I always read your journal....good one.. i always read TAF too..
i think TAF makes more sense after like you have traded good time...
But i always trade with one monster in my head... what if i enter and there is a Tidal wave coming against me ... i cant flip yet...so my one monster...
Consider this: the market is split 30% trend and 70% consolidation...So the market will either stop going in a particular direction and pause or revert...either way...there is the solution of the problem.
1. Scout long....
2. Market goes against you
3. You rescue with 2nd wave...and do not capture...2 positions open
4. Market still against you
5. You rescue with 3rd wave...and do not capute....3 positions open
6. Market still against you
7. You must decide....NOW...eithe pull the plug or do nothing and wait for the retracement...
What is the best decision? To hold or to surrender?
Check the 15M and 1H...
is the market with you?
Surrender if your rescues where done closed to each other, because you are overexposed. pull the plug and you lost a dance day...go for a walk...cry...whatever...take 24 hours brake.
Hold and wait if your rescues where spread out...
That is what I do now.
How to spread out?
1. Enter scout...
2. Market against you...
Question...is it more than 30 pips? If so, you might attempt rescue on the next strong spike against you
Is it less than 30 pips....wait and see...maybe is coming your way..
3. let us say you enter the rescue and if fails
4. Wait another 30 to 40 pips and repeat step 2.
5. let us say you have already 3 waves out and losing by 20 pips
6. Decision moment...
Now notice this
1st wave - 90 pips/troop
2n wave - 60 pips/troop
4th wave - 20 pips/troop
Total pips at lost =(90+120+40)= 250 pips/troop lost
Now compare this to my standard daily profit range...Lost just a day of work...meaningless...so you will be happy.
You see, there is not need of flips!
Of course, I cannot post this in the forum..
I would called a fool!
Now let us supposed I want to hold on and stay...if I took it from the bottom..the market is away already by 90 pips...how likely is that a reversal is not coming?...very unlikely...so I could just wait it out...still that is the riskier thing to do...if you I have only wave 1 and 2 then...I surely will wait for the reversal/congestions to start my 3 wave rescues...See not flips...
In sum: Safety is found in keeping as large gap as possible between your different rescue waves.
Note: this is how I think...what my mindset takes as the truth at this moment...I give myself the right to change my mind as I keep learning from my teacher:PA.
Empty as water and soft as a facing wind mountain