DislikedGreat thread srmfx, thanks for taking the trouble to help.
I've had my head in the sand for too long, focusing on every move on the 5 min charts without much more than a glance at the bigger picture....Ignored
I draw my support and resistance lines in charts of 1H to daily, watch the PA on 15M and 5M, and my entries are based on 1M and tape reading. In a $4 trillion per day market if you don't follow the big money you are doomed. My spread is below 1 pip for EU and UJ and 1.2-5 for GU and I also pay 0.1p of the base currency per side commission.
I see that you found out the most important part of ttrading - posion and money management are more important than entry. Most of the traders focus on the best strategy for opening a position and they eventually fail. There is now Holy grail in th eposition management. You have to choose for yourself, but in order to satisfy your greed and fear the best is to close the position in two or three parts. This is what the best traders do and what my experience shows me that is right. Also a time stop or limit will save you a lot of pips. If my position is not moving for 5 minutes I prefer to close all or part of it. For bigger time frames this period should be different.