DislikedIīm reeally pissed off this morning. I played it the classic way, like Feb explained and I just had my 3 rd SL hit, minus 43 pips....if you canīt trade this with this virtuosity like some guys here,... I mean you can get quite frustrated with this noise trading.....I I try to implement some things that cut the losers shorter, but I dont know.....Ignored
ok my friend,
we are lacking step by step expectancy practises in the thread at the moment.. but before i get into that i want to point out one thing to you and that is paying attention to the most recent price action which will lead you to first of all, draw your lines correctly(it effects your entery)and second, stay close to price based on whats happening at the moment.
ok, now the way to handel the fakeouts (which it happens often.. get used to it) is to be patience because most time market decives you.. so you wait for the price to show his reall hand.. if price keeps on going aganist you and hits you sl big deal losing should be part of you agenda (spead the load wisley).. but if the price turns back in your direction again (which it did in your first fakeout example and dose most times) you really need to watch the price around the line and try to make your exit decision right there when you see the second failure, so you lose maybe a few pips if not breakeven and quickly look the other way (febs comments about "markets are like moving sand") always keep that in back of your mind because market give you a pretty nice bearish opportunity as well with no fakeouts nothing but a quick minimum 20pips profit.
so how to handel the fakeouts:
1) Be patience.. don't be decieved by the market to quickly.
2) in case of price turn in your favor.. don't be greedy and look for the exit for smaller loss or breakeven.. don't give a dime away.. there is allways another oppourtunity and even a possible reentery.
3) look for the price to show his reall hand by detecting H/L and L/H's.. force the price to show you that.. but need to risk comfortably and spread the load wisley.
to me meaning of the fakeouts:
fakeouts= things did not go as i planed now its time to give away as less as possible by exiting and look for the next oppourtunity.
I hope it helps.