What do I mean?
When you open up a price chart, no matter what time frame you are observing, what are the odds that, in that instant, it's a good time and price to buy/sell?
A major market turn on a 15min time frame usually happens within 5 minutes and can travel for the entire day before turning; a major market turn on a 4H chart happens within around 1hour and can travel for days before turning again.
Thus, when you open up a price chart randomly to look at price, that price you see is probably not a good price to buy/sell at if you are following reversal strategies. The odds are EXTREMELY low.
This implies that to prevent psychological bias, such as confirmation bias and, we should always mark out zones of reversal/ trading beforehand and set up ALERTS for these zones AND stick to them, instead of trying to take trades by opening up a chart and analysing the market in that instance...
When you open up a price chart, no matter what time frame you are observing, what are the odds that, in that instant, it's a good time and price to buy/sell?
A major market turn on a 15min time frame usually happens within 5 minutes and can travel for the entire day before turning; a major market turn on a 4H chart happens within around 1hour and can travel for days before turning again.
Thus, when you open up a price chart randomly to look at price, that price you see is probably not a good price to buy/sell at if you are following reversal strategies. The odds are EXTREMELY low.
This implies that to prevent psychological bias, such as confirmation bias and, we should always mark out zones of reversal/ trading beforehand and set up ALERTS for these zones AND stick to them, instead of trying to take trades by opening up a chart and analysing the market in that instance...
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