Hi Mike,
Thanks!
Yes. Agree. Price movement is not random. Very true, now I understand.
Let me repharse it. If someone enter position randomly with R:R=3:1, he will get 75% profit target hit in the long run, without using any indicator. Also, if someone keep trading R:R=3:1, he will for sure lose if he cannot hit profit target for more than 75%. This is not nonsense. Is it? IMHO. Many other senior members here also talk about R:R from time to time, so I think it is a useful concept.
Since I would have done the same thing, even if it were D1, or just look at the historical chart. Honestly. Reaction or discipline is not an issue for me in these two cases, although I have to admit that I am still learning to manage my mental state during trading. Nevertheless, here, it is more about picking the good pinbar to trade.
I believe that you did not comment this in hindsight. Perhaps, it is true that I should not have to take this trade, because it is not a A+ pinbar. It may not as good as my last failed pinbar.
cheers,
kk
Thanks!
Yes. Agree. Price movement is not random. Very true, now I understand.
Let me repharse it. If someone enter position randomly with R:R=3:1, he will get 75% profit target hit in the long run, without using any indicator. Also, if someone keep trading R:R=3:1, he will for sure lose if he cannot hit profit target for more than 75%. This is not nonsense. Is it? IMHO. Many other senior members here also talk about R:R from time to time, so I think it is a useful concept.
Since I would have done the same thing, even if it were D1, or just look at the historical chart. Honestly. Reaction or discipline is not an issue for me in these two cases, although I have to admit that I am still learning to manage my mental state during trading. Nevertheless, here, it is more about picking the good pinbar to trade.
I believe that you did not comment this in hindsight. Perhaps, it is true that I should not have to take this trade, because it is not a A+ pinbar. It may not as good as my last failed pinbar.
cheers,
kk
DislikedHey K
The higher timeframes serve a few main purposes. The most important IMO is that the decision making process is slowed down. When new traders are trying to tackle the hourly when they don't fully understand the concepts they get hit with loss after loss, which usually leads to impatience lack of discipline which all leads to over trading and improper mgmt of trades just like this. I don't mean to pick on you(surely you know I am trying to help), but my post in the PF was made hours before you made this post and it was exactly the example...Ignored