Since a long long time ago, I had this idea of SR line can act like a fence.
You and I know that at this point, the price action will act...
Then I jumped ....exactly at the Wrong Side of the fence.
The entry direction is totally bad, even though the entry place is totally good.
To have a good entry....I need to have more skills at reading direction by observing...
1) Wicks 2) Wedges 3)InsideBar 4) Head Shoulder 5) Doji 6) Big Candle Engulfing 7) DOMOTO Double or More Touch 8) HiHi LoLo witches 9) Fakey
However, there is one thing MORE important than the entry.
The exit.
I need to know where I should exit. Or do I need to leave it to my manager ? (Mr Stoploss).
Difficult to think during trading without visual aid...
However, yesterday I found the tool that I looking for afters years gone....the Reward risk tool ...lurking somewhere in the Sierra chart. It looked like this...
I have to thank the an anon trader that ask SC for this tool...
And kiss goodbye to that "Cut loss, profit run" rhetoric.
Again , this is only a RR tool...it will be a good tool if I have a good skill using it..
You and I know that at this point, the price action will act...
Then I jumped ....exactly at the Wrong Side of the fence.
The entry direction is totally bad, even though the entry place is totally good.
To have a good entry....I need to have more skills at reading direction by observing...
1) Wicks 2) Wedges 3)InsideBar 4) Head Shoulder 5) Doji 6) Big Candle Engulfing 7) DOMOTO Double or More Touch 8) HiHi LoLo witches 9) Fakey
However, there is one thing MORE important than the entry.
The exit.
I need to know where I should exit. Or do I need to leave it to my manager ? (Mr Stoploss).
Difficult to think during trading without visual aid...
However, yesterday I found the tool that I looking for afters years gone....the Reward risk tool ...lurking somewhere in the Sierra chart. It looked like this...
I have to thank the an anon trader that ask SC for this tool...
And kiss goodbye to that "Cut loss, profit run" rhetoric.
Again , this is only a RR tool...it will be a good tool if I have a good skill using it..
If your trading within inside S&R, you may be trading inside a sideways market, if that's your thing, more power to you. If your consistently entering a trade on the other side of S&R, this is a completely different kind of trade, most likely it will be a trade with momentum that will trend.
ReplyDeleteEntry/Exit are equally important for multiple reasons, the most important of the top of my head, your entry will determine if your stop will be respected by the market or if it will get ran over just reverse again in the direction you originally intended. The exit should be based on market conditions and good technical analysis, I try to keep it simple and set my target for the average amount of points my trades go for...
"Holy Grail", are we setting the bar a bit high? lol
Good observation Trin..you said en/ex equally important.
ReplyDeletebut now you made me think ( in my case ) the entry is MORE important than the exit..LOL !