DislikedYes. I also took a full bar loss on Fridays usdcad. Lost 3 % of my account. Looking back it was at a great level but overhead resistance was close.Ignored
DislikedWhy full bar? That makes no sense when you look at charts below, unless it was a mistake on your part. I still make them.
One thing to remember (imho) from this experience is:
When you play daily bars against weekly bars.. weekly 'almost' always wins.
I should add to THE PIP.Ignored
I'm in no way trying to say that mark didn't give you a good analysis. But I would show you my way, which might help you in another way.
ACCORDING TO JAMES16'S PRINCIPALS, WHICH THIS THREAD IS BASED ON:
We want bullish outside bars at swing lows with concluence. If you decide to take it anyways, you must take into consideration that this is less than an "A" trade, and the management must be accordingly.
Your desicion was taking this bar, which is completely fine.
ACCORDING TO JAMES16, THIS BAR DID EXACTLY WHAT IT WAS SUPPOSED TO DO. PERIOD. THIS BAR DID NOT FAIL. 95% OF THE TIME THESE BARS WILL GO WHERE THEY SUPPOSED TO GO, WHICH IS THE FIRST TROUBLE AREA. "THE REST IS IN THE HANDS OF THE MARKET", WHICH WOULD BE A GAMBLE.
There are many other ways to trade and analyze this. But I think this is the simplest you would ever find. THIS IS WHAT JAMES16 IS TEACHING US.
Good luck