I agree padutrader. I have this rule in my trading plan. Read the NEVER be wrong part. Two hours til market close on a Friday as well. On Friday's, I always stop trading after 1 or 2 wins so I go into the weekend with no losses.
Do you use daily pivots and previous day OHLC in your trading? Or do you just use pure naked charts and your drawn lines?
I use only trend lines and over the week end I have understood and perfected further my method which is based on break out pull backs...I do not trade breakouts but I trade the pullback in the sense that I enter at time. i am not posting any live entries and exits any more. because i will now be making too many trades to post and they will be scalps for small amounts...it will be too distracting. i also want to watch the action intently with the aim of perfecting what i do much more if that is at all possible i did that because i wanted to show traders that i am actually trading and profitable. but 'there are none so blind as those who will not see' and i know there will be traders who look at this posting and not believe it. so i will be posting only statements and screen shots of my history at the end of trading. these can easily be frauded so you may take them with a pinch of salt. the only reason i am posting this is to show traders what is possible. i will stop this posting also after some time..they do not serve any purpose... if you have any questions i will try to answer them when i am not trading
A l Brooks said' all break outs fail' and this is very misleading.... like most things in trading are....and that is why novice traders-and sometimes even experienced ones-get confused. why is it misleading? because one breakout failing, is actually another breakout's success. How can this be? because the failed break out, is actually a break out's pull back for some earlier breakout