We actually figure out our entries together. Once the trade is on though we leave each other alone and let the trade play out the way we decide to. Sorry you find it complicated it seems very easy to me. But then I have traded like this in several other markets for years so I guess it would seem that way to me.
I guess that is kind of hard to explain. We are looking at different times I just post the chart which sems to be the most clear for me. Things we look might be helpful for me to explain. 1. Highs and Lows the previous day. 2. Area of congestion ( makes great entries if we break out of them) 3. Big needle tops and bottoms(When the needle is at least double the length of the candle) When you break out of these are very powerful. 4. Is there at least 2 points of movement before the next significant area of congestion, needle, or high/low of the day. We look at all this in 3,5,10,15 and 30 minute charts. Determine how price was moving when it stopped at these levels. It takes us about 10 minutes to figure out and we usually have secondary ones in case we can't get into our original entry. Probably the best way to find out more is from Mark Douglas' book The Disciplened Trader. I have read and re read chapters 15 and 16 so many times it isn't funny. Then one day it just clicked and I understood what he was saying. Seems complicated but it is really very easy when you start understanding WHY price is moving then you can determine where it might move to. I say might because I don't claim to know how to call market tops and bottoms. I just know how to get 2 point at a time. And I know why I am getting it at that level. Clear as mud isn't it...Sorry 4re
No 4re, much clearer. That definitely helped, thanks! I'm going to figure out the levels for tommorrow and will see they match yours.
Good, I am glad that helps. If you want to figure out where you think the S/R levels are good for trading go ahead and do it. Then upload your chart and we can talk about it. There really isn't a right or wrong answer. You could nail it and I am wrong but we both learn. That is what it is all about. It is kind of funny looking at my brothers chart. He doesn't use any indicators at all. He just uses S/R and candlesticks, that is it. He lughs at my charts because I have BB's, and 20, 60 EMA. He says my charts are too cluttered. 4re
Just try to be patient with me here. I am trying. I guess I never really thought anybody would even care to hear about it. But I am just as curious about other trading styles as well. I think people that are used to trading reversals like TI does would have the most trouble changing to breakouts. It is totally opposite trading and it kind of scares you. I just feel like I am guessing when I am looking for a reversal. If I am going to guess I'll go to a Casino where I at least get free drinks.
The end of the trading session closed right at what my target would have been if I would have tried that trade one more time. Maybe that was an omen for me. I will say it is getting hard to determine a good support level since we keep setting new lower lows. Rigth now I would probably use the low of today for tomorrows support. I'll check it out closer after while. 4re