My thinking was: I don´t know how far price will go to the upside, perhaps it breaks the top, perhaps it does not. The only thing I know for sure, is that the SL is "broken" and that sellers failed to make a LL, I have not lost any money so far (assuming I closed the first trades at the break of the line). So why should I quit? The only suspicious things I detect here, are: 1. Price retraced more than 50% of the upswing from 9:43, and, 2. What I thought was a RET looks fishy, as first buyer´s attempt failed to break 54.75 forming a TR in a smaller interval. I know I am missing lots of variables, but right now I am focusing on line breaks and RETs. I need to do this one step at the time in order to get the whole picture on the way. Shouldn´t I be doing that?
Depends on whether or not you want to scalp. If you don't, price failed to make a higher high that held above the range. Therefore, the short at 1010. Price should then work its way toward the opposite side of the range. Until it gets there, you short. But it didn't make it. That doesn't mean that you should be going long. You're inside a range. If you don't want to scalp, then don't trade until you exit that range.
Thanks G, yes as I have a linear way of getting knowledge to flow inside my brain (the things you learn when trying to trade ), I noticed that i have to go variable by variable, I know that I am currently leaving a lot outside, but I used to get my head mixed up with everything at the same time and really did not get anywhere. Last two weeks had been enlightening to say the least, and I finally understood the line issue, I just want to make sure I get it right before incorporating other variables.
It should go without saying, but apparently doesn't, that one should learn how to trade before trading. Those who are having the greatest difficulty with this have not yet accepted what should be obvious. Can anyone guess why anybody having anything to do with trading should give a discount? Particularly a broker? Could it be that the broker is encouraging the trader to trade? Why would the broker want to do that? Let's not always see the same hands.
We all go at our own pace. Now that you have started to identify line breaks and retracements keep an eye out for being in a trading range or close to S/R. 1) SL/DL breaks + RET 2) S/R 3) TR Used for entry: 1 @ 2, 1 = YES (aggressively) @ 3, 1 = No (caution/give room/stay in if already in/time) I don't know if this semi-mathematical exposition makes it easier for your statistical mind to digest it better. Gringo
Actually S/R are not a factor here, exc in hindsight. The question is whether or not price can make a higher high or a lower low, in this case, 47 or 62. If it can't, then you may be in business.
Your point is well made That happened because... The platform collapsed, I lost about $300 on a trade. I waited till the end of the day to call and didn't complain, or ask for a refund. Just asked what the smartest way to deal with it or be prepared should it happen again. Who should I call if I needed to get out of a trade, etc. The guy said that he couldn't do anything about the loss, but he gave me a permanent discount. He looked at my account and could see I obviously didn't know how to trade. What he did felt good at the time, and I'm not complaining now... but it does look a little different!