It sounds like you have despaired of ever developing strategies and techniques that work for you. You have apparently given up and have embraced guessing and hoping. Patterns form because of pressures in the market. If a trader is just guessing and hoping, then patterns have no input on his guesses. He is trading impulsively. He may get lucky in the short-term but long-term guessing and hoping will likely lead to a broken account. There really are rhymes and reasons for market behavior and ways to capitalize upon them.
Good Evening Volpri, Everything you write is correct. One thing, I can say that helps me alot is practice and lots and lots of clicking.
Hello Volpri, No, I have not given up Al Brooks Price Action techniques, I am just saying at times, it feels like I am guessing and hoping. But I know to get better, it takes TONS of practice and TONS of screen size to believe in the patterns and pressure and probing and wedges, and TR, TTR, and BLSHS, etc etc. I believe in what you are saying 100%, but for my eyes to believe it, it will just takes me Tons and tons of more practice. So I am practicing. That is why I am asking the questions. I know I am critical of Al Brooks for time to time, but lately alot of what he says does make sense, but it take tons of screen time to see it to believe it. Thank you,
Hello Volpri, I drew those charts, because both of those charts happen to me in real time. I took BIG loss and refuse to exit the trade after averaging in. So I need to realize when I am wrong, and get out and take the loss. I have to get better at realizing trading ranges.
Good! I encourage you to keep practicing. I think you will see that it will pay off. Don't give up man. Keep going at it. Sooner or later I think it will come together for you if you persist. But make it all work on a SIM first. Actually, if you just focus on learning and trading wedges and micro wedges and practice trading those two things on a SIM the first 2.5 hours of the market I think you will find that there is a good possibility of making a lot of money. Just keep in mind as to where a wedge or micro wedge fits into the larger context (say like a channel, TR, or BO) to the left. Try it in ES, MES AND NQ, MNQ. Adversity will either break you or make you great. Depending on how you respond to adversity. That comes from the GOAT of college football.
Good Morning Volpri, How are you doing buddy? Yes, I gave it some thought last night, I will keep on practicing on 5 minutes bars and study on wedges and trading ranges. How did you learn to draw wedges so extremely well? Do you recommend me learn wedges on 5 minutes bars or 2 minutes bars? Thank you
Hello Volpri, Question please: 1. I Enter short at the close of the green bar at top of the blue line trading range expecting a 20 point scalp down profit target. Add add on 1 contract at each red arrow and exit the trade for a loss at the red circle after the one bar pull back did not shoot down. Date: January 16, 2024 Would you have taken this loss the same way? Thank you,
1m or 2m charts as that gives you more opportunities to practice in a session. Wedges and micro wedges usually abound in the first two hours unless it is a SPBL or SPBR trend. They are harder to pick out there. They are the same on all TFs. Take note that an ii (inside bar inside bar) on a 5m chart are usually a triangle or wedge on a 1m or 2m and you can dial down to the smaller TF to see this if you are trading a 5. Same thing on a 15m chart ii is a triangle or wedge on a 5m. A wedge is really just a slanted triangle. A triangle is a BO mode. A wedge is a reversal, the more ideal the pattern more likely the expected outcome will work.