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Thanks for the advice. I'll certainly keep it in mind.
currently I'm just trying to follow price action around, trying to go with the smart money. I figure that institutions and algos trade all day long and if I could discern their footsteps then I should just tag along.
the plan seemed to be working most of the time except:
1 - when volatility is low, and
2 - when I didn't execute it properly.
I'm still trying to develop a feeling for volatility. when it is in the market, I can't miss it even with my eyes closed (bars complete one after another with almost no pause and my alarm rings continuously). but I wasn't so sure when it's currently not in the market, I couldn't help but think it was going to come right after "this setup", so I've got to take it in case I missed it.
I suspect that I'd be better off to wait to be sure before pulling the trigger, I just haven't been able to convince myself that it was absolutely the right thing to do.
I think in the type of trading you are doing a confirmation will make you enter later but will not help with a losing trade. Try to find a filter factor from an aspect you are not currently basing your setups for. Such as precise time of day range, or around top of the hour when most activity happens, or key levels.
But in any case don't beat yourself too hard - we had a ridiculous market yesterday, nothing was working for me as well. And further we go into summer, harsher you need to be with a decision when not to trade at all. Check the currently traded volume and if it is much less than average - pass on it. With your breakout/momentum entries you need volume and participation to produce healthy runs, low volume will give you fakeouts and spikes all over the place.
Trade to live. Not live to trade.
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