prochargedmopar wrote:Here is the difficulty I am having. I could SEE the Z-line at .2667-.2662 on multiple time frames.
I wanted to take the short trade at .2662 and again at .2656.
I WATCHED/DID NOTHING the entire half hour. 60 pips in the trash. Saw another one a couple hrs later at 2700 level. 70 more pips down the tube. Very frustrated here not being able to follow my rules and take trades.
I must not have wanted to take them very badly!!!
Ended up taking some buyzone trades and getting whipsawed like a big dog. I had +21.7 pips for the day.
This is no different than the posts where people complain about their stops being hit only for price to move in the direction they planned for.
You know the right course of action to take and yet you do nothing.
Fear of taking a trade means that you know what the out come will be; you couldn't possibly know for certain.
You are trading a 15 minute chart and the average 15 minute range is 20 pips.
If a new candle opens and you enter into a position then what is your approximate risk without a stop and what is the chance that you can get out at BE if you are wrong.
It is your plan to exit on the same candle you entered on if you are not in significant profit, according to past momentum moves, by the time the candle closes:
If a new 15m candle opens and you enter into a position 3 minutes before the close of that same candle then what is your approximate risk without a stop?
Do your chances of getting out a break even improve over entering at the beginning of the candle and why?
With limit orders you reduce your risk by having price move to you.
Since price can only move so far so fast, on average, your risk is reduced.
With market orders you reduce your risk not through price movement, but through time. In time price moves using up the range like burning oil there by reducing your risk.
If the candle that closed is the truth and the current candle is the deception then the current candle must always be moving toward the truth.
Knowing that you will eventually get the truth out of the candle you can observe the deception in fractional check points and then better decide weather it is truth or lie that price is moving with the momentum as shown by truth.
PS: It would help you if your chart was not lit up like a Christmas tree.