Brings us to
Lesson Number 8 Never stand in front of a freight train.
The age-old adage the trend is your friend must be adhered to with strict discipline. This is why I told you guys to not use the levels as Support and Resistance.!! I use the levels for targets and stops.
Ideally, you are looking for moves that can happen with a trend but to do that you must have a good way to quantify what is and is not a trend?
This takes a little skill and education. I had a mentor that taught me how to accurately do this but you guys could even use something as simple as a couple of moving averages. Even a 5 and 20 would probably work fine BUT I do not want to turn this thread into a teach my a system thread. I am not here to teach you where and how to get into a market.
I am here to share with you what the market is capable of so you can design your own strategies based on the statistical frequencies.
Lesson Number 8 Never stand in front of a freight train.
The age-old adage the trend is your friend must be adhered to with strict discipline. This is why I told you guys to not use the levels as Support and Resistance.!! I use the levels for targets and stops.
Ideally, you are looking for moves that can happen with a trend but to do that you must have a good way to quantify what is and is not a trend?
This takes a little skill and education. I had a mentor that taught me how to accurately do this but you guys could even use something as simple as a couple of moving averages. Even a 5 and 20 would probably work fine BUT I do not want to turn this thread into a teach my a system thread. I am not here to teach you where and how to get into a market.
I am here to share with you what the market is capable of so you can design your own strategies based on the statistical frequencies.
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