I better start following you around. Just curious, if you no longer trade this way, how do you trade nowadays? Take care.
It was easy in sim. It happened I just made an exception and held overnight, like @wxytrader and sold it the next day when the market recovered. In live, if that happens I will let you know how I reacted.
IMO the reasons many scalpers lose over the long haul: 1) they have not learned well how to read price action nor dedicated themselves to practice it enough. There are no excuses for not practicing it in today's world with live SIMS. We used to literally have to paper trade writing with pen and paper our entries, SLs. And exits down on paper and manually track our progress. Now we can do this live with a good SIM. Over and over. Even multiple times on the same session using replay. There simply is no excuse for not practicing to develop scalping skills. 2) I as a scalper will lose with tight SLs. IMO a good scalper understands about market probes and wide enough PA SLs are needed. They can be set as hard SLs as opposed to dynamic SLs but they have to be wide enough to allow for normal market probing and volatility for that particular session. Just using a set point SL for all sessions without consideration to the volatility of the session is a losing strategy for a scalper IMO. And the same thing goes for the reward. 3) not grabbing what the market gives me as a scalper and grabbing it when it gives it to me but allowing greed to convince me to go for bigger profits. 4) The inability to maintain high win rate. It is IMO a losing proposition for a scalper using a wide set SL or wide dynamic SL and taking 5 or 6 losses in a row. It becomes too hard to recover in the same session by the close. If I get 3 losses in a row a I am seriously thinking of shutting down for the session as my mind is simply not in sync with the markets. Or go to SIM and see if I can get my mind in sync with PA. 5) the inability to make quick decisions. Scalping requires that skill and even faster decisions as TFs get smaller. That can ONLY be developed by practice which also develops intuition and the ability to anticipate probable coming small moves. 6) Lack of discipline. No scalper can survive without it. There are other things too but these are some of the main things. I know all about the emphasis on preset planning and folliwing it to the T come hell or high water. However, in my thinking it is nigh impossible to corner the market to my plans. I prefer to have a tool box so to speak of techniques that I can employ and let the market write my plan for the session and I grab up what I think the market is showing me the best tool to use for the moment. Each session is different in trend, in probes, in speed of movements.. etc. We navigate in a world of uncertainty in a grey fog where things often are not so clear and cut and dried. Scalping require flexibility and embracing uncertainty and seeing what one can do with it. There are more things but these are enough for now. I have to often remind myself of these things too. It is quite easy to allow oneself to forget useful principles.
Totally doable with a cash account. On margin a different story. I never hold overnight. More reasons than one. I use to trade stocks and hold overnight, weeks, and even months.
Lol you trying to bait me for more attacks? But to answer you, yes. Whittling down is rare but implied PBs happen all session long and they happen at about the same rate in whittling down scenarios as they do in any other scenario.
From one scalper to another: From this post, I know you are real. And if I were SML, I pin this and study it carefully. It is OK if no one believes you. I do.
I think it is his special way of saying a continuation pivot / pattern that is separate and distinct from the immediately preceding trend and / or impulse wave, and a potential entry point. The pause in the trend implies a pullback may be about to begin.. Price action traderz always lead the potential outcomes by taking a position before the action begins, and then getting out of it does not occur. The pullback is "implied" because it has not yet happened, but the move up has now stopped.