10:22 DL broken 10:26 RET but skipped the short as it would send me again inside the TR between 25 and 37. 10:30 SL broken, but no entry so far 10:33 DL fanned, waiting for a RET.
Yes, but then couldn't find a reason to stay at the break of the DL so I closed the long. As I said the short at the RET was avoided because it would have pointed me towards the area that I labeled chop previously.
10:40 RET and entry at 48.75, DL broken and long closed. Feeling a little anxious and I think I lost my focus (based on my inability to take the short here. I will call it a day.
Look at what price does after each of the rets made within that range, at 1003, 1006, 1010. The first reaches a point before falling back. The second reaches two and a half. The third reaches a point. The last, at 1015, reaches seven points in a single surge. This is not something to be shrugged off. At the very least you should wait to see just how much strength buyers have before bailing out on a good entry, regardless of whether the demand line is broken or not. Given the context, provide price with some breathing room.
Interesting, I really never focus on that (wave strength) as I SHOULD . It has been a very interesting week. I will see how can I incorporate this into my rationale during the long weekend. Enjoy the holiday!
It's not a matter of wave strength per se but of how traders behave when they are leaving or have left chop behind. You played the chop correctly, if you were trying to avoid it, but the surge when price is exiting the chop is a signal that it's ready to go, and that's the time to set aside the lines and focus on price. Getting into "wave length" as so many people do, thinking that it provides some sort of quick-and-easy answer, is not going to accomplish much, if anything.