cosmoe1 wrote:
as you can see from this shot I do not get winners 100% of the time. lost 10 pips on first trade. closed out 2nd trade +20 pips.
losing is just part of trading.
cos
Nice trading cosmoe1.
Looking at your chart has made a light bulb come on.
A green rat is trying to pick the reversal - so you would need more evidence than a red rat - as the momentum is with the reds.
On your first trade, waiting until a candle closed above the 10 pip sweet spot would have been a better signal.
What I am trying to say is - two (or one) candles would form a bridge over two sweet spot lines.
The lower wick of the first candle, can be just that - a wick. (we are looking for price to be rejected.)
But the reversing green trigger candle should ideally close above the next sweet spot line - Therefore clearly signalling a price reversal.
Otherwise price could just be pivoting over a line. (it was)
The second trade trigged at about 1.5955 nicely illustrates what I am trying to say
BTW I am not saying I am correct - it's just an observation that might help me in my own trading. (Up to now I have been happier taking red rat reversals with the trend - and have not been consistent at identifying a 20 pip reversal zone - so this has helped)
