Recap: Price went up to the previous Green 2 and is floating just below it now. Volume looks delectably tempting as indecision has traders puzzled. Something is to happen, but nobody can say with 100% certainty. The space between Decision 1 and Green 1 is virtually negligible at these prices.
Everybody thinks it easier to trade than what it is, until they do it. No magic wands given out to the worthy, just doubt and that leads to stress. There is a cure for the stress though – do your analysis, look at what you are to lose if it does not work out, place your trade – limit, conditional or alert – and make peace. Money Man tries not to talk about his own trades (sure way to jinx both your trading and analysis because of strengthened bias) but thinks it would be good to share how price missed his stop on a retracement by tens of dollars. He would lie if he was to say that he did not doubt, but at least he knew it was out of his hands and any fiddling with the trade will give him license to fiddle again next time and the time after that. So, he would lose confidence in his own analysis (it is not perfect). If his stop was hit, then that was to have happened.
Conclusion: Time to have a look at what has happened recently, and how that has affected confluence. Remember: No guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
Everybody thinks it easier to trade than what it is, until they do it. No magic wands given out to the worthy, just doubt and that leads to stress. There is a cure for the stress though – do your analysis, look at what you are to lose if it does not work out, place your trade – limit, conditional or alert – and make peace. Money Man tries not to talk about his own trades (sure way to jinx both your trading and analysis because of strengthened bias) but thinks it would be good to share how price missed his stop on a retracement by tens of dollars. He would lie if he was to say that he did not doubt, but at least he knew it was out of his hands and any fiddling with the trade will give him license to fiddle again next time and the time after that. So, he would lose confidence in his own analysis (it is not perfect). If his stop was hit, then that was to have happened.
Conclusion: Time to have a look at what has happened recently, and how that has affected confluence. Remember: No guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
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