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As far as I know a lot of traders are using trend line breakouts. They say when it breaks out you get impulsive move. I personally don't like them because trend lines are not as clear for me as horizontal S/R lines.
Trend lines work the same way as any other S/R lines. You can trade breakouts and feakouts. I think with smaller targets as you use it can be profitable. I used to look for major reversals on trend breakouts but a lot of times price continue to move in the trend direction after the break and you get another trend line.
I'm not a better trader. Just some thoughts.
Here is what I mean by "not clear for me" you can draw many more trend lines on the chart and I personally find it confusing. I guess one needs some rules about trend lines. Like first two swings Highs/Lows or look at the angel of the line or something else. If those are really clear trend lines for you and you wouldn't draw them any other way that's great.
I don't think it looks easy at all. There are always entries I wonder why they were taken, and other entries I wonder why they were not taken. Obviously there is an element in PandaWarrior's personal trading instinct that cannot be pointed to by arrows on the charts
About the entries I have to agree as every discretionary trader will trade (at least slightly) differently. But even if there are entries I may not understand or agree with, most of them seem reasonable to me. I have to admit that I didn't really look at the entries not taken as it wouldn't make any sense to judge a discretionary trader by my rules.
I think that the gut feel indicator is quite an important one, but it hasn't got any arrows...
Isn't that instinct (part of) what lets some traders excel? If you didn't need any instinct it would probably be much easier to code profitable bots....
well after 3 hours worth of work, I have ten ticks to show for it....and I am darn happy to have them...
The long trade that worked was followed by a few break out trades. I have a mental block about them and while I saw them just fine, I couldn't take them. I kept wanting to be short....thankfully I didn't act on that until it was short but I couldn't hold anything today.
As this morning got underway, I was super tired from not sleeping at all last night and my hands were shaking like a leave in a Florida hurricane....first time that has happened in a long time....thought I had licked that problem....guess it will always be there in the subconscious. It finally passed but it didn't really help my trading today.
Time to pack it in and try again tomorrow.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Well, another 3 hours today and I stopped out. Looking at the chart which I marked in real time exactly as you see it, I could not get it right.....incredible how blind I was for some reason. Also I had an itchy trigger finger. Could not keep my hands off the damn mouse.
I think me missing the run up had something to do with the terrible trades at the top of the rally but does not explain the stupidity at the bottom.....
Something to think about the rest of the day.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
