TygerKrane wrote:So! I'm feeling the need to hold this EChf short (as I continue tackling "that setup").
I'm half asking myself if I should even be in this trade, or should I be waiting for a more definitive short MOMO on the M20 and then price returning there before I go short...
So I started off with my first entry, as price stalled there, I set a Limit Order hoping price would break below the previous H1 extreme. My second order was triggered, but price was going nowhere, so I closed my first trade for +10p.
I wouldn't normally have 40P SL, but I'm using that +10p I cleared from my first entry. ( i think that is how the idea goes. )
No target, as the D1 shows we are double-bottom status; I'm looking for this to fall through.
Why am I not instead trying to trade Long from DWM low extremes? --That damn fundamental brain of mine saying CHF has the better hand overall.
Weekly chart shows what I mean better:
EChf short, each entry still only 2.5:1 leverage.
D1, H3, H1:
H3, H1, M20:
Anyone have thoughts on my question in the pic, or just what you would have thought to yourself seeing the charts like that?
oo, oo, oo me I have a comment! Throw that funny-mentals thinking out
the window. At least this is how it works for me. I do some research and
figure out that (place currency here) has mid-term weakness based on the
information out there. I look at the charts for a good entry point and blam,
it goes against me.
I go short again and blam lose again.
The thing is it requires market timing to get in and out of trades and market
timing is gained from the charts. Now if market timing is the most important
part then why not focus on that aspect 100%.
Another thing is I see some (ok a lot) of people saying my zline, ect failed.
Well look at every zline and notice what happens. There is a high probability
that a fade happens. It may be 5 pips or a thousand but it is there and as a
trader you have to learn how to take advantage of that edge.