Seems a stop hunt (false breakout)
I have heard someone saying, Don't try to pick a needle with a crane. It holds good in trading. Don't over complicate things. Keep it simple, but just be consistent.
The PNLs we should be looking to compare would show the results of a trader who thinks he knows more than the Market and can beat it, versus the trader who thinks he knows nothing about the Market and is willing to surrender to it, to follow it. Both would be intelligent, but only one is truly smart.............
Process- 1. Watch and wait for setup.
2. Setup arrives - initiate trade
3. trade management system - stop out , BE or hits profit targets
4. Trade closed go to step 1.
OP makes some excellent points and as traders we need to work on an aspect of trading that we prefer - enjoy working on (mines orderflow) , make it yours and then apply it in a simple setup .
I define a setup as a single candlestick or formation that occurs 2 or 3 times in a 100 bar sequence that gives me a low risk entry (profits tend to flow to low risk entries) .
If your not getting the results then you're not following your process or you need to do more work as results are the direct manifestation of the quality of knowledge gained.
Simplicity comes with acquiring the correct mindset and not chasing the next hyped thing to try.
My charts use to have every shiny object on them, drove me mad.
Simple chart /price action and consistency followed!
One of the most "intelligent" posts I have read here in a long time.. Exactly what my thoughts and experiences are as well.
Reminds me of certain posts that I read ..that I grasp maybe 10% of what is being written.. just paragraphs of complicated ideas theories etc etc...
Then those same people will chastise others for saying trading is simple !!! LoL...
They just can't wrap their 150IQ around the fact that simple is the best... And losses are part of business... Their subjectivity is skewed when looking at a chart ..and complicate what really is a simple business...
Curve fitting the f*** out of EAs yada yada yada... All an utter waste of time and thus why they never move FWD...
Always searching for the perfect Moving Averages... The perfect entry Indi...
NONE EXIST !!!! STOP THE INSANITY !!!!
Me personally ...I like the Weekly charts..also look at Monthlies.. But weekly and drill down to D and 4Hr for entry. Simple PA and patterns... Old school Blue...
SIMPLE does work very well.. but it's not easy and most lack the discipline to methodically stick it out....
Although new to this, I completely agree to only having the absolute basics on the chart. For me it's Volumes, EMA (50) and an Oscillator only for divergence. However, I am really struggling with the order of things...
Is S&R more respected by the market or the channels/trend lines? Is there any way we can know in any given time what does the market appear to respect more?
And then get in the trade and manage it. Keep a journal.
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