Typically, it shows me that there are more trade possibilities than what I am taking, and reminds me how quality the 156 wma works with the elasticity of the market.
Today was no exception, and I think I will begin posting these on occasion just to continue to see the possibilities and get more pips out of each session.
I am trying to mitigate the possibilities of negative trades by exiting if price goes all the way to the 377, and the 377wma is more than 4 or so pips away. I view the 377 as another 'stretch-to' point and know that it may turn around right back at the spot where I entered and begin a reversal.
Looking at this chart, there were 19 possibilities, with 13 successful trades, and 1 of the BE that may or may not have panned. Several of the BE trades could have been profit following the method that I mention in the above paragraph. There may be a better way to mitigate losses, but for now, I will stick with the above method, even if it left pips on the table in this particular session.
I was looking at some of your old charts and you seemed to use the little blue lines (I think you mentioned TMAs) as a filter for when to take the 156 bounce trade. Now it would get you in later then just taking the immediate touch or bounce on the 156, but it could prevent early entries that cause the need for just saving the trade at BE.
ReplyDeleteWas there a reason you stopped using that?