Hello there, I was hesitant to write because it is addictive, and right now I am using all my spare time to test and test. I am still in the process of making this work, although I think I have overcome most of my fears mainly because I have put myself finally to the task of testing before trading, but there are still things that elude me, the good thing is that I think I have finally come up with a way of finding those things via research. Thanks Db once again for doing all that you do and pressing all of us to commit to do the hard work. Btw, thanks for the PM Kp.
Nice to hear from you Niko! As much as this trading business is such a personal journey, I will always be grateful to the members who put me on the right path. Even though we have to be non-human during trading hours, outside of this, the personal connections are most welcome. I'm happy to hear you're getting closer!
This was introduced in chat. Essentially it is a means of short-circuiting hope: if the trade isn't going as expected, just exit, or "scratch". The quicker one is with it, and the more at ease he is with it, the more likely he will be -- and the faster he will be -- to re-evaluate the situation and re-enter, if all the criteria for re-entry are in place. You may find Niko's journal at TL useful.
In order to obtain any benefit from this, however, one must first have a well-tested trading plan. Without it, he is essentially giving his emotions free rein to make all the decisions for him. This accomplishes zip.
I too had something similar going into the open. I don't quite have the resistance line at 30 marked, more so the apex of the hinge/range. That level at the bottom, (mine line is red because of the significance) has remarkably come into play again! (I've got mine at 93 vs. yours at 94... but given this is taken from an hourly chart, I guess this is splitting hairs.) EDIt: What also made me draw in the apex of the hinge is that it looks like price comes up to test it from the bottom right after it leaves where I outline the range.