A - I'm not evangelical about anything. B - You're right. C - I don't comment on other's journals where my take on things is so completely different. If you want to discuss this with Db (for another 12 or so rounds), please do so elsewhere.
Your diagonal lines are well drawn. Those diagonal lines are not static through time and if you look closely, the downdraft was stronger than the subsequent push up. It is isn't always that way because sometimes the trend changes, but with the larger frames like 15 being in a downtrend, your short trades would be expected to have larger moves than the long trades. Otherwise, there would be no downtrend. Well drawn
you not evangelical, he is. infecting every thread. with zero tolerance for anything that exists outside of SLA,his version
Niceeee. Glad you jumped in that. For me what's important there is price didn't want to go back in the range btw 34-13. Essentially a bopb type trade. Price tried going back into the range once and there was nothing there. Tried again ( your LH) failed again. Good stuff.
I am sure your mentors discussed this with you but you were fighting the trend the whole time if you tried to get a long in today (excluding possibly the time frame between 1320-1428E) regardless of which method you were following......just my 2c
I am not going to go and dissect the chart to judge whether a HL or no HL. But I do judge that I do not think "it sort of seemed" is quite what we've been working on in terms of a trading plan, right? Right. Do not forget the reason for those targets: 1) Trading with good SLA & WTA levels, 5 points will be high% and 10 points not too far behind (at some point volatility will settle down and we'll have to bring that 10 in closer but that's for another environment); and therefore 2) it helps you relax, because you are no longer worrying about whether the market is going to snatch that initial 3 tick profit from you. The idea here is not about making a lot of money on a single trade. The idea is to train yourself to have successful trades, defined as those entered according to your plan, and to make sure you are rewarded for having done so while at the same time getting you out with a reasonable and respectable profit before you have a chance to fuck yourself up. If you get a chance, you might find it interesting to study handle123's contributions here. The guy knows his stuff, and I get the feeling he has raked in more dough from his day trades alone over the years than the vast majority of we ET'ers combined. He does it by hitting for small, consistent, high probability targets. While SLA is not a scalping method per se, you gears, right now, have the trading personality of a scalper.* That has been working against you for a long long time because you were trying to fit an intraday trend following method around your scalper's fashion sense. You are now starting finally to use it to your advantage. Don't go off course. While you may at some point develop the zen-like poise necessary to be the day trading equivalent of a buy and hold investor, that should only be a goal if it develops naturally out of your continued progress. On the other hand, you may just be a natural scalper - Embrace him, gears, because doing so will make you a lot of $$$, while ignoring him like you have for so long will cause him to hunt you down and foil you yet again. Be one with your inner scalper. * I know that scalping in its original sense seemed to refer to the ability of floor traders to buy the bid and then immediately turn around and sell the offer. But in this case I am using the term in a relative manner. Someone taking a fixed 5 or 10 NQ points is a scalper compared to the person who uses a price action trailing stop to capture potential gains of 20, 40, 80 or more points. (This being ET, one is sometimes compelled to state the obvious - as what is obvious is not always ... obvious to all )
Busted… Damn - you call me on my crap and I appreciate the hell out of that. At this time, I need to see a legitimate LH/HL (individual 1min price bar is what that means for me) when trading off S/R levels unless in a range environment - period. Absolutely. As a 'damaged' trader, I need to do this in baby steps. For me, using smaller targets to have me concerned about entries only (not exits too) and being able to capture a "for sure" amount rather than letting it go and not getting anything is better mentally. I do tend to read his stuff - smallish targets, 3 bar rule (no matter the time interval), he's got his shit together and I like his style. I'm ok with being described as a scalper. There's no shame in that to me. You're right - patience and time are needed to be a buy and hold kind of trader. I'm just not there yet and don't know if that will ever be my personality. But I do know that if I'm disciplined with my planning and entries, I can make money at this. It'll just look different than how others do it. Perhaps as I learn and gain more confidence, tweaking will happen that will change my perspective. I'm open to that.
And I was not implying that I have that zen-like poise. There are a few whom I think have achieved it. I am not one of them. Eventually you will learn to recognize those AMT moments where your +5 and + 10 be damned and you're going to go gonzo and reach for a +30 or +50 or more. But its not really "zen-like poise" that keeps you in in those situations. It is the knowing of how pissed you'll be at yourself that you recognized a very high probability wind fall and you cut it short for chump change.