By confirmed reversals I mean that I see a setup and an entry in the opposite direction of the old trend. Until then I give it the benefit of the doubt to be a retracement, and I wait it out. Retracements offer lower money making velocity and higher risk, than resumes in the trend's direction.
Thankyou, I see what you mean. It seems to me that from what everyone has said, one could always tell what is happening at any moment and if it were paired with pattern recognition or some sort of indicator you could have a reasonably good idea as to what would happen next.
Remember that everything starts with the trend and one must first define the trend they will trade by with strictly defined and unvarying parameters. These strict parameters become their lifeline because as support and resistance play out in the market everyday, one can begin to see the strength price has in either direction based on those fixed and real points created in real-time. Do not be lulled into complacency with indicators or studies that are based on calculations or statistics such as Fibonacci, Gann or Elliott. Stick by a hard and fast rule of, "If I Can't Verify It With My Own Two Eyes and Common Sense . . . It's Too Inconsistent to Create Steady Profit." The price oscillations of any market will define its trend based on the specific chart increment you are watching. Just don't complicate your trading environment with inconsistencies. Good luck on your journey and stay focused.
Hi I just downloaded Ninja Simulator. It has these data feeds: DTN.iQ eSignal Interactive Brokers MB Trading TrackData TradeStation Does anyone have any comments on which ones would be adequate for the e-mini S&P 500 futures? Or maybe I should say, what one is the best for a reasonable cost. (I guess data is free for x days though.) Thanks, - Stephen Szpak
Waiting around for the trend or trying to work out what the trend is, is a complete mindf**k that can only get in your way. In intraday trading lower lows and higher highs would just keep you out of the points. They can be very lagging signals. The market is made up of gyrations (eg YM). Its as simple or as hard as that. Make your money from utilizing those upmoves and downmoves. Enter any new move on BO from the preceding opposite move.
cheese.............not even close............breakout trading is dumb and dumbest............high percentage losing........u got it backwards.........u lose all advantage when u buy high an dsell low 1/2 of time...........not even close to the real answer............when u r entering i am leaving with money........consistently..........and plenty of consistency and money........