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DislikedHi Lawgirl
I hope your family in Mississippi is ok with the storms! Are you back in Ca.?Ignored
DislikedYes I am. Got back Tuesday, but had trouble getting from Jackson to Dallas, then missed my connection in Dallas, so it was a long day. Had a wonderful time with family.
Excellent trading, by the way. You, jdcompute and livingston1 are on a roll. Keep it up!Ignored
DislikedHey LG and fellow traders, here is a weird question:
I have noticed myself doing something that might be sick trading psychology or may be reasonable, so just wanted to run it buy the masters:
When I enter a trade (1H BO or 3T) and it goes against me, I find myself zooming out and trying to justify another setup, and often there is a 3tap on a higher timeframe, often on a daily. So I set a huge SL and stay in the trade (sometimes -80 or -100 pips even) and try to ride the higher TF trend. Do you guys ever do that or is any of that sound reasonable....Ignored
DislikedGlad you had a wonderful time with family. We all need to enjoy family when ever we can. Speaking of family I'm going back to demo to learn how to trade the daily candles so I can reduce my screen time of trading the 1h 15 & 5m. Then I have to control myself from staying in the office peaking at the market It's so easy on demoIgnored
DislikedYes, I do that too. In fact the past two weeks I have been starting on the daily TF and working down in TFs looking for confirmation on a couple of them, but looking for the same setups we look for on the H1 and H4 charts. If I am trading the daily, I look for the weekly RSI to confirm my direction. If I am trading the H4 chart, I look for the daily RSI to confirm.
I think a 80 to 100 pip SL is not unreasonable for the daily. I am finding the psychological trick is not to watch it every minute.Ignored
DislikedI can't tell from your chart, but my chart does not show any directional bias for a BO...of course that could change at any minute.Ignored
DislikedTry trading the daily candles the very same way we are trading the H1 and H4 candles, i.e. with consolidation BOs, S/R BOs, and 3 Taps.
For the daily BOs, I am using the first 4 days (candles) of the month instead of the first 4 candles of the new trading day like we do on H1 4C BOs.
Higher TFs require much more patience though, as I am sure you know already.Ignored