So in this hypothetical scenario it'd be buying near the top of a 2 point range, but price could be at the bottom 1/4 of a larger TF. I'm just getting the idea from RN that pros (daytraders) don't ever risk more than a few cents (~2-4 tics in ES), but SOME setups may need a little more room to play out. There could be a handful of 1 minute entry opportunities on a 60 minute setup somewhere between 'confirmation' and a 'failed trade'
I'd define a range as any TF with a previous high and a low. For me to be able to trade, at this point, I look for 2 highs/lows and a low/high
BD The way I read this (your example) Appears youâre getting beat up By not factoring in a longer term TF By the absence of overall⦠and specific context By not knowing exactly, and under what condition (set up) â youâre entering By normal up/ down price movement =================================== Using a low TF to enter, while thinking â by itself â offers some sort of low risk â doesnât work (unless you get lucky) Using a low TF to enter, while factoring in where price is â in a longer TF.., and trading TF â does work, and provides low risk entries consistently ================================ You drew some good context a couple of pages backâ¦. Why no mention / consideration/ reference to a similar type here Why no reference to a higher TF support (for entering long off of) Why no reference to where price is located within the higher TF trend RN
Cant't speak for all pros - but I do use small (few cent) stops No I don't need "more room" - which is nothing but more risk... I do need more patience - enough to wait till price gets within my allowable stop loss... or Enough to miss this trade and wait till the next opportunity arises RN
Does this make sense to you... and is it working? Personally I must constantly refer back to, and rely upon a higher (overall) TF To identify everything trend ranges pullbacks entries exits stops s&r A to Z.. and everything in between Then I'll use a lower TF to fine tune entries/ targets/ stops RN
Good stuff RN. Truth is I'm surprising myself with how well some of these 'real time' lines are working. Like you have previously stated the next step is actually getting yourself to do it. And now I know why it's so tough...fear of missing out, lacking confidence (which is why journaling is important) Frustrating and encouraging all at once. I dumbed down my definition of multiple TF analysis even further. Which pattern (I am observing) goes back further left on the chart = trend, though I will still trade the 'current PA' I will side with trend Finally, upon further review, I don't see a whole lotta 1 minute entry opportunities at my S/R points. My mistake.
In 2 positions now. See if we can get an end of day sell off for 1 million cents. One BE earlier and 1 loser. Out at 3:50 if I am still in.
Nope. Both lost. 3 losers and 1 be. Something worth noting in that when losses are small enough 1 nice winner wipes a handful of them away. 2 winners in a row can make an account swing nicely. Rn?