Okay, I pulled the trigger. A signal came in near the A down. Definitely a brake trade tho. I hate those trades headed towards the pivot. I am trend follower thru and thru. But for the sake of this thread, I am willing to follow thru with this trade with gnashing of teeth. I am hoping price action will take it into the pivot and stall it there since there was a big move and some will want to take profits. If it goes thru the pivot, all the better. If it stops me out and makes a C up, I expect price to take some of the pain away from the A down trade.
Stopped out of course. But the loss is much smaller than the potential for gain, so that is why I went thru this cycle. Approaching a C up.
Yep, I was short to see if I could catch a few pips when price challenged yesterdays pivot. I posted earlier that I hate that, as I am not a fader. But the idea was to show that even with a loss, the probability of a large gain is much greater over time.
My rule is I never take trades in the opposite direction of a confirmation. Much easier to look for entries in the direction of the confirmation. Much easier!
That's one of the greatest things about ACD is not the trades you get into, but the trades it keeps you out of. I can't tell you how many times I had to sit on my hands doing absolutely nothing bored out of my mind waiting for a trade. Thank God my discipline is probably in the 99th percentile.
"The best traders sit on their hands 80% of the time" Mark Fisher from one of the videos. Does that mean the mkt trends 20%, any studies on this?