DislikedSo you're basically using the '1st time back' as a target rather than waiting for an entry there...you're trading to this area, rather where I would wait for price to get to that area etc.
I can see where you were targeting on GNZD and GCHF and why but how do you decide on your entries, as Nasir said you have the danger if your entries are wrong that you could suffer very large drawdown before that area you are targeting gets hit, so surely entries are still important otherwise it could take days, weeks, months for that target area to get hit?...Ignored
i do also wait for pullback trades, i just nowadays prefer to be on the train taking price back to where trend followers wld be waiting.
theres always in a pullback, or let me say "theres always THE pullback"
i must have already found an appropriate entry far away from s/r, which gives me the confidence that price CANT run further against me.
i dont risk much (mostly 1% for now), cos i trade 2 variations of my method.
my method is based on price movement ....... trending & consolidating mkts
Simplicity is the key to success