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YM channel defined by visual price structure and support. The key is to adhere to simple yet powerful rules of engagement. WHEN I SEE this pattern, indicator, setup or signal I ALWAYS take this action!
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Markets and time frames don't matter...We just have to IDENTIFY the channel based on visual rules and then PREDICT the market will remain in the channel, DECIDE where stops and targets are place and then EXECUTE when the model produces the signal. Here is a different market and a different time frame showing the SAME visual price pattern and applying the SAME Rules of entry / stop placement and profit taking...
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I talk to traders worldwide every day during the week and I hear the pain and frustration in their voices. I ask about their trading rules, system, model. Call it what you like but it is SIMPLY and LITERALLY a PLAN OF ACTION in the market! That's it really! Just a simple set of rules for entry, stops and profit targets. And year in and year out I find maybe 5-10% of traders are following a model that has specific rules and has been tested on historical data to identify the expectancy of the system, the tendencies that can ONLY be seen during the testing phase. What size of Draw Down do you expect? If you don't know that how do you know when the system has exceeded that DD versus simply producing losses that are typical and expected for this trading style? The answer, you don't!
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Trading is SIMPLE but not easy...TESTING is SIMPLE and consumes some time but after a decade in this business I can tell you it is CRITICAL to trading success. Maybe it makes sense to join us for a week and see specific Rules based models discussed in a LIVE trading environment. Who knows? You may just find consistency and discipline aren't such a bad thing after all.
Trade what you SEE!
