aldomcfaldo wrote:PTG wrote:TheRumpledOne wrote:
COULD YOU TRADE THIS CHART?
WHY OR WHY NOT?
Sure I could.
Because all you need is to expose yourself to the market in a direction and exit the market at your discretion.
And because it is my goal to be profitable over an X number of trades, X being statistically relevant, say 100+, I would opt for a RRR of > 1.
No need for analysis (history has no bearing on the future), no need for guessing or trying to predict the future (futile), none of all that stuff.
That includes historical statistical analysis carried forward to the future by the way. Highly overrated.
Can I ask then how you decide to enter the market and in which direction or do you base everything purely on feel? You seem to have a different attitude towards trading compared to your older posts. Its interesting.
Yes that may be different. I've had quite a few years of Yale-ing around and decided to ditch it all completely. What I do is quite easy and it's more about the exits and not the entry. I enter the market when I feel like it, usually around London Open, at the start of an hour on an H1 chart, first trade in the direction of the previous bar (latest closed bar), then I wait for an opposite entry which could turn out to be the extreme of the day, and I may add another one in the same or opposite direction, depending on what the market does. I could start with a long, then add a short, then add a long again, and the short stops out leaving me with two longs. Or vice versa. Or the market just takes off. I then wait until I have enough profit overall and close. Could also do this on H4 or D1 or W1 or lower time frame charts. No thinking, no what-ifs, no analysis, no SR, no squigglies, no trying to predict what's going to happen next, no BS.