v8power wrote:What made u go long. Looks like a beautiful sell setup
I don't see a long either.
We see a small move to the top of the cone and then price quickly retreats.
There is a quick move to the break-in of the short followed by bearishness.
The last attempt to rally, before breaking the pennant, looks feeble.
But this is not the issue, this issue is very poor money management.
You trade large charts the same way that you scalp small charts:
If $20 is 10 pips on a small chart then $20 is 100 pips on a large chart & you treat 10 pips as if it were a single pip of movement.
1) whip-saw is non-existent
2) accuracy is increased
3) spreads do not matter
4) if price gaps 40 pips over your stop then it is only -4 more pips.
5) stop losses can be MUCH SMALLER, sometimes as small as 3 macros!
6) leisurely close positions for -1 to -3 macros when the trades are not working.
All of these advantages, and more, can be yours if you just stick to the playbook; you are SCALPING the large as you would SCALP the small.
This means that you are trying to bring your risk to zero and take what you can, TRO style.
What is the downside? It takes a lot of time for a trade to complete.
You can use this "loss" of time to your advantage by trading 3 to 5 pairs at the same time; remembering that, because the size of moves have
less impact, you have more time to micro manage several trades.