Even i have my long position setup on the Dayli, i would like to show you this setup.
Price price produces a slanted coil (small one), washes out the stops above and below and finally resumes the main trend. Here we even have a nice support zone (green), where it is super nice to enter.
I allways put my stop below the stop running spike, or on bigger scales even a pivot lower.
Nothing works 100% as we all know. But it is also important as a fulltime trader to TAKE opportunities when they setup. Because in the end, trading is a numbers game, where it's base comes from chances. And the chances are the setups we have, and which we shall backtest and verifiy biy stats! Because these stats are the only thing we can lean on in the long run.
P!
Take the Basic Action/Reaction course for free: mytradingcoach.teachable.com/
Price price produces a slanted coil (small one), washes out the stops above and below and finally resumes the main trend. Here we even have a nice support zone (green), where it is super nice to enter.
I allways put my stop below the stop running spike, or on bigger scales even a pivot lower.
Nothing works 100% as we all know. But it is also important as a fulltime trader to TAKE opportunities when they setup. Because in the end, trading is a numbers game, where it's base comes from chances. And the chances are the setups we have, and which we shall backtest and verifiy biy stats! Because these stats are the only thing we can lean on in the long run.
P!
Take the Basic Action/Reaction course for free: mytradingcoach.teachable.com/
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Rodeo riding...still long...
So, i still hang on this one and believe, that price will break the upper resistance.
Plan the trade and trade the plan.
If i'm wrong - well, then i payed with a stop, nothing more. And this stop is nothing
else then my cost of beeing in this business. This thinking keeps me sleep at night
very well.