PTG wrote:prochargedmopar wrote:Rule:
Do not chase price.
Well, look here, it's already up 60 pips and never gave me a chance to get in.........
"never gave me a chance"
Allow me to remark that this is not the case. You haven't given yourself a chance.
For example: you could have switched to a lower timeframe to find yourself an entry, not ?
Surprised like the Wile-E Coyote in the tunnel looking into the light of the fast approaching train
Happens to me too, if that's of any help. But don't blame the train...
Oh, I could have got in.
Two things that held me back were #1, a partner I was chatting with that said convincingly it was going to S2 and #2 according to my MM I didn't want to put a stop larger than 25. This is where I deemed the chart would have told me I was wrong to go long.
While watching price action I noticed that the last correction wave went higher than the previous 4 (20 pips) and the following lower/low was a very weak push (8 pips). I figured you could easily get 20-25 out of this correction when it actually took off for 60 in no time.
Well, not chasing price action with large stop was a smart decision. See 4.5hrs later.
That 60 pip run-up going into gap time was the high extreme.
I think the M1 chart I posted is about as small as it gets and my personal choice for entry if my trigger finger wasn't froze over would have been 133.15.
I allowed the previous 2 losses to effect my current trade, a no no.
I do appreciate your motivational context to your posts PTG,