DislikedMorning Traders, signal appears to be shaping for continued downside; however it will only be validated by the MACD + SMI yellow lines crossing the 0 and diving for 4oclock.... at the moment even though we see the trend bricks change back to red the signal is inconclusive until we see those yelllow lines. Great week to all. {image}Ignored
Word to the wise, for anybody following the style I've been trading with the little tweaks:
In case anyone is wondering why I have smTMMS OScillator v4 and v7 in my charts, It is because the MACD yellow line in v4 will not cross the 0 line if the reversal is weak whereas v7 SMI will cross and show you an entry (image Points #1 and #2). But with the addition of the smTMMS SMI v7 when the MACD in v4 goes flat or maybe even turns back a little which can make you think you need to be out of the trade; the SMI Yellow line will continue on the original trajectory (image Point #3) telling you not to close the trade as the trend will continue.
THE KEY: Use the arrows for entries and exits, the discipline is to recognize bad/ wrong trades and close them immediately upon perception that they exist (no hesitation) and sit in Trades that will rally until the exit arrow NO MATTER WHAT -sit in them. That really is the bottom line cutting your losers early and letting your winners run, with correct position sizing one hopefully will find equilibrium and then "Grit".
Remember when opening trades it is expected that you will use some pips as bait but it is imperative that you close trades when the arrow reverses or once you realize conditions have changed. *Its better to be out wishing you were in than to be in wishing you were out*
A stitch in time saves 9, im not sure who needs to hear this but cut your losers early and without hesitation.
The more you learn, the more you see
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