My understanding and experience is there is no right or wrong way to trade and read the markets. Every method is okay as long as it's "consistently" profitable. The quality of the system consist of many different factors and the setup method for entries is only one of them. What comes to price action and what I've learned about it just tells you what the buyers and sellers are doing right now and have been doing in the past. It doesn't tell you anything exact about the future nor predict anything. This is crucial to understand. I use price action just to keep me on the right side of the flow. The key thing is to learn to read the markets so you can understand is it moving up/down or is it going nowhere from the point of view of your system. Different systems must have different rules. I personally do have a pattern what I follow but it's not a setup pattern for a position. It's the foundation around which I built my current system.
wow nice pattern recognition. No wonder you are a trader I felt something strangely familar but I couldn't pinpoint it till you stated specifically what it was
You can read it from my memoirs which I will do when I retire. Im now 53 so it will take some time sorry
GAT, I'm shocked by how low that 5.9% number is. With a large number of people participating, I would have expected the #1 trader to be making at least several tens of percent per year with a reasonable max drawdown and other performance metrics. Does the Fundseeder scoring system give particularly strong weighting toward systems with the lowest risk profiles/smallest drawdowns?
To me consistency can only mean one thing: Consistently doing better than my benchmark. It means doing better than SPY, year in year out. Otherwise, why trade?