reaction. Anek
Im sure good traders can both countertrend when their is a high probability of success and also go with the trend at other times. Why be rigid with your approach, i still don't understand how everyone comes on this thread saying that their method is the best way to trade. Last time i checked i found their were successful traders all with different strategies. Just because you got burned does not mean everyone does - just accept everyone has their own personality and style of trading - if you suck at one strategy find another which suits your personality. Paul Tudor Jones buys and sells turning points - last time i checked he was one of the best traders ever. I am still a newbie trader but looking back at all my documented trades, the biggest winners were my counter trend trades each with max 1.5-2 point stops. These types of trades are also netted me most of my profit. Will everyone please stop enforcing their style of trading on others and just accept some traders can pick bottoms and tops with good risk/reward and some can trade well going with the trend.
Well check APEX post, he clearly does many counter trades and as he states he is only right on about 50% of them. However, he nets huge profits because his risk to reward on these trades is favourable. You can be wrong 3 times in a row with tight 1.5 point stops and still become hugely profitable on the 4th attempt.