If find my self at the daily low extreme (on the EJ for instance) and I look at the daily chart.
WOW! Price moves 150-300+ pips from a daily extreme just about EVERY day!
So I place my hands under my ass and exit to re buy at a better price as needed, but pretty much just let price do its every day magic.
Even if I lost 60 pips it wouldn't matter because as often as I hit 100+ pips I meet my minimum goal easily.
Look at the weekly chart wick to wick: 450 - 800+ pips right?
Even if you consider the average of the two numbers you are still looking at ~ a 104% weekly return.
Not that you would trade the weekly...
All I am saying is that more is achieved through patience than through force and no person, myself included, knows what is going to happen next.
prochargedmopar wrote:BTW, what do you KNOW is gonna happen next in the above pic.
Do you See it retrace after a breakout..........
Then Your right.
Consolidation before the next breakout.
Now go make some pips.