DislikedThanks Grim and Strat,
You both make some very good points here. Not even three weeks ago i would have taken this trade, I am feeling better and better about my decision making and analysis every day thanks to this thread.Ignored
I have Al's book to thank for reinforcing the power of the 'Dynamic Support Indicator' as all the 5m guys use them from large to the small 'micro' TLs that only span a few bars. It's all about trends. Just cause we have a large bar on the daily, it may not make a trend, but if you are down on the 5m charts then that large daily bar is an entire 5M trend day.
I didn't quite expect Strat to go on a DSI binge like that, but thanks!! Kinda reinforces the message. We often concentrate so much on the last few bars and the horizontal SR and forget about the power of the other TLs. Ignore them at your peril!
Trade less and become more profitable!