Quote from Avi 8:
Here is a reply to a PM about my trade today:
Yes it was quite a retrace from a PnL standpoint. Very easy to get caught up in the PnL and get distracted from what the market is telling you. Looking back now would there be anything different to do? NO! Not on coarse or 'forest' level. Now that 7.5 pts will be there for those more skilled. And it is an incentive to master beginner level and move to intermediate and expert level trading where those points ARE banked. I even managed to screw up the exit as I was guilty of dropping down a resolution level.
Look at the volume in the proper resolution, that 'wide range on 50% more' volume bar, was it decreasing or increasing AT MY resolution? Did it signal continuation or change? I was anticipating a pt 3 down to form, what did I 'need' to see? Did I get it?
The point is: don't watch the PnL, watch the market.
Mike
Great message !
