Chart confirmation before trade entry

tech/a said:

I dont classify myself as a punter!

Ive often seen confirmation its that trade you see and think
Bugga should have taken that!

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Often see this when the market changes or cycles and a new range of setups start to sweep through the market particularly on the US exchanges.

nunthewiser said:

Im still trying to work out what an edge means if you have a secondhand plan that 500,000 other ppl have read also and sounds great on paper but usually means shiite in realtime trading ............


no offense intended just wondering what the "edge" is in maximising profits and minmizing losses when one waits till the partys in full swing and could shut down at any time it sees fit..........


anyhoo what would i know i get it wrong on a daily basis

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Have no idea what this post means. An edge is an edge. Even when using a secondhand plan that 500,000 ppl use, there still can be an edge. When your system no longer weighs the probabilities on making money in your favour, then your edge is gone.

nunthewiser said:

And i suggest a scan through 5000 breakout charts and then add up how many retest original resistance OR dip below it , stopping them same traders out because they expected an immediate continuation after holding that point briefly..........

anyways dont matter ..your cash ....your choice how to spend it

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Nun, I think you are getting confused. I used a breakout trader as an e.g. That doesn't necessarily mean I trade breakouts per se, so no need for me to scan through charts.

In relation to the general discussion I think I should clarify my view of confirmation. Confirmation for me comes in varying degrees. I get confirmation when a pattern starts to form, I get confirmation when volume attributes work in my favour. I think Tech hit the nail of the head with term 'validation of anticipation'. I was probably giving confirmation to broad and lateral definition for the purposes of this discussion.

sammy84 said:

I think Tech hit the nail of the head with term 'validation of anticipation'. I was probably giving confirmation to broad and lateral definition for the purposes of this discussion.

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