The rules are simple.....if the low of the first 3m bar is taken out without taking out the high then you short on the close. Simple rules.......
But in the real world, like this morning in the chat room some of us smart guys took a short when it went below the low of the setup bar. Of course, it was a LOSER....yes there are losers in trading....OK.
There were some problems with this trade right out of the box and here they are....now you should do a case study on this and see if you find any solid ideas on how to trade this setup for yourself.
1. The ticks confirmed the up gap.
2. The ema of the trin was pointing down and the trin was .64.
3. The spread had opened green and was getting stronger.
But I take the trade, some days I am the cat, some days the mouse....but managed right I will never be the CHEESE.........
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3 comments:
Learning to take losers (on the chin) is the most important aspect of trading.
Low blow there, Sport.
Low blow....no way.......
The cat is bigger and can win by eating the mouse or lose if the mouse gets away....so he works this plan.
The mouse is smaller and can win if it can get away or will lose if the cat gets a hold of him...so he has to work his plan.
But both the cat and mouse would like a piece of the cheese....so the cheese is just hoping no ones comes after him......chomp chomp....chop...chop.....
This has nothing to do with "The Cheese".
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