newscalper wrote:Well, I don't know about this. Now -17. Will post charts later. Seems like every trade I take lately just gets steamrollered when playing a typical up/down second shoulder type entry.
If taken on hourly momo there's 4hour mom000 engulfing both sides etc. Which side will win out? It seems like I'm always sat here waiting for the reversal, the reversal seems to come then there' another continuation from what I thought was the final momo blowout into the area.
I'm just not seeing something right.
There are basic ideas that need to be observed, such as there being only one highest high and price going higher so long as it is closing higher.
At minimum I use cc and a 9-period to better understand the flow of price over time. Before entering a trade I would like to see that it has purpose on a higher chart; usually that I can ride it to the longer period close over "something" and that close would be significant in the context of that periods cc.
Now the question: was it wrong to short where you did?
That really depends on your position (point of greatest risk) and the context of your trade (is this the wick of a monthly candle after a strong close over "something" in the previous month?). A monthly wick could move hundreds of pips counter to the direction you want to trade, but that doesn't mean that you were wrong for trying to establish a position with minimal risk and maximum upside.
I give you an extreme example to show you that everyone is right according to his plan (if he has one) and wrong according to someone else's plan (if they even have one).
All it takes is one trader somewhere in the world to make you look like a fool for ever drawing a line on a chart. It is more important to follow your heart than to follow a glowstick.