Hi everyone,
I keep working in the sim as well as with very little live money to learn the dance. I'm good at making pips in very trending markets. However I tend to give it back during more consolidation markets. I have attached an example of a market where I tend to loose my pips with the dance. Now my problem is not necessarily that I can't find entrys. My problem most of the times in these markets are the following:
1. Not finding a good Take Profit, hence either exiting BE or with a small loss
2. Taking entries which are fakeouts and in consequenze SL is hit very often. I think this happens to me because I can't identify which of the MA's are relevant in these markets. If if take a trade of the M15 35/50 MA because there is a valid setup, often price tests the H1 MA's and stops me out in the process.
3. I'm not able to see breakouts happening like on april 9th. There weren't any ground breaking news, at least not that I'm aware of. In hindsight it may be possible, but during the day I wasn't able to spot this happening, hence missing one of the only very good trades in this week.
This poses a big issue for me, because markets tend to move in consolidation most of the time. If I only trade strong trending markets, this would cut my trading days per month down significantly...
How do you guys handle these market? Do you just stay out? Or is there something important I'm missing with the dance, to be able to navigate these markets?
I keep working in the sim as well as with very little live money to learn the dance. I'm good at making pips in very trending markets. However I tend to give it back during more consolidation markets. I have attached an example of a market where I tend to loose my pips with the dance. Now my problem is not necessarily that I can't find entrys. My problem most of the times in these markets are the following:
1. Not finding a good Take Profit, hence either exiting BE or with a small loss
2. Taking entries which are fakeouts and in consequenze SL is hit very often. I think this happens to me because I can't identify which of the MA's are relevant in these markets. If if take a trade of the M15 35/50 MA because there is a valid setup, often price tests the H1 MA's and stops me out in the process.
3. I'm not able to see breakouts happening like on april 9th. There weren't any ground breaking news, at least not that I'm aware of. In hindsight it may be possible, but during the day I wasn't able to spot this happening, hence missing one of the only very good trades in this week.
This poses a big issue for me, because markets tend to move in consolidation most of the time. If I only trade strong trending markets, this would cut my trading days per month down significantly...
How do you guys handle these market? Do you just stay out? Or is there something important I'm missing with the dance, to be able to navigate these markets?