Time

I remember when I read Alex Elder's books and he introduced me to the Triple-Screen system. Well, Alan Farley explains the same idea.

• First, choose a primary screen that reflects the holding period and matching strategy.
• Second, study the chart one time frame above your primary screen. This chart should identify support/resistance and other landscape features.
• Third, shift down one time frame and look for a low risk entry point.

Some traders, sit on nonperforming positions for weeks and tie up important capital while other opportunities pass them by.

Here is an interesting concept about time. Use both price and time triggers for stop loss management. Time should activate exits on nonperforming trades even when price stops have not been hit.