Though asc triangle on 5 min chart can be used one can not do back testing of such subjective strategy and thus probability study for live market. For beginers it makes sense to use just objective strategies like MA etc...
IMO, Objectiveness is not in system, it is in mind... When one is running high on emotions, it is really difficult for the person to be highly objective and keeps on failing... it is common across the globe no matter whether it is business of trading or any other profession.
I would like to share my own experience - when I passed out with my software degree back in 2003, I was struggling hard to get decent job (IT was just coming out of wounds). I started getting into trading just to keep my mind occupied and get lil relief from the frustration of being BEROJAGAR.. Here my point is I was not going through balanced mind set... During those days I kept on jumping on to different methods, systems, strategies and nothing worked for me....
Then eventually, I got the job in the world of software in 2005 and started getting into balanced mind set... now what I m observing is same bloody methods, systems and strategies started working for me as big as one can say WOW WOW WOW! Then I started getting feeling that it is purely luck that these methods did not work back in 2003/2004 and now in 2006/2007/2008 I am lucky and they are working.... then again they did not work in 2009 so I stopped trading with the thought that year 2009 is not lucky enough for me...
Then in early this year (2010), I accidently happened to visit one website related to meditation and attended a seminar on the subject matter of Left and Right Hemisphere of brain and its functioning...
Then I started going through thought process of why I failed in trading in 2003, 2004 and 2009???!!! Why I got beautiful success in 2007, 2008 and 2010???!!! What is common???!!! As a result I realized that during 2003/2004 I was going through professional problems in life and in 2009 I was going through personal problems in life... During both the phases I was not working with balanced right and left hemispheres of brain i.e. in simple words I was not having balanced mind set due to high degree of emotional flows.. Here emotions cud be anything anger, greed, fear, utter pessimism, utter optimism, access happiness, access sadness etc....
As a bottomline, I would say balanced mindset is key to success in trading... many new traders/readers here might be facing similar problem. Observing Karan's posts I started getting flashes of my past (No personal offense Karan, just got into some past memories)... My intention of writing this long story is to explain that be calm, cool down ur emotions, sit aside and think think think....
I can talk or write as long as you want on this subject so better now I end here with the last word... I love Thomas DeMark's statement, "Read, read and read a lot, research a lot and experiment a lot..." I personally say, reading, researching and experimenting is very helpful in cooling down emotions...
Bests,
Apurv