maestro007 wrote:I think that if trading out of the daily top/bottom using 15 mins is not the best filter in my opinion.
I am having have had similar problems to you and others regarding taking rat trades.
Conclusion I have come to, is that it is my emotions that get the better of me once I am in the trade.
I can look at a historic chart and see all the good and bad trades I could have been in and generally would have been profitable if I was able to let profits run.
However once I start trading live, everything goes to pot, and I start throwing money away chasing the market. This week I have had a VERY good idea where the market was heading and from what points... However instead of banking 200+ pips, I have banked -20+ pips. lol.
My point is that it is emotions and over trading that is more then likely causing you problems with your rat trades. As it is for me.
What colour rat are you by the way?
Thanks, Mae. I am a green rat (to the literal sense!). If 15m is not a good filter, what would be? I am doing ok outside the 20pips low. I struggle to decide whether to take a reversal trade or not when in the 20pips zone. It seems most of the time I did it, the price went to a new low like catching a falling knife.
What is your experience?