FXfreak wrote:ajaymein, i know but the risk increases when i have an entry which is farer away from a possible turning point. but i will look at both possibilities this week.
btw why are you awake? you should sleep now in the us
The way I see it, I am willing to risk 5, 10, 20 pips less profit if my trade has some sort of a confirmation at a possible turning point which makes it a higher probability trade instead of trying to catch a falling knife. I used to just to do the same and just buy/sell when price reached my S/R and ZL zones...but I started using small time frame candles to tell me exactly when price is going to start reversing...you would be surprised at how deadly accurate you can get when the 1m, 5m, and 15m agree with your 1hr, 4hr, and daily.
Yea...i should definitely be asleep lol...but I have started sleeping 4-5 hours during the weekdays and 10 - 12 on weekends since I started trading for a living! The money compensates for the sleep