My favorite setup is a high tight flag, On a fast moving but liquid instrument, Within a bull market and a strong industry. Because … If a stock makes one leg at +100%, Retraces -20% then it can go +80% from the high. It’s a 4 to 1 trade with 50/50 probability. In the meantime you can improve your worst case + double down once the price makes a higher low.
You admitted to yourself you're essentially a failed trader after decades of doing this. What kind of secret Holy Grail trading knowledge are you keeping locked inside of your mind and not wanting to share openly, SimpleMeLike, Hunt an Elephant or Rhino...go big game hunting in the market, leave the squirrels and rodents to the amateurs and scalpers, stop trying to win top prize in skee-ball. Play in a different league.
Where is your journal showing your wins? Did I miss it? Stop talking down to people when you have not proven your own mettle.
I'm new to this forum thing, but If you already have your own process and you are asking just to get a sense of what has been working for other people... In my experience - lately parabolic long and short setups have been working - of course, I have my own set of criteria for those, but generally speaking they have been a better approach than buying breakouts from downtrend trend lines... I personally do not trade on unexpected news. Also, if you want to talk about establishing your own trading process, I would gladly try and help.
The most reliable tools; PRICE ACTION ,RSI divergence and Volume. This setup is enough for me to take quality trades.
@Sekiyo Sounds good. I have to try sometimes. Can you give me some examples or previous trades? @tradersmantra I love price action. But you combine it with RSI and Volume. What are your criteria?
Hello MacBookProHo, You should try hunting, it is very challenging, but most important teaches integrity and being ethical to the life of animal. If you going to call someone a failed trader, perhaps, you should show us proof of you being a successful trader. I sure would love to see it from you. Why you do not join www.kinfo.com like I plan to do to show other traders in the industry I am an legit trader? Give back buddy.