For fun, I will analyze the 1st chart using PA, but normally would have my indicator to help confirm direction. Also, as noted, I am doing analyze after the fact, not on the hard right edge which is what needs to be done in real time. In the 1st chart, the market is in a range. Profits can be made in a range. Thankfully, the range is big enough that it is not a barb wire which should be avoided. Next, the market breaks out of the range to the long side. It is possible to make money on breakouts just like failed breakouts. Once the market confirmed breaking out, you would want to get in long and hope the trend carries your trade to the profit target. If you had 2 or more contracts, you could scale out.
Yup. You are right with many of your comments. You seem to see what I see too. About analysing only after the fact...this is also why I made the indicator in such a way it helps with the analysis in real time. I am always looking around if there are other traders with a similar approach; to let the indicator/computer do some analysis for you. Sort of like a decision assistance tool. Here's a sample view, I hope its not too messy :
Pardon me sir, I do understand him, every bit of it. Just that I chose to push my own boundaries harder, to test them and see the truth for myself, thats all. I appreciate sound advice like this, but I always insist on testing them myself. Its not that I distrust the advice; to test advice in this manner brings 2 advantages/outcomes : 1- if the advice is solid, further testing generally would provide further proof that the advice holds true. 2- if the advice is not solid as it seems, further testing will bring it the pre-assumption into question. The only problem is that the means of testing has to be non-emotional, rational and non-biased. Like science and math. One particular trader mentor strong encourages me to test very single assumption, even the so called hard truths we all know. Like 'cutting losses short' or 'letting the trade run'. When you see it again, it actually brings out more questions like : Cut losses? How much is considered small? If I tell others its 20 pips, I also want to back this number '20' up.
The initial position is still alive. I've added another lot to this 'winner'. Gonna lose nothing again since using profit from a quick scalp as a pin cushion/buffer. See you next week!
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