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Thank you all for your valuable input. I agree that Impulse Trading or Chasing the market is to be avoided. However, IMO there are times when chasing the market (not emotional) is practical. To give an example, When the market breaks out of a consolidation one can wait for a pullback to say the 8 ema or if the breakout is strong enough “chase it” with a limit order a few ticks behind price or go in with a market order. I have seen breakouts runaway without looking at the 8 ema for a large part of the move. If we can quantify what constitutes a “strong” breakout, we could add another line to the Entry Rule: Enter on a pullback to the 8 ema or Enter Now! without hesitation if ( n = strong breakout ) At the moment a “strong” breakout is a gut feel and I can’t put that into my trading plan. Strong breakouts are usually fast unless we know upfront what to lookout for, what to anticipate won’t recognize them in time. I just wondered how other traders handled fast strong moving markets “Do you ever chase the market and if so under what conditions ?”

As a short term trend trader… Do you ever chase the market? The impulse to chase a sharply moving market stems from the “fear of loosing out” ( my thanks to Mark Douglas ). These impulse entries have got me into a lot of trouble and have lead me to eventually make my trading rules. In spite of this I feel there are times when it is sensible to chase the market. Times when we are likely or hope to see a big move before a pullback. Times when the market is humming, volumes are high, ticks are staying above ± 600 and gut says get in now. Do you ever chase the market and if so under what conditions ?