I think Sam Seiden's view is summed up in this quote taken from an article posted by emene the other day.
"One of the most important things to understand about proper trading is that visible confirmation and low risk opportunity are completely inversely related in trading."
H2 and Tobin summed up the considerations well above.
If the level meets all the criteria laid out in Sam's odds enhancers - found in the first post of Kenny's Romancing thread - then it is reasonably safe to enter without confirmation. Although nothing is for sure in trading. If you want to trade conservatively or have little experience then it may be worth looking for confirmation from high probability levels.
If you are unsure about the level, considering the odds enhancers, you may want to skip the trade or look for confirmation first.
The benefit of confirmation is that it increases your win rate, the downside is that it reduces the reward and increases the risk, ie your stop is further from your entry and your target is closer.
Ultimately it is down to you to decide if you want to wait for confirmation, taking into consideration the costs and benefits laid out by others and above.
You have to decide for yourself what type of trader you want to be.
My two cents, probably summed up more eloquently by others before. GL
"One of the most important things to understand about proper trading is that visible confirmation and low risk opportunity are completely inversely related in trading."
H2 and Tobin summed up the considerations well above.
If the level meets all the criteria laid out in Sam's odds enhancers - found in the first post of Kenny's Romancing thread - then it is reasonably safe to enter without confirmation. Although nothing is for sure in trading. If you want to trade conservatively or have little experience then it may be worth looking for confirmation from high probability levels.
If you are unsure about the level, considering the odds enhancers, you may want to skip the trade or look for confirmation first.
The benefit of confirmation is that it increases your win rate, the downside is that it reduces the reward and increases the risk, ie your stop is further from your entry and your target is closer.
Ultimately it is down to you to decide if you want to wait for confirmation, taking into consideration the costs and benefits laid out by others and above.
You have to decide for yourself what type of trader you want to be.
My two cents, probably summed up more eloquently by others before. GL