Braathen wrote:"What is up? What is down? What is present? What is past? What is happening?"
Sounds like me on a saturday morning
As always thanks for the feedback.
So when you said.. once you see it you cant unsee it is just so true.
This is all i see know
First here is bias short.
Someone said you can do 2 things.. trade away from it or back in.
Today i went against my bias.
Just a gut feeling really. You can see the play between the 2 areas and it just doesn't look short
I make the same call when price is above the daily open.
Right now you see that the trade is above the monthly low and daily open so I wouldn't go short.
Why the longer term bias?:
On the M5 your position size might be 0.75 where as on the monthly chart it is 0.05.
You are making $30/line on the M5, you close out 93.333% of your position, and you are still making $30/line on the monthly chart
It is not a lot of money, but if you add 2 more monthly trades to it and you start pressing them up (consumes near 0 margin to press a monthly) then you can make a few hundred to a few thousand dollars (more MN trades & press) per line while you actively trade the smaller charts...
...keep in mind that you closed out 93.333% of your winning trades to get to this position & are so deep in OPM that you are drowning