How many times would it take being stopped out before you say - ah haaa price ain't doin this What price isn't doing - is as important as what price is doing ============== btw; How do you differentiate (and define) chop - from - consolidation - from - trade-able range or your trading TF RN
I have to disagree strongly here (about it sucking big time ) And this for the following reasons: a) I think you missed the subtle sense of humour the OP put in the title of his journal. b) Although this thread is only a couple of posts long, you obviously didn't read them all (see what the OP did on 08/02) c) Perhaps the most important reason. I don't get why, Oh why..., when something is not posted in realtime - the next second of course after an entry occured - that it should not be worth reading or discussing. There's this whole "post real-time or you're a fake" crew here that keeps on demanding this from people. Those people should ask themselves the question whether they like someone to throw them a fish from time to time (which might be rotten) or whether they would actually learn how to fish themselves. Not to mention the fact that the first sentence of this journal is -> "Here you will occasionally find price action trading notes and ideas, in hindsight of course." After reading ET for a while, you make an assesment of who are the real traders, the value adders, the bullshitters, the trolls, the haters, the people looking for a fight, even the people giving dangerous advice etc... But that is something that each person has to do for himself, just as you have to do your own DD and trading research. And posting real-time calls or not is not a good criteria for this assesment. All in my humble opinion of course JP
My plan avoids "death by a thousand stops" because it's based on careful study and was proven in advance through backtesting and simulated forward testing to provide me with an acceptable profit over each acceptable series of trades. With the OP's approval, it would be interesting to see a post of a chart where someone got stopped out several times trying to catch a significant move. Otherwise, we can start a new thread to address this oft-lamented problem.
I don't position during consolidation unless price sets up a tease or a squeeze play on the 1-min chart. I wait for a break out of consolidation, which can be a narrow range or narrow channel (flag), or a triangle, and then I look to enter in the direction of the breakout if, and only if certain conditions are met. Positioning during consolidation of any kind is a high risk environment for getting stopped out more than once, which is so disheartening that the trader usually gives up and doesn't even put on the trade that finally runs.
Ain't that the truth. The charts I posted here were exactly what I was looking at in real time, but because they were posted later, it's hindsight, lol!
I trade one tactic during a well defined trend, and I trade the tactic described in this thread following a break out of consolidation. I have advanced tactics for scalping in wide range bar chop and in a directionless (wide range) market, but that's beyond the scope of what I would discuss on a trading forum.
I go out for the day and come back to a lively journal! Wow! Before I really read the posts, I gotta square a few things right away... I am a trader. Futures. Nearing 10 years. The Journal title is sarcasm directed at the real-time only, do a combine, PA/TA bashing Elitists amongst us. Welcome vinc! jamespond gets it!! And the long-legged NoDoji just knows! NO PROBLEM! But here's "the thing" ... And this is not directed at anyone or any particular topic that anyone wants to open and discuss. I am the OP. If in MY opinion things get out of hand or way off of at least a tertiary relationship to trading I will make a post. If nonsense continues, **I** as OP will officially call the thread closed, whether or not the ET henchman mark it as closed or not. Now everyone knows exactly what needs to be done to get rid of me. :eek:
It's all very alluring when one is not in the shat-your-pants moment and putting dollars/risk on the line isn't it. don't have to do a combine, but could post a live call? otherwise it is all monday-morning-quarterback-armchair-mental-you-know-what-five-ways-to-sunday. the price action purists get another excuse to have their hindsight charts finery displayed. meh, if it goes that way.