Yes, what I take from you post is that you have not controlled your risk properly.
What I have said about market movement is that markets like to correct between levels. This correction process happens in a way that is simple to observe. It is called the WRB or Wide Range Bar.
When this happens most retail traders find themselves on the sidelines watching it go, just like the Energizer bunny. Often this is the floor and/or institutions who are trying to "strand you". Yes this is as though you were stranded on an island. If you have a position on, and you do not act promptly, you are stuck on an island asking yourself, "what do I do now" and your answer is always the same "wait"...This is what I call a "losers dialogue".
The way to keep from being "stranded" is to anticipate where a WRB might come in. Look at the market on different time frames
I use the 60 min and 5 min charts. Scan left for previous WRBs and look at the price levels where they have occured. At what price point did the last WRB happen? Are we near any previous point on Monday?
I dont want to be overly critical. I do want to say that having "an idea" of where this might happen can be "good enough" if you have a plan in place, and know what you will do when you get a signal. If not, you are still going to be watching when it happens.
Put in your daily, weekly and monthly pivots and check things out closely. If you continue to use them I think you may start to see what I am talking about
What I have said about market movement is that markets like to correct between levels. This correction process happens in a way that is simple to observe. It is called the WRB or Wide Range Bar.
When this happens most retail traders find themselves on the sidelines watching it go, just like the Energizer bunny. Often this is the floor and/or institutions who are trying to "strand you". Yes this is as though you were stranded on an island. If you have a position on, and you do not act promptly, you are stuck on an island asking yourself, "what do I do now" and your answer is always the same "wait"...This is what I call a "losers dialogue".
The way to keep from being "stranded" is to anticipate where a WRB might come in. Look at the market on different time frames
I use the 60 min and 5 min charts. Scan left for previous WRBs and look at the price levels where they have occured. At what price point did the last WRB happen? Are we near any previous point on Monday?
I dont want to be overly critical. I do want to say that having "an idea" of where this might happen can be "good enough" if you have a plan in place, and know what you will do when you get a signal. If not, you are still going to be watching when it happens.
Put in your daily, weekly and monthly pivots and check things out closely. If you continue to use them I think you may start to see what I am talking about
