Disliked{quote} No - See support and resistance or consolidation levels. These are not exact to the pip measurements but ZONES. See your chart I quickly marked up for you. These are areas to be cautious about or even dictate the level of your stake ( confidence of success) but do not dictate simple get in or out instructions. {image}Ignored
Maybe today would have saved me some money being cautious about these zones. Tomorrow i might miss out on taking a textbook win of +5 because i was afraid of taking action after seeing such zones to the left side of my chart but then price going straight through it...
This BillyBar method here seems to be based exclusively on statistics and a clear described entry/exit event (buy at the high, sell at the low). I haven't found out yet if this is a good thing to do but following up with Billy's and some other traders posts who do trade this method on a daily base this seems to be all they do.
Yes there might be more to it. Maybe you need to do what you say to reduce the amount of losers in such way.
As i posted already here after doing the maths from from a risk/reward point of view this might be far away from being a profitable out of the box strategy. Maybe not in the first place as long as i am not able to recover from the fails or find an idea of how to leave those out before the event (lol).
But i would get a mental breakdown every day i had to start with "look at this, maybe this, oh wait maybe this too, oh no yes, ohh xmas / brexit / covid..." :-)
You would need to tell me then how to implement that "caution" to some kind of routine i can carry on executing. Some other person here wrote that without a plan i will get toasted.
I should stop trading for the rest of the year i guess and take a pause for the next 2 weeks at least.
Best regards /
