My pledge

So here are the facts:
I've been trading full-time for close to 3 years now.
I've essentially traded only gap stocks.
I've used the :15 OR for most of my setups and...
I've used the fibonacci levels for my targets.

Now the question I have is - why haven't I made consistent enough profits to convince myself that I can daytrade for the forseeable future? I have really struggled with this question as I know I have the knowledge, the tools and the capital to spot and enter good trades. So why, in my opinion, haven't I been able to take the next step to consistent profits?

For me, it comes down to patience. I guess since I consider trading my defacto full-time job that I feel I need to enter trades every day and try to make money any way possible. What I end up doing is forcing trades and losing focus. Straying from my plan. Yeah, I have a plan. Sometimes I stray because I missed an entry due to distractions or being away from the computer. I take a gamble which is not where I want to be right now.

Here's my pledge: I, OONR7, pledge to only take setups that meet my criteria. I will not stray no matter how bored I may be. I will not force trades because I missed some. I agree that it's better not to trade than to force a trade. And lastly, I agree to only trade setups that match the following charts:

Hangin' out:

After breaking through the OR, price consolidates in the lower (shorts) or upper (longs) part of the breakout bar and near the OR.

F-U:
As price approaches the OR and prints a strong countergap candle (ex: hammer for shorts, shooting star for longs) look for the following bar to say 'F-U' and breakthrough the OR with a strong/weak candle.

Brick wall:
After breaking through and on the first pullback, price reacts strongly to the OR. If the first retrace fails to recognize the OR then ignore the trade. There are other setups... don't obsess.


While all these charts are to the downside it's only because that's what the market's been giving lately. Same rules apply to longs.

Stay the course

For me and the way I trade, the last week and a half have been pretty challenging. Yes, I've had my share of winners, but I haven't really had a whole lot of stocks to choose from. Since last Thursday, I've really stuck to my guns, tried to reduce risk, and passed on countergap trades and trades that stray too far from my ideal entry point. Needless to say, the last couple of days have really felt like slim pickings and the stocks I have entered have forced me to get out of the trade early (which is good since I follow a solid exit strategy and I don't suffer a full 1R loss).
 
So, what do I do???
Do I doubt my system?
Do I try to reinvent the wheel?
 
No, I take my losses like a man. I suck it up and remember that tomorrow I can possibly make a 5R trade again. That's how the market goes. That's how systems go. Nothing is perfect and I will continue to stay the course and go long or short depending on the setup.
On a more uplifting note... King Jamie continues to kick ass.