Hey Steve,
Good explanation and solid approach to smart trading. Our methods differ, somewhat, but we are after the same goal.
Like you said, you have to be comfortable with how you manage your trades.
I find that spending some screen-time with my charts helps with my decisions. Once I have my setups in the queue, I
start doing some homework. I zoom out on D1 and check W1, to see if the pair looks like it will go my way. I'm just trying
to get the odds in my favor. I also like to see a run-up of several same-color candles, prior to the signal candle. It's not
a guarantee, but it can show exhaustion and a potential for a turning point.
When I'm in a trade, it's really about price action(at least for the way I manage my trades). I want to see strong momentum
pretty much from the get-go. If my entry candle doesn't exhibit strong price action, and it looks like it's stalling, I'll think seriously
of taking a BE trade or small gain. Tomorrow's a new day with new setups.
Chicago
Good explanation and solid approach to smart trading. Our methods differ, somewhat, but we are after the same goal.
Like you said, you have to be comfortable with how you manage your trades.
I find that spending some screen-time with my charts helps with my decisions. Once I have my setups in the queue, I
start doing some homework. I zoom out on D1 and check W1, to see if the pair looks like it will go my way. I'm just trying
to get the odds in my favor. I also like to see a run-up of several same-color candles, prior to the signal candle. It's not
a guarantee, but it can show exhaustion and a potential for a turning point.
When I'm in a trade, it's really about price action(at least for the way I manage my trades). I want to see strong momentum
pretty much from the get-go. If my entry candle doesn't exhibit strong price action, and it looks like it's stalling, I'll think seriously
of taking a BE trade or small gain. Tomorrow's a new day with new setups.
Chicago