Hoping this topped out. Added a small amount. It's probably my worst trade as far as in the red. If I break even I will be happy, but since it is at a good resistance point I can add more with less risk do to tight stop.
With so many levels what to do? They are all reaching a critical point. Long with basically an eyeball position, really small so I can watch it when I scan my open positions.
From just hearing it repetitively from so called successful traders it is simply a waiting game. Most of the time is spent waiting for the proper entry or exit, this way it price action can be analyzed down to the pip on a 5 second chart, and it has to say buy on it, along with the longer time frames. I have been just getting in anyway but have had a streak of red runners that just head up to another level so have been learning to cut losses better.
Stopped out a couple of positions, set an entry at the 50% level like I said earlier with a stop above the next fib level which is at another resistance point approx.
Could have done better if I had eyeballed it more. I want to watch the charts as little as possible for efficiency. Trying to push multitasking to the limit so time spent has to be allocated well.
Waited and nothing so I got back in with a small position and wide stop. Really with the tighter the stop the bigger the position can be. When it sets up to perfection (as spikes often do) then I can leverage a lot with tiny risk still, and sometimes I can get a big winner this way. I just want to catch this move up if it goes so at least I have some stake in it.
This was a somewhat larger position, I tightened the stop even more to breakeven because if it retests this resistance again that is too much risk. That is the beauty at getting in right when it turns, setting it to breakeven.
It could go quite a ways down, I hope the resistance holds I will have a good sized trade all in the money.
I have to find some way to document money management better it is just so many numbers I have been kind of intuitive. That is what makes all the difference. How much to risk based on how probable it is, then pyramiding trends.
This one tested the trendline. If the line breaks it could sail up a bit, but so far it has room down. I upped my risk on it a little, added a small position at the test spot.
