RplusT wrote: Wed Feb 09, 2022 10:49 pm You are doing well now it seems. You complaining has stopped. ......
Just two things:
If you see PA approaches a resistance / support level, don't open an order to trade into it. Wait. As you correctly spotted, after some consolidation, the price moved on. The subwindow also indicates a continuation in this direction......So what could possibly go wrong.....
Don't jump in front of a speeding train i.e. when the price is already on a strong move.......It can be profitable but it also can turn out to be expensive. I never do that. I just let go and wait for the next consolidation, pullback or whatever develops.
All the best
In fact, I have been a trader since 2010. I've been fine for a long time. I hope that this will be the case in the future.
My only complaint here was that few people talked about trading here. Everyone was talking only about improving the system and indicators. And such a dialogue does not make us better as traders...
RplusT, your advice is useful and I appreciate it. I always analyze when I am given advice.
As you can see, I often enter a trade when the price has gone quite far. By the way, I remembered a quote from a great trader, you can see it on my avatar: "Prices are never too high to start buying or too low to start selling."
The fact is that my trading is not based on the XARD system. I trade according to my system of understanding the market. The XARD system is an additional option to enter a trade. I can trade without it, but I like it and it suits my trend continuation system well.
Probably a lot of people didn't see what I saw on this chart before taking the trade so high.
Follow the train of thought I had as I looked at the chart before making this trade.
At the bottom of the picture, you can see that I could have entered the trade earlier (in the blue box). But there was RESISTANCE-2, which the price just bounced off. I could not buy in front of this resistance.
Next, the price broke through S/R-2, but I didn't enter as there is a recent high of S/R-3 nearby, which is only 5 pips away. Does it make sense to buy? .. I don’t think ..
After breaking S/R-3, I decided to enter a trade to take a small profit (the target was about 15 pips), also the XARD system told me to buy. I took 10 pips and exited when I noticed that the volume increased and the price hit the ceiling. As you can see below, the price formed at the place where I exited the deal the new S/R-4 resistance.
I'm not saying that thinking like me is exclusively correct trading. Sometimes it's good to just follow a system (such as the XARD system) that works for you, regardless of S/R levels. I know a millionaire trader who doesn't pay attention to R/S in his trading and makes big money.
It's just that I've been trading with my system for a long time, which suits my mindset and is comfortable for me. Trade what is comfortable for you and brings you money .
P.S. In fact, it was not an ideal trading situation. The euro/dollar pair was too tight on all sides. But I wanted to do a quick scalping, and I succeeded.