Is the classic setup the savior?
If you look back at my previous post about my bias, you could see I was correct during the London open, but as the day progressed, it was proving me more and more wrong. Yet, I managed to take only one trade which was profitable, 27 pips. How I made only one trade? I was waiting for the classic setup to confirm my bias, but it happened only once out of seven pairs analyzed. Waiting for the classic setup saved me from making additional mistakes upon the first one. Had I taken scout trades I could have been caught on the wrong side of the market. In essence, the classic setup saved me from my poor PVSRA analysis.
Marijan
If you look back at my previous post about my bias, you could see I was correct during the London open, but as the day progressed, it was proving me more and more wrong. Yet, I managed to take only one trade which was profitable, 27 pips. How I made only one trade? I was waiting for the classic setup to confirm my bias, but it happened only once out of seven pairs analyzed. Waiting for the classic setup saved me from making additional mistakes upon the first one. Had I taken scout trades I could have been caught on the wrong side of the market. In essence, the classic setup saved me from my poor PVSRA analysis.
Marijan