Thank you MO for your wisdom.
I try to be a space warrior but there is a problem
I hope for a breakout instead of taking what is possible on smaller TF (trying to catch the longterm).
I have my Position at the bottom and I have entered long at green square and was hoping for a breakout at the red circle.
The price touched the line at the red circle and then retraced (I suspected that the price may turn around there but THE HOPE for a breakout was greater
Instead of taking profit and re-enter lower with bigger size I am still sitting and waiting with the same size
Your box size is way too big! It should be between 15 & 35 pips.
In the past I would oversize my space to catch a falling knife by now I am a little less generous with my pips
Using position types & without knowledge of triangles we would do something like this:
Catch price from a BOx with 35 space, exit based on the 15 minute chart, re-position at a better extreme, & re-enter.
Now lets take a closer look using what some of you cannot be bothered with
A basic knowledge of triangles would leave you sitting long at max or near max size at the same position:
Take a professional scalper with a $10,000 account, he has a 'great day' and makes 80 pips at $4.90/pip ($392).
How many pips do you think that he made at max size?
The answer is about 8 pips!
If he had a great day every day for 42 days he would have $16,464.
A trader of space, using the same initial lot size, has less consistent results over the short term than the day trader & often laments the fact that he spends days to achieve what a day trader made in a few hours work.
Sometimes he might even feel that he would be better off day trading!
And then it hits, a rocket ship is launched, and he is sitting in a day/week trend making $49/pip and profits 613 pips, over a two month period, and his account goes from $10,000 to $40,000 w/ a max size now at $196/pip & he is one trade away from jumping to $160,000.
The day trader would hit ~$100,000 at the end of the year working his ass off.
A space trader could easily reach $150,000 spending many months just rocking back and forth in a leather chair; he knows that it is not about a pip, it is about how much each pip is worth.
Keep your eyes on the prize
Continue to do what other won't & you will reach numbers that others cannot hope to achieve.