I got his point and its no big deal but as a fishing purist who would rather take a beating than use live bait I had to say something. I enjoy your thread. Keep up the good work.
Here was another one of my setups. This one would have been a full go but one thing told me no. I don't ever enter in the last hour of the official session. My research had showed in the past a very large percentage of my stop outs had occurred in last hour entries. So I just avoid them fully now.
The setup would of resulted in a small profit. But, I'm still happy I didn't enter all in all it seems its not worth it to enter in the last hour for my setups.
Some people will probably think I'm a real nut job for this post. I agree I probably am. I've been trading to long. In my opinion I think this is the key to success a Winning attitude. You can read all the books that exist on MACD, RSI, bollinger bands, 3/3 DMA, fib numbers, 200 sma, 20 ema, or whatever else. Will it truly help you most likely not. The real secret is that you must have really bigs balls, a cool head, discipline, and stops. And don't get me wrong some women can have some really big balls. If you don't have these naturally trading will be a very difficult endeavor. Regarding a winning attitude, big balls, and discipline. This speech sums it the better than any thing I have ever heard. I listen to it every day. This speech is actually an illegitimate speech of Gen. Pattons to his third Army. Its from the film its not real. It serves a great purpose though. One of the best links you will find for your trading on the internet. And listen to speech don't read it. Its works much better that way. http://www.turtletrader.com/patton.html Regarding stops this is where I use my imagination. Firstly, I want to define a stop out and a loss. A stop out is a strategic retreat. A loss is a loss of capital with out using a stop, putting on an impulsive trade, or making your stop larger after a trade has been put on. I treat my account balance as individual soldiers. Nowadays I'm in Euros and Crowns but back in the day I used dollars so I still play the game in dollars. Each dollar in my account represents one mans life (George Washington). They are fighting a battle for my freedom and liberty each trade I put on. Not like this bs in Iraq but like the liberation of the Jews in Auschwitz. A truly just cause. If you are such a degenerate that can't put a stop on and follow it. You have just caused death to your soldiers. Or you couldn't control your impulses that you had to put on a stupid trade, you caused death. You personally must make a house call to his mother, his wife, and his two small children. And tell them that this man had lost his life because I'm such a degenerate that I can't follow the rules. That i personally caused his death. Your daddy is never coming back because I don't have discipline. If you play this game with your self for 60 days you most definetly see dramatic results in your account balance.
Enter on limit when price hits the horizontal line I drew. 1. Break of key swing on volume 2. Retest to breakout point on low volume (enter on limit)
you don't enter on the initial breakout. you enter on the pullback to the breakout point. is this correct?