This one is slighly off-topic perhaps.
How much attention do you guys pay to the daily range and does it affect whether you would take a setup or not?
Ive noticed quite a few entries throughout the week that ive not taken, mainly due to do measuring my risk reward with a sensible stop loss and realising that it doesnt look favourable based on the fact that there isnt "potentially" any room left in the range.
Half of me thinks im being really smart and disciplined by avoiding these setups, the other half says im being to strict for my own good and the adr is simply stopping me from taking valid trades that dont justify the activity level of an intraday trader.
Its funny because I follow a group (that I used to be a part of), they trade a simple support and resistance strategy, quite wide stops. When I see their trades im always concious of what the adr is due to their wide stops but they are pretty successfull. I.E the trades could have a 30 pip stop, with a 60 pip target, and rhe market has already moved say 40 pips (not an accurate example but you get what i mean)
Im thinking that it only serves as a stumbling block and considering deleting it from the chart alltogether. Whilst it maybe handy to know the adr figure in general, maybe I shouldnt be using it as a measure of reward.
Whats you guys thoughts?
How much attention do you guys pay to the daily range and does it affect whether you would take a setup or not?
Ive noticed quite a few entries throughout the week that ive not taken, mainly due to do measuring my risk reward with a sensible stop loss and realising that it doesnt look favourable based on the fact that there isnt "potentially" any room left in the range.
Half of me thinks im being really smart and disciplined by avoiding these setups, the other half says im being to strict for my own good and the adr is simply stopping me from taking valid trades that dont justify the activity level of an intraday trader.
Its funny because I follow a group (that I used to be a part of), they trade a simple support and resistance strategy, quite wide stops. When I see their trades im always concious of what the adr is due to their wide stops but they are pretty successfull. I.E the trades could have a 30 pip stop, with a 60 pip target, and rhe market has already moved say 40 pips (not an accurate example but you get what i mean)
Im thinking that it only serves as a stumbling block and considering deleting it from the chart alltogether. Whilst it maybe handy to know the adr figure in general, maybe I shouldnt be using it as a measure of reward.
Whats you guys thoughts?
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