Stay with your time frame.

My earlier post evoked a number of comments. many thanks for your thoughts. Since trading is more of an art it is possible for many of us to have different ideas to reach the same objective (profitable trading).

Once a pattern target is met, I believe it is wise to stay with the timeframe and wait for new patterns to emerge. While ‘taking a rest’ seems like a good idea, the hitting of a pattern target is not a stressful event that requires subsequent rest.

For the Nifty, the pattern that has triggered is visible: the Index has crossed 5100 which was a significant pivot high. New highs are bullish. Buying new highs also carries risk because a failure can mean the trader has bought at the top. But that is the way I trade: go with the trend. The trend is up, so look for opportunity to go long. Crossing a previous pivot high is such an opportunity.

Trading after a target is Hit

A target of 5070 came from an ascending triangle pattern in the Nifty which broke out at 4800. This target has been touched and crossed.
The long trade started at 4800 should be closed when the target was met. What should a trader do now, after he exits the position? This question arises because the pattern under trade is now complete so new patterns/trades will not come quickly.

Among the various suggestions that come to me:
1. Take a well deserved rest.
2. Start a search for new patterns, in different time frames.
3. Stay with your time frame , be alert to any new patterns that develop.
4. Switch to another trading method, i.e. from patterns move to moving average crossover or RSI levels.

What do readers say?