also a good question. Some pa is bullsh1t and some is full of info. How do we know what pa to believe
Hi MM
I don't mind following a false wave ( move) or a real true wave - as long as its got at least the possibility for 10 + pips.
When you are scalping for say 1-5 pips - then its just down to timing spotting the moves within the tick to 1 min PA.
When you are swing trading for say 30 -70+ pips - you are then looking more at price structures of HH's and HL's and S& R'S and OB'S and OS's etc etc- on 15 - 30 - 60 min charts
When you are after what I am after - ideally 7 -25+ pip waves - its all down to timing again and the actual price structure every 15 -30 minutes on a 1 - 5 min chart
You have to be able to identify - are you scalping for under 7 pips - because you believe not all lined up for a larger move - OR - are you thinking every 5 pip move will become 10 pips then 25 pips then 40 pips etc etc ?
The market is so clever hiding moves and making sure every say 10 pip move might pullback 4 -8 pips and every 30 pip move might pullback 10 -20 pips.
Its just not wanting you to make money.
The way round for intraday trading is a choice of 2 main ways
Tight stops - and take what you can get whether 4 -9 - 15 + pips and then know every 15 -30 mins you will look for another trade - OR
Larger stops - 15 -35+ pips - and stay with the moves - even the pullbacks and hope you have the direction correct over 1 hr + plus
Because I have time and can spend 4 -8 hrs a day trading - i prefer tight stops and more trades - and hoping to catch the larger waves via the "free trade"
If you don't want to review say every 15 mins and work with tight stops - then its the swing alternative
I have tried both - but for me - I have had far greater success and made higher returns via scalping and working with as tight a stop as I can
When I wrong by even 3 pip - I want out - not waiting for 15 -30 pips to tell me with then 1 hr lost ;-))
As you know to become good at scalping ( and you are getting there) it takes time study and experience - every 100 trades you should see improvements and then after 2k trades - you will be saying - I can read price and be correct at least 70+ % of the time. You will never be 100% - (as we know) but - you can make some great money if you are correct over 70% of the time with tight stops
Regards
F
PS - think - great morning - then overtrading and lapse of tight stops
