DislikedGot it!Actually the resistance being so close was the reason I didn't take the trade.
In a hypothetical scenario that the resistance is 60-70 pips away, is it unreasonable to expect the price to go up those 60 pips because of the bar formation, hitting the resistance and then going back down?Would a trade like that make sense (even if it was less than 1:1) or do you always look only for the best setups with a good amount of space for a runner?
Thanks again Mike, your help as well as Jarroo's and other senior members' is greatly appreciated!...Ignored
The problem is really that we don't want to just assume price will go to that area if it is 60 pips away based on just the bar. At least not in this type of story. The basis to take a bar should always be WHY. So what is the confluence/reasons etc. This is what you hear me refer to as the story. So we don't want to generalize too much as that will lead us to over trading cause every bar formation we might just make that assumption and that's usually where traders struggle. So the R:R isn't ever the problem for me, just understanding the situation.
I take quick hitter traders and because of the nature take profit quick or get to b/e, as well as trades in space that I may allow to run more if the story is correct
Hope that makes sense
Mike