DislikedHi StairStep Breakout Friends!
I come to you today with a question.
Hope our beloved mentor can give some enlightenment, i think it's a valid question.
I present the eur_usd chart yesterday where i missed the move because:
- The entry was going to be made on a inverted hammer, but mostly because there was an extended CZ just ahead. The odds the price stall there were good ones, i thought.
The question is, FH, what importance we must give to the previous extended CZ's, or no importance at all? Since they were too close, i did not believe...Ignored
You have my full attention. Anyone that passes on an indicator in favor of drawing the CZ's by hand will always have my full attention!
These types of questions have 3 types of replies: the technical answer, the philosophical answer, and what would FxH have done.
The philosophical first: It's better to be out of a good trade wishing you were in, than to be in a bad trade wishing you were out.
Ah, the joy of knowing that our thousands of hours of self-education can be reduced to a single phrase! It just warms the heart, doesn't it? (j/k)
Now the (not so) technical: You've trained yourself to spot areas of interest on a screen. Areas of consolidation, areas of support, and areas of resistance. You digest this information, and using your head and not your gut you try to formulate a safe and effective plan of action based on your own personal taste for risk vs. reward. You'll never go wrong so long as you follow these rules and never allow your gut to trade for you. The absolute worst that can happen is that a few good trades pass you by. So what, there will always be others. You didn't cost yourself any money, and you didn't harm your self esteem by going against your best instincts. What more could anyone ask for?!?
As for FxH: He took that matching trade on G/U and currently has 40p locked in @ 8 lots.
Attached Image
To improve is to change. To perfect, is to change often.