ES Traders - Question re: setups

Discussion in 'Technical Analysis' started by BobbiDigital, Sep 22, 2011.

  1. I always hear you need to stick to your setups & stay disciplined from supposedly profitable traders. I have spent a lot of time trying to mechanically define these in a dynamic market and often times 1 of 2 things end up happening (which becomes psychological)

    1. Wait for the perfect entry and miss it which can result in me jumping in at a worse risk/reward area.

    2. Have a setup that occurs 0-2 times per day. Get filled, take a loser then revenge trade because I feel I won't see that setup again and now I'm in the red.

    It's frustrating because slight differences around the flash points every day doesn't allow me to be purely mechanical. Is the only way the watch bar by bar battle between bulls v bears a la Al brooks? How do you define your setup? Thanks for any help.