Sense.
Your arguement has no substance regardless of timeframe.
That's because you have no idea what I'm talking about. It's partly my indirect way of explaining it, but it's also you being unwilling to see things from another point of view, particularly before rubbishing it.
We know that everything is relative. Markets move on many different timescales, and each will tell a different story. A 1min chart will be doing one thing, a 5 min chart something else, a 15 min chart something else again and so on. Moves on faster charts coincide those of slower charts so what may be a retracement on one chart is a trend on another.
To relate this to my point about "low" (attractive) prices, my point is that any good trade will probably occur at a "low" price on one chart, regardless of where it is on the chart at which we are watching. The trade will probably also correspond better to that other chart than the one we are watching.
For example, say we are watching a chart and the current wave has been running some time. We enter anyway, at a relatively high price, because we think it will run some more. This may seem like a bad trade because we are entering on what seems to be a high price. However, it may very well be a wave of its own on a faster chart. The trade will look completely differently on the two different charts. On the slower chart, it looks like we've entered high up in the wave to sell at a slightly higher price. However, on the fast chart we may have entered on a trough and sold at a peak.
I mean this example to show that buying high and selling higher can also be buying low and selling high from another perspective (a different timescale). Therefore, I believe my point about buying low and selling high (in either direction) is true.
Flip this upside down and you get my thoughts
1. Timing is nothing. Trade management is everything.
2. Don't believe in yourself, if you are wrong then forget about it. Next Trade.
3. Cut losing trades off fast.
4. Never average down. Averaging up is OK.
5. I agree here, you won't always get the selection right.
1. One could consider timing to be part of trade management. Also, timing could be defined several ways.
2. Belief in oneself could just be considered confidence.
3. Not a flipside really, as one can cut losers and give trades time.
4. I imagine this is okay in the right hands.
5. Arguable. If we receive 2:1 on a heads but it comes up tails, were we wrong?
Not saying you're wrong, just another way of looking at it.