There have been some excellent comments on Michael's setup over the past 6 or 7 posts. There are many trades, a lot of analysis, a lot of Q&A, and dissecting of losers as well as winners.
When I wrote "Chasing success", which is one of the most popular posts on this blog, I said:
"If you pick something and stick to it, you get good at it. Once you get good at it - once you perfect it, THEN you can add something else to your arsenal."
I have often discussed the benefit of trading fewer setups, and the question inevitably comes back "what should I trade?" Michael's setup is a great example - it's a slower timeframe, meaning you have more time to analyze and make a decision. It has well defined entry and exit criteria. If you study this for the month of March, you will no doubt become an expert at a setup that has a high probability of success and occurs almost every day.
Focus! Read all the comments. I'll try to post another chart or two from comments later in the week. In the meantime, soak in the wisdom of Michael, TT, Brian, Tom, and all the others who have contributed.
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Mentoring: The Key to Developing as a Trader
5 days ago
6 comments:
Bravissimo.
i can't agree more...
Well put! Enjoying these posts.
Jim
This is a good reminder to do what is important. Thanks X and I think I'll try this in March.
I agree with the accolades X. Traded a Michael setup today, and netted over a dollar. SODA - entered a break of the 5th bar high, sold at the 8EMA. Reasons for entry - nice rounded bottom, 3rd-5th bars had lower tails, 4th bar wasn't exactly a hammer but it closed green...I waited for 5th bar confirmation since the 4th wasn't perfect.
Sage advice.
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