DislikedHi, I have a question regarding the classic set up. There are times that I can really confused whether if it's a Short or Long classic set-up that we should be waiting for? Take AU as an example, at the start of LO, it seems like a classic Short has appeared... which subsequently failed. Thereafter, a classic Long present itself. Times like this I get really confused.. does it mean what we have to wait out the PA to determine if it's going to be a Long or SHort? But if we wait out, and what if the classic short did not fail, price may have moved...Ignored
You have experienced what is the thorn in the side of every trader,.....we cannot know how the MMs will move price next. Yes, sometimes a Classic setup won't run far at all. Just like your first one, only 9 pips or so! Then the MMs turn things around and go the other way. And when that happens, you still cannot know how things will turn out.
The market is all about liquidity,.....MMs running prices up and down to get wrong siders in and to stop out right siders.....ahead of their planned bigger move to come. Where are the big players likely placing orders? Where are the MMs likely to take price to fill those orders. Those orders might be to close existing positions. Those orders might be to open new positions. When might the better moves come?
As you can imagine, trading is not just a simple matter of slapping indicators on a chart and pulling the trigger when they "indicate" to you. One must develop a "feel" for the market. And each new week puts the trader back to square one in that regard.
So sometimes, often times......as is often repeated here.......THE FIRST OF THE WEEK IS NOT THE BEST TIME TO TRADE!!!!!!!!!!