DislikedBeen in GBPJPY since beginning of the week - seen some good pip gains, but have a small return as I had small position due to massive SL on weekly. Everything going well until last night when I started messin'... On the four hour chart, it's been stepping up nicely, so thought I'd double my position when it broke the current box. I set my buy stop and stop loss just above my current stop loss, so I would be left with some profit if everything went south. Within the next hour, price raced through my buy stop, then whipsawed to take out my SL. That'll...Ignored
Just remember that a good setup doesn't really know what time it is. The markets lately have been pretty active even in the Asian sessions and as I said, time of the day shouldn't put you down from going for a trade that is valid. The only time I would be careful and weary of the time is when trading late on a Friday as that leaves you vulnerable to gap plays when the market opens next week.
You made a good point about keeping it simple and leaving the scaling in and out of trades for a little later when you get a good grasp of PA. What scaling in and out does is, it makes your position size vary depending on how much confidence you have in the way the market is currently moving. That is really good when you are seasoned trader and know that you're watching charts as is, without the emotions attached. Earlier on however, it can lead to a lot of inconsistency as almost every bar that prints, you either feel good or bad about the trade you are in. It does call for a lot of research and practice which is best left till you have gotten good with the basics.
Just my opinion of course.
g.
I believe . . .