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Such a interesting debate on S/R! I actually can see both sides and how they make sense. Do I want to hold on and do my best to read price, volume, and order flow and go for what I call the longer dollar? For the "bigger" and possibly "more relevant" S/R area.
Or do I see that we are retesting the low or range after selling a pullback on lower volume and trail stop or just punch out? |
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As to the latter, that depends on whether you are exiting based on a predefined reversal signal or you are exiting out of fear that whatever profit you may have may turn into a loss, or you are already in a loss position, or you are trying to make back money that you lost on an earlier trade, or you're tired of a string of losses and want to win for a change, and so on. The market couldn't care less about any of this.