that price never close below my entry on my smallest time frame.
all in all today made decent pips----- considering the market----------choppy
along with that other loser i had the one off the yellow lines--managed to get out at -10
thoughts?-------or is it just S#%$ happens sometimes
You have to realize that although you are referring to the candles you are trading the psychology that they induce.
There are 2 things that I value most when trading:
1. that price never close below my entry on my smallest time frame.
2. that my entry candle never closes opposite in color on the chart my analysis is pegged to.
I can't say that I did not learn a lot from reading NLA
Absorb the market conditions and how you reacted with what happened and learn from your mistakes.
If you trade systematically day in and day out without change then you will eventually lose your edge.
Try scalping with stop reverse orders to offset losses.
Think about a 1/2 position reverse with 2/3 your stop trying to recover at least 1/2 your losses.
If you use experts then set an expert to manage your reverse only by changing the "manage long/short" option accordingly.
- do u ever enter a position off the timeframe u are trading---ie would u enter solely off a 30 min chart wicking your line---and if so--- u would then close it based on 5 min?that my entry candle never closes opposite in color on the chart my analysis is pegged to.
- if I am pegging to a 1hr and enter of f a 1-2 on 5 min my entry bar most times is not going to close in my peg chart direction.----vrs trying to just play momentum off my larger line from the small chart
My concern now after reading what u wrote, is--- have I been getting lucky--bec I am not doing what you described above..
More or less I have been looking at all timeframes if I do not nec. Have a 1-2 on a higher timeframe but are coming into my zline--- I will look inside and try to get a 1-2 pattern on 5 min. If I see a 1-2 on the m15 or m30 I have just been taking them directly off that chart and looking inside on the hr chart---sometimes on the m30 chart I will look inside as well
I also have been wating for a 5 min close below my line and not my entry-and trying to get out after that close.
Do not despair es / pip, I think that your trading is a little to the right of luck
You just have to recognize the difference between long term and short term charts.
Short term charts are traded with momentum and long term charts are traded with position.
When I get a setup on the 30 minute I am dropping down to a 15 minute or smaller time frame to trade that chart.
Why a 15 minute? Because my risk is based on average 15 minute range.
Again, I do not enter via a chart that is greater in time than that used to calculate risk.
That a candle not close against me: If I am not immediately right then some thing is immediately wrong.
That a candle not close opposite to my entry direction: If I am trading the 30 minute long (via a 15m or lower TF) and the 30 minute closes bearish then I would rather exit and trade the 30 minute with candle color than hold onto the trade.
Hopefully in the future I will code a MO advisor to answer all of your questions