Hi Fx
Totally agree with you about using the weekends to review charts and trades and do research.
Great post you made - I have already printed it out thx.
I have a question unrelated to the above, whichh maybe you can help with.
It concerns the opening trades on Friday during the European open. See chart 1.
In fact you mentioned tthat when someone posted they had taken a long at 4, that the move was already in its third stage of the breakout. Typically the Asian session could breakout later than it did, if at all, however this was not the case Friday. A move was well underway
I had the impression that the person who took the long - I did as well by the way - took it based on the immediate preceeding price action, with out recourse to seeing what was going on in Asia several hours back or looking at what stage of a move price was already at.
My question is that given we have the theory of taking every trade irrespective, as you never know which one will be the runner, how, do you then balance this with general market reading (prediction?) about what is likely to happen to price based on moves which happened longer ago than the immediate preceeding past. How to equate those two, how long is the immediate preeding past if you like ? How to equate taking every move and reading price action which then tells you to stay out ?
Thanks and regards
Totally agree with you about using the weekends to review charts and trades and do research.
Great post you made - I have already printed it out thx.
I have a question unrelated to the above, whichh maybe you can help with.
It concerns the opening trades on Friday during the European open. See chart 1.
In fact you mentioned tthat when someone posted they had taken a long at 4, that the move was already in its third stage of the breakout. Typically the Asian session could breakout later than it did, if at all, however this was not the case Friday. A move was well underway
I had the impression that the person who took the long - I did as well by the way - took it based on the immediate preceeding price action, with out recourse to seeing what was going on in Asia several hours back or looking at what stage of a move price was already at.
My question is that given we have the theory of taking every trade irrespective, as you never know which one will be the runner, how, do you then balance this with general market reading (prediction?) about what is likely to happen to price based on moves which happened longer ago than the immediate preceeding past. How to equate those two, how long is the immediate preeding past if you like ? How to equate taking every move and reading price action which then tells you to stay out ?
Thanks and regards
Survive and Preserve