Those that can, do & demonstrate....... LL can`t, so pretends to teach & offer you this...... Do yourself a favor & tell him to keep what he is shoveling......
trend may be ended in one tf but still exist in another one also there may be combination of s/r in different tf, etc, etc the problem with mechanical trading its like a Procrustean bed can break the legs or cut the head of the trader based on defined parameters which may not take in account some an ordinary situations so imho discretion is better. but discretion should not mean abandoning rules - just the proper application of the proper rule the complications usually arise when the wannabe trader still not sure which of his rules are real (based on market fundamentals) and which are baseless (based on imaginary fundamentals) i.e one is still in the process of discovery but should play as if all his rules are right, this is when the trader can lose his mind and stamina.. and money
%% I alsoprefer ''plain speaking'' on Sunday or any day. I mostly agree ; except i consider a margin call not near as serious as blowing up/out an account.I also agree psychology is not his problem; i have very few psychobabble books , but Dr Van Tharp has some good counsel.
That is fake poo if I ever saw it. There are ways one can tell. Especially if one has ever picked up real poo with their bare hands. (Note lack of poo smudge-marks on the poo-holder's hand. Unless it parachuted from the sky perfectly onto said poo-holder's hand.)
One method is that once in the trade, with a hard stop in place, to also start looking for an entry in the opposite direction, and use it, mechanically, to exit if it happens before the price hits your stop. Don't use it to reverse, if you trade only in the dominant direction of the next slower time frame!
I trade price levels, so time frame variables are not the consideration for me they might be for someone else. The time frame for a trade might be just a few minutes, and other times it may be 3 or 4 days. It all depends how long it takes for the market to move to my target or stop me out. Losers are usually quick. During periods of high volatility the targets are larger, and while many are reached within the session the trade is opened, there are times a trade may require several sessions to move to target.
No problem, I knew what you meant. But time frame, strictly speaking, is the period of time over which something takes place. You are referring to the chart's individual bar interval. Bar interval is of little relevance to me. For example, the ES rally high on 4/18/2018 was 2718.50. That will be the high no matter how your chose to display the data. Good luck to you as well.