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How many SetUps do we use?
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How many SetUps do we use?

  #1 (permalink)
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How many SetUps do we use?

I am wondering how many setups you often use for an instrument, I have counter trend setup, pullback setup, opening range setup... but sometimes I feel overwhelmed and too many considerations. I would like to have your suggestions, should I give up most of setups and keep using ONE SETUP? thanks

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  #3 (permalink)
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How would you define a quality setup ? or high probability setup with greater reward than risk ?

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  #4 (permalink)
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thanks

I prefer High probability setup. and I don't often count RR ratio.

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supermht View Post
I am wondering how many setups you often use for an instrument, I have counter trend setup, pullback setup, opening range setup... but sometimes I feel overwhelmed and too many considerations. I would like to have your suggestions, should I give up most of setups and keep using ONE SETUP? thanks

If one setup works for you, then stick with it and increase your volume.

I only use 1 setup. Take every with trend pullback Until it failed.

My trading journal on the setup:
https://futures.io/trading-journals/8606-simple-method-journal-get-you-demo-live-trading.html

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supermht View Post
I am wondering how many setups you often use for an instrument, I have counter trend setup, pullback setup, opening range setup... but sometimes I feel overwhelmed and too many considerations. I would like to have your suggestions, should I give up most of setups and keep using ONE SETUP? thanks

I would define mine as follows:

Breakout/Breakdown
Fade Breakout/Breakdown
Trend Continuation

When trending I'll trade style 1 & 3, when range bound I either don't trade at all or trade style 2. I prefer to trade with trend and trend continuations, and not counter trend or reversals. Everyone has their own style and what feels right and comfortable to them.

Best thing is to just keep track of your setups in an Excel spreadsheet and track each setup independently so you can know the performance of each method so you can ultimately improve or refine your overall strategy. I encourage you to keep it to no more than four setups.

Mike

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  #7 (permalink)
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Thank you for your help

Thanks, Mike, very helpful, for now I am going to stick with PullBack setup as CW3000 suggested.
and there is a perfect Pullback setup on YM today!

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Big Mike View Post
I would define mine as follows:

Breakout/Breakdown
Fade Breakout/Breakdown
Trend Continuation

I would say the same for myself. On the other hand I feel like those are basically the 3 types of directional trades you can take at a profit. There just isn't much reason to counter trend trade since for it to even work you would have had to identify the trend anyway so why not trade with it.
You could maybe include a volatility breakout/triangle kind of setup that would be different than a breakout/breakdown from a range but beyond that the bases should be covered.
Super, you might consider getting rid of some of the indicators and just think more about what they are trying to tell you based just off looking at price itself. To me that chart looks like someone waving their hands in front of your face trying to distract you from price.

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I have found it helpful to keep a few different setups in your toolbox. You don't need to trade all of them every day, but it's a good idea to be "fluent" with more than one setup in case your preferred setup isn't working.

I have different setups for different market "moods." Some days it seems that every trend keeps on running, which favors a breakout approach. Other days every breakout seems to fail, which favors a fading approach. Etc. Nothing works all the time.

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I have 2 setups one with the trend one against the trend, and I can spot them in my sleep. I think it's better to have 1 or 2 setups that you know inside and out, rather then have many setups that are not 2nd nature to you.

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