Flag trading the trend

Quoting qwerty00

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{quote} It's not profit until you exit. The exit is the name-of-the-game for a reason. I've had +14's turn into +1's etc. It doesn't matter because of expectancy. I've never met a career trader who had daily goals - they all had weekly/monthly/quarterly. Can you deal with a bad week of mon:-1 t:-3 w:-1 th:-2 fri:+15 ?

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Quoting moonmist

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{quote} I cannot find a second high at 1991 on your chart or on my five-minute chart. I assume your chart only shows the bars during regular trading session ?

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Quoting ddaytrader

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{quote} The RTH high was 88.50, and the double top was 91 and the failure to hold 88.50 as support. Double tops rarely match tick for tick. In fact, my experience is that the likelihood of at least a 10 point profit is increased where there is a breakout above the previous top (or below the previous low) that reverses. After all, that is the bais of the Trader Vic 2B trade.

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Quoting ddaytrader

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{quote} The RTH high was 88.50, and the double top was 91 and the failure to hold 88.50 as support. Double tops rarely match tick for tick. In fact, my experience is that the likelihood of at least a 10 point profit is increased where there is a breakout above the previous top (or below the previous low) that reverses. After all, that is the bais of the Trader Vic 2B trade.

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Quoting moonmist

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{quote} Thanks for the explanation.

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Quoting ddaytrader

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{quote} {quote} I placed a copy of Trader Vic's 2B schematic into today's M5 ES chart to illustrate how I view the set up. {image}

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Quoting Divergence

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{quote} now that's a beauty 2b! !!!

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Quoting ddaytrader

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{quote} I could deal with such a bad week very well. I've often allowed myself to think in terms of daily goal, though I have long accepted that there will be days, even strings of days, where not only do I not hit the daily goal but where I end negative for the day or the stretch of days. Weekly/Monthly/Quarterly make much more sense as this is a business, and not a job. Too many, myself included, come to trading with a desire to replace our job income, and fail to do that so long as we approach trading as just another job, rather than as a business....

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Quoting ddaytrader

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{quote} Yes it is - you might as well call it "textbook." I didn't take the bull flag long because the flag really formed in the middle of yesterday's range. Flags are most successful when they build near the high of the run and above the prior range.

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Quoting JMaurice

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{quote} Thanks for the conversation here - its been interesting to read. My goal when I first started trying to trade was to make a living from it and quit my job. However, since that time my career has rapidly accelerated and it would now be much more difficult to replicate the income from my career. So trading, how I view it in my mind, has morphed to some extent, as an alternative form of investment at this point. For sake of comparison, my career involves the placement of capital that yields 20-22% 3-year IRRs with 1-2% cash-on-cash yields/year...

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Quoting ddaytrader

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Here is tick for tick double top (so far) ... hasn't triggered any action fro me yet ... watching and waiting .... {image}

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Quoting ddaytrader

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{quote} Now there is a set up, but no trigger (at least not as I trade these - though there are many ways to approach these situations, and some traders are no doubt already short and from prices higher than I would be looking to enter). {image}

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Quoting moonmist

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{quote} After getting your 10 points, you just fall asleep ?

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Quoting ddaytrader

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{quote} ?

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Quoting moonmist

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{quote} I was joking. You did not post anything after lunch time. I thought you were done for today.

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