Nicodemus, Wait for a retracement or consolidation... After getting your retracement (or consolidation) how do you determine when to take a shot. In other words, is the retracement just a temporary pullback, or maybe just a consolidation for the rest of the day, or maybe even the prelude to a collapse. If you buy during the retracement (anticipating the resumption of the move upward) your money is tied up, you risk further pullback during the retracement, you risk collapse, and even if you let it "time" out for breakeven you've lost the commission. If, instead, you wait for the breakout you risk chasing and not catching it, or catching it and having it be a false breakout because everyone else was watching the same retracement as you so they faded it, etc. I know there's no holy grail answer, but I think it's an important topic for conversation as retracements and pullbacks on charts really look easiest at the end of the day when you're reviewing things and saying to yourself, I should have gotten in right there!