pa
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I've not been around much today to trade so thought I'd say something instead.
(The 'you' below is for those that need it ;p)
I know it gets tough some days if you still don't have a PLAN of what you will be trading. It's all fine and well to say you are trading PA but if you can't up front describe what you are seeing or looking for you're probably going to end up seeing entries everywhere and pretty soon start firing randomly.
Trading is simple. Not easy but simple. You don't have to predict anything (in the sense whether it will go up or down from current price). You let price do something that you are waiting for, then you react to that. That "are waiting for" part is important. Or we're back at reacting to every tick ;p
Here's a simple entry that is PA at its most basic. Break, retest. I've selected 3 from today's charts but there are many more. Yes you'll get stopped out sometimes but there is very little to think about with this, which is what one wants in trading.
(The 'you' below is for those that need it ;p)
I know it gets tough some days if you still don't have a PLAN of what you will be trading. It's all fine and well to say you are trading PA but if you can't up front describe what you are seeing or looking for you're probably going to end up seeing entries everywhere and pretty soon start firing randomly.
Trading is simple. Not easy but simple. You don't have to predict anything (in the sense whether it will go up or down from current price). You let price do something that you are waiting for, then you react to that. That "are waiting for" part is important. Or we're back at reacting to every tick ;p
Here's a simple entry that is PA at its most basic. Break, retest. I've selected 3 from today's charts but there are many more. Yes you'll get stopped out sometimes but there is very little to think about with this, which is what one wants in trading.
- #979
- Edited 1:36pm Jun 7, 2012 1:04pm | Edited 1:36pm
- | Joined Sep 2009 | Status: Trader | 1,227 Posts
