DislikedHi all, hope you guys have been having a great time here.
I have a question for Mike, Jarroo, Ghous and all veterans. Do you ever enter a trade that doesn't show any PB,DBHLC,DBLHC,BEOB,BUOB,IB but based on S/R and TLs? I'm asking this because although feeds could be different (depending on time zones) which shows some people a PB but to some others not a PB, S/R and TLs are more consistent throughout all broker feeds. Sometimes the price has reached a level where you somehow know it has the potential to reverse (due to S/R and TLs) but there's...Ignored
Levels are where a trader would expect something is likely to happen as levels form where price has reacted previously.
However a trader using Price Action methods such as those in this thread would not enter until a signal occurs at that level indicating a change in sentiment, giving them a reason to BUY or SELL.
The level is the set-up (something might happen here), the price action is the confirmation if you like (something is happening here).
However some traders will place trades/orders when price reaches a specific level, like touch traders. They do not wait for confirmation and will enter based on where price reaches.
I am a conservative trader myself and wait for the odds (level, price action etc.) to stack up in my favour before pulling any triggers.
The more signals you have the more chances that a trade will come off in your favour, where as placing a trade based on just the level reduces the odds. It then becomes a numbers game.
Personally I prefer fewer trades, with a higher probability of a positive outcome, and where I know what I want price to do to enter, stay in or exit.
It gives me peace of mind and a third eye into a trades outcome.
The only problem I'm left with is....me :-)
In retrospect we learn.
In perspective we earn.
to try and help put across a point of view which might help somebody understand how to make this stuff work for them.
