But there must be some analysis to determine when to enter, exit, add, rescue, etc.... - based on market action. But my question is what determines that? Price patterns, candles or just plain old gut? Do we just jump into the deep end and make it up ourselves?
Looking forward to your attack scenario.
).So if you can bear with me for a little longer (I need a little more time), I'll be posting some of that stuff soon.
Again, fti and I may dance differently, so what I will be showing is not necessarily how fti dances, but at least some of you may still find my dancing acceptable (I assure you, I don't step on anybody's toes, not even my own, lol
but never say never ( I once said a safety net, under a safety net, under a safety net). If you start out with that in your preparation then it should be easier to stomach if you did actually have to execute that level...the key is patience and good dancing.
Imho, the rescue attempt should be from a level that is dictated by price action rather than a set value.
When Northpro and I mentioned "level" in our discussion, we weren't meaning a preset level. We were referring to where the price was at that previous time scout and first rescue team got reaveraged. As for using 30 pips for the value of the rescue, that's only because I had to use some number to do the calculations. I also made calculations at 50 pips in my previous examples, as well, to show how many more lots would be needed for a larger distanced rescue.
If you're referring to specific levels (like support and resistence, fibs, etc.), those aren't always dependable to where the PA stops and reverses.
This is why the "nimbleness" is needed because the market is truly one of "randomness" ... there's no predictable pit stops that it makes. It's undependable, it changes its mind at any given moment, it may veer off on a different path unexpectedly, it will tease and flirt with ya making gestures that lead you believe that it's going to do one thing, and then it goes and does the opposite. Not even reading candlesticks and its patterns is dependable.
However, without just throwing a dart blind-folded and hoping we entered the right time or picked the right direction, we have to be able to make our decisions somehow, otherwise we'd be sitting on the sidelines all the time.
I've used ALL the Indicators, Fibs, Trendlines, S/R levels, etc. in the past, and although they do hit their preconceived targets many times, many other times, they do not. Nothing is 100% accurate, 100% of the time, so I prefer not to use them anymore to misguide my overall ability to just "feel" the flow of the dance, follow the market pulse/movement, and adjust as needed, if and when needed.
I noticed that you are using a 4hr chart. We've mentioned that the longer timeframes are not advantageous using fti's method. It's darn-right scary! Will you be scaling down to 5m at all, or are you planning to say with the overnight style trading?
I'll post a "daylight" rescue later, so you can see where I enter (after I post my attack sequence, cuz if I don't do that one first, Northpro will probably be turning my own whip on me, lol).
i started really following the MM strategy a couple weeks ago and have not lost a position since doing so.
end up making more money when i have to rescue a position
Hey, at least you know you can make money both ways, eh?! Isn't it amazing and exciting to feel that you don't have to lose a trade anymore?!
