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Hello,
I would like to explain my current problem. I have been trading the ER2 for a few months. One problem I have is the conflict between market analysis and trading with the flow.
I do setup my charts on different timeframes to analyze market direction. However, do traders approach the trading day with a certain bias? I find bias conflicts with the current activity or flow of the markets. At the same time I feel like market analysis is a necessity. How do you guys overcome this?
Pierre |
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We all have biases, even I do, but this bias must be objective, meaning the analysis from higher timeframes have given you the direction of the market, then you should approach from that bias, this is the crux of my trading plan. When I don't follow that bias, then I'll pay for not following my trading plan.
But there levels that decided which bias you should have, a support or resistance areas where you know the bulls well take control and bears will take control. During the trading day, these areas should guide your bias, but these areas are where the bias will also change the bias in the higher timeframes.