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Excellent passages, thanks, MrPaul. Have you used this method to improve your trading? I think I would have to go back to review my trades as well as the days when they don't work. I think this is a tough job, because in intraday action it's difficult to identify something that change day to day. My particular problem I seem to have identified is that if I lose 2 trades in a row, I'm trading the wrong day. If I do well the first trade, I should be more aggressive and continue the streak. But this is from an introspective point of view. But from identifying the market price action, if I knew, I'd be rich by now LOL. |
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Torero,
Yes I can say that I have used the payout/payback observation to some extent in my trading. I found myself constantly cycling between entering trades on breakouts to entering trades by averaging in strategically. I have found that when I can identify what conditions allow me to have the least risk things are much easier.
Lately entering a trade on a break is easier with the volatility so high. But when it is lower a breakout entry leaves much to much risk (measured by R/R on average) so I would have to average or scale in.