five years later (the previous 5), still struggling!
- Thread starter momoNY
- Start date
Momo,
You are trading your bias and not what was actually on the screen. You were buying into lower highs / lower lows, a bearish trend line holding, and multiple supports flipping to resistances. I'm not trying to rub it in, but you had a solid area that you expected to hold as support first thing in the morning, but when it failed, where could the market from there but down?
You are trading your bias and not what was actually on the screen. You were buying into lower highs / lower lows, a bearish trend line holding, and multiple supports flipping to resistances. I'm not trying to rub it in, but you had a solid area that you expected to hold as support first thing in the morning, but when it failed, where could the market from there but down?
It's easier if you pick one time frame unless you know well how to use mutiple time frames and it's an inherent part of your strategy. Mutiple approach may not add any value to your analysis and decesions. It will just add confusion.
e.g. a 2 min down trend might just be a 5min uptrend pullback in a15min consolidation in a 1hr uptrend and 4hr directioneless trend in Daily uptrend.
e.g. Novices are taught go only in direction of longer time frame. He takes on the trade based on 4 hr trend analysis but puts in a stop suitable for a 2min trend and gets blown out of the water even though he was right about long term direction. There are many puzzles there to resove just an example.