second entries!!!!!! first entries produce as many losers as winners!!!! That not a money making proposition, except for your broker. http://www.netpicks.com/trade-entrie...g-second-move/. If you don't know what a second entry is.
It's a bitch that there aren't as many of them. The question comes down to this. Are you trading to get your gambling fix or to make money?
No one knows where the market is going. So the obvious thing to do is look for a statistical advantage. If you don't believe what I'm saying about one legged pullbacks, then do your own look back. And don't change the format and form fit the results. A guy by the name of Dick Diamond calls it "looking for your 80-20 trade. Dick Diamond taught Bob Prechter (elliott wave fame) how to trade. He might know something about the subject. Patience as a trader is paramount to success, but boring as watching paint dry.
Also, I happen to agree with Divergence about taking a couple of winners (however you choose to exit) and vanish until the next day.
I do believe in the second pullback when the first isn't deep enough but as I have traded this for a while though I do get caught from time to time get hit on first pb and getting it back on the second there are those times when if its deep enough that they do win and since I am trying to get +2 wins a day and as you say vanish till the next day statically it has worked out. no method is perfect so we work within the parameters of the system and follow rules. also there are times when you get the second pb in the context of getting a signal I would imagine that's the perfect setup
There's two easy winners and there's two more in the following uptrend. Easily done for the day and getting into trouble doing something else besides risking your hard earned gains.
