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It was very difficult for me. The bars were huge and kept reversing.
It's easier to identify the wedges on the one minute chart and then do it again on the 5 minute view.😀
Sorry, I'm kinda a new. How does the picture above show me when to enter? It seems there's a double bottom, then double top, then 3 pushes down then reverse and then double top, etc.
However, I would only see it at the end of the day. During the day, it's moving up and down and I couldn't even predict what's happening next.
The slanted green lines are the 3-push wedges. Can enter after the 3rd push after a good reversal bar (beyond the reversal bar) using a stop order for entry, provided your assessment of the traders equation is positive enough.
Yes, other factors (besides wedge tops/bottoms) such as double top/bottoms, climax tops/bottoms, key levels, tests of levels and trend lines, etc.. will be part of your assessment of the traders equation.
In my opinion, your documented trading plan (which you will have been developing over time) will help simplify all this by making the process somewhat methodical.
Some people dont use a documented trading plan. I personally couldn't imagine not using one, as it reduces the stress of rethinking and remembering the trading decision process after each bar or swing.
Would you mind sharing with me the structure or a sample of a trading plan? I'm trying to get my self organized in a methodical way.
So far I've been trading a bit on instinct which is terrible. I just don't know how to capture my thought process properly.
I wouldn't mind chatting privately if you like
Just do the course and go from there. Since starting with this course, I've turned away from having a trading plan and logging every single trade, something which the rest of the internet suggests you should do. I've also turned consistently profitable. I recommend at least completing the first half of the course (Price Action Fundamentals) before trading with real money.
Study the videos, really try to internalize the knowledge, and go from there.
I read the books and looked through the videos. I kept a trading log and tried trading with the micro instead of the emini. I could only get profitable once or twice a week. The rest results in losses.
I feel that I might need someone to tell me, hey don't take that stupid trade coz it's a trap. I've fallen into countless traps. For example: see two bear bars closing on their very bottom consecutively, on a minor bear trend. I sell at the market and boom it rushed up trapping me.
How do you become profitable without the trading plan? do you just use one or two setup consistently or do you take any trade and make the best of it
