newscalper wrote: MightyOne wrote:
There is no resistance until price closes lower than something.
I would avoid drawing lines altogether and simply ask your inner child what it sees.
Get a pint of liquor and keep sipping until it all makes sense; that is how I learned
That could be a single red bar after a perceived high. It closed lower than the high. And I'm sure we're all beyond taking 1 bar reversals?
If we are beyond taking one bar reversals then we are beyond taking all reversals.
You knit rules into a comfort blanket, but this same blanket obstructs your view. If you burn your blanket, if you wrap yourself in discomfort, then you will see deeply and your internal understanding will grow.
For the purpose of space/stacking this is how you are to trade:
-Your 'position' is a stop loss order on a larger chart, there is no way around this!
-When you 'add' you are trailing your stop along the chart as price is moving in your favor.
-When you 'add' you are cutting your risk box and increasing your reward multiples.
-If you ignore the above universal laws of making money then you error greatly.
-Your entries literally do not matter if you have good position; if price is not moving towards your stop then it is moving away from your stop, that is all she wrote.
-Acceptable risk levels & large profit targets determine where you should enter.
-Timing is the '10% skill' part of trading.