Top Pick Trading Forum

2EL off a very promising up trend and EMA with perfect signal bar. There's definitely some momentum down as prices come back to the EMA but other than that I don't see how to avoid this one. That just doesn't feel like enough to keep me out of such a great looking trade.

Good loss!!!!

Although the objective often seem to "always be perfect", this actually isn't the case. It is to focus one's efforts towards the best candidates, to learn to see how prices move, and to allow oneself to then take the appropriate action.

If you reference many charts, you will find that that particular trade will have a very high percentage of wins. Just not every single time.

So across the broad spectrum of trades, taken properly, you will find the statistics leaning on your side -> often significantly if you can find the runners.

Just take a week's worth of charts and count .

Hopefully helpful and good trades to you!

Thanks Eric!

One thing that would keep me from taking this trade is that I tend to go for setups with ideally 2 clear well defined legs down. A minute tick up (as in this case) always makes me hesitate in case a 2nd leg down forms - just like it did in this case.

There is oftentimes "something" that isn't going to be quite perfect.

It is important to note where in the market cycle prices action is, overall structural bias, as well as local biases. With that in mind, with a failure, we are still looking for prices to move upwards because of the strength being shown. Note because of what we think, but because of what prices are doing. That is the key - understanding what prices are attempting to achieve.

Hopefully helpful & good trades to you!