Should you or should you not chase?

schizo said:
You must believe that you are invariably the last one in line to get filled. What's worse, since you're the last one in line, once your order does get filled, the price will almost always get lifted and immediately move against you.

But what should you do if it comes up and tags your price but doesn't necessarily pick you up? Should you chase it or patiently wait? When should you chase it and when should you not? I think this may be the biggest conundrum for seasoned traders and noobs alike.

BTW you don't need to reply with some irrelevant answers if you don't know. There's no embarrassment or shame in that. :)
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1. Chasing is important... that's what you do with "congestion breakouts".
2. If chasing, you want to be "early".
3. "Chasing late" is more hazardous.
4. When chasing, you're giving the "benefit of the doubt to directional psycho"... that the move in your play will continue long enough for you to make a profit.
5. You can make ANY play... even ones that might seem dumb and risky at first... so long as you exercise reasonable stops.
 
FWIW some of points:
  • Chasing mentality is a cousin of trying to exit with maximum profits.
  • Personal preference is to go LMT to MKT because I can stay in syncc with the movement rhythm, and that is WAY more important to me. Rare for me.
  • Consider if the order is short of the fill, it is the wrong order. It should be set for a high probability fill. Certainty of execution is more important than price, imo. "stay inside the body, and not in the wick".
  • Retail trading has delays, truthfully 1-2 seconds RT to your screen (Submit to confirmation), adding 1-3 seconds deliberating on "where to fill", "will it fill", "why won't it fill", "adjust to fill", can be the difference between smooth trading and janky trading.
  • I like to get my fills "done", and to leave a lot on the table, entry and exit. I swap certainty of execution for ticks. In fact I like to leave over 200% to 300%+ of the PL on the table in a day. I consider that an important metric.
 
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I trade fib retracements, if my first trade doesn't {one position} does not retrace ,to target then i take a second position with a far more confident trade. but never ever chase.
The market has bigger pockets than i do.
 
I ain't talking about whether price will or will nConsider it this way.

1) There is already a STRONG trend in progress.

2) You plan to get in at the pullback, so you place your bid a few ticks above the support.

3) Price does retrace, but it stops just a few ticks above your entry and reverses (so you miss the trade).

4) Once it reverses, it reverses hard. It instantly rips higher by at least a few points (for example, 5 points for ES or $1 or more for stocks).

5) You intuitively know that it's not coming back down.

6) knowing that, SHOULD YOU CHASE IT OR NOT?
 
schizo said:
I ain't talking about whether price will or will nConsider it this way.

1) There is already a STRONG trend in progress.

2) You plan to get in at the pullback, so you place your bid a few ticks above the support.

3) Price does retrace, but it stops just a few ticks above your entry and reverses (so you miss the trade).

4) Once it reverses, it reverses hard. It instantly rips higher by at least a few points (for example, 5 points for ES or $1 or more for stocks).

5) You intuitively know that it's not coming back down.

6) knowing that, SHOULD YOU CHASE IT OR NOT?
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I think you should only view it from opportunity cost stand point

If you have high opportunity cost, you chase the hell out of it since your R:R means that your few trades make your year.

If you're scalping all day, hell no, just let it go and wait for the next one.
 
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schizo said:
I ain't talking about whether price will or will nConsider it this way.

1) There is already a STRONG trend in progress.

2) You plan to get in at the pullback, so you place your bid a few ticks above the support.

3) Price does retrace, but it stops just a few ticks above your entry and reverses (so you miss the trade).

4) Once it reverses, it reverses hard. It instantly rips higher by at least a few points (for example, 5 points for ES or $1 or more for stocks).i only trade the trend to my agreed fib strategy

5) You intuitively know that it's not coming back down.

6) knowing that, SHOULD YOU CHASE IT OR NOT?
More...
......No dont chase any thing rely on the the second fib move,if you know what i mean
 
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