DislikedI have a question for some of you more experienced guys. I've been printing out charts and covering up the page with another page and sliding it along and making trading decisions. I've found a problem. Take this chart for example:
Let's say I missed the optimal short entry point with the TC and resistance from the 21-EMA (which i've marked with a green circle)
So I know a good trend is in place and i'm sitting on the sideline being patient and waiting for a high probability trade (like a pullback to the 21-EMA) or a significant TC signal. But it just keeps on going.
Do I just sit this one out and watch the 200+ pip move? Or do you guys know of a good entry for this situation?
Thanks!
MerrittIgnored
I'll try to answer that,
Yeah it's suck to miss the 'optimal' trade just like that, it happened
What I'd do is, wait for pullback to 8ema, and then wait for that candle to close, just to confirm the movement, and double check with MACD and lower timeframe (1hr or so), to make sure the price is still in rhythm, and then enter from there.
Usually, there are 2-3 pullbacks to 8ema in sharp up/down move like that.
And again, don't feel down because you missed one trade, there's always plenty of them =) "Just shuck another oyster"
Hope that helps, and any additional comments would help.
ben