That is an incorrect conclusion. The 30 minutes guy can enjoy just as much trading as the gambling addict daytrader, but he doesn't need to. And the 6 hours guy may not know how to do it differently. (not necessary a bad thing, just doesn't automatically means he enjoys it) It is like sex. Just because you could go for 6 hours, doesn't mean you should.
Aye, you're not understanding my point. Its like guys who say don't trade chop. You only know its chops once you've been stopped out a few times from your entries that are trying to catch a trend. If the longs fails, and the shorts fail, then they call it chop. But to say don't trade chop isn't helpful because the trades you are taking assume that your trend trade will work.
No one is going to learn to trade on one of these threads but watch who controls the close of a bar, see if a controlled close gets follow through. Is it coming off support or headed into resistance or vice versa. Use an MA, does it have slope or is it meandering around. Price is always telling a story if you learn how to read it. If you don't get it yet, it takes time for the fog to clear...time and a lot of work. Most will not put in the work and are looking for a holy grail of setups. Even many if not most of those who finally get it will not behave as a consistently disciplined trader. Learning to trade is difficult, learning to behave as a trader is often more difficult yet. Good luck to you. I'm not here to argue with people. If I say something that can be of benefit then, I'm happy to help. IF I say something you disagree with then ignore it. Matters not to me, I am not in nor am I interested in being in the guru business.
All fair points, but would you be willing to share how you traded this today? Care to show a chart with your entries?
In general I don't like trading ranges but I took several trades. The first arrow down came after what is called an inferred pull back, it's only one bar(9:50 EST) but if you dial down the time frame, it shows as a multi car PB. The trade started out well but ultimately failed. I moved my stop over the bull impulse bar (10:15) which got taken out for a loss. The first green arrow was an inferred bull pull back. I like these setups as they trap the counter traders forcing them to cover. The red diamond was my 2x initial risk target which I use on these trades in a range...so no runner. The second green arrow was a similar setup coming off the low of yesterday ( I am big on pivots). I did not take it but the trade was a good one. The second arrow was a pullback off of heavy bear pressure suggesting another leg down. The last diamond was the 2x target.
The blue shaded area is the 30 minute opening range. Measured moves off of these are common but today was not one of them. The double top and the double bottom were not clean enough to interest me. The inferred PB's need to come off relatively strong bull or bear pressure respectively.
Thanks for the attempt to mark up a chart. I don't have time to figure out what the two entries you're trying to show would be, but are you saying you took these trades? It seems the first one, a long at 4414.25 has tiny targets (but luckily also a tiny stop), but its very much in the middle of the range. Of course you have your own trade setups and criteria, but this doesn't seem like you're fading the edges of the trading range as you were trying to explain. No time to get into it now though.. gotta run.
As our friends said it very depend on your style and strategy and i wrote this message to give you another agreement on this opinion