No one is right 100% of the time, anyone who claims to be s is false. As with all things its about managing risk and ensuring that you don't over expose yourself to the market. Even at a 60-70% historical win/loss things can change very quickly or you may see significant drawdown before you come back into profit. Therefore it is important your account can withstand the worst case scenario. Here is a trade that completed and quickly hit our stops.
We would love to post every trade we take on here for you guys to follow but with other commitments that is just impossible at the moment. I can tell you that our plan tells us that we trade every example of each pattern/chart formation that we use. Unless there are significant news events such as NFP. Often as technical traders these announcements can scupper your analysis.
i always go back historically in charts 5-10 years to look for fractals...sure enough i saw that sept 2011 had a similar setup...with a third leg down that would complete a bullish three drives pattern #shortdat
surefire-ltd
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@kenzboard, Thanks for your input! History always leaves clues, personally I don't tend to look back that far unless I am plotting strong levels of support and resistance. Although the market has psychological levels, each year has so many variables on a macro and micro scale that I personally would never place a trade based purely on historical price action from a number of years ago. I would however look at such things when looking to add credibility to trade entry.