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Ok I'm annoyed. I set my stop 1 tick below/above my signal bar as Al suggested. The market moved against me, triggered my stop and then move in the direction I wanted in the first place.
Like exactly one tick for less than one second.
Should our stop be more than 1 tick away? This usually happens in a channel or on PB.
This happens quite often in reversals with a lot of TR PA (= channels). You have two options, see below with an example of last week's EMINI.
wow so according to the slide, I take the full bar loss, and then buy again hoping that the loss doesn't happen again?
Usually when I take a loss, I take a break and go for a walk.
I take the full bar loss, and then buy again hoping that the loss doesn't happen again?
In this context this is the right thing to do.
Usually when I take a loss, I take a break and go for a walk.
That is a good idea as well but in this context it is a better idea to reduce your position size in half, so if you lose you only need half of a walk, and be ready to enter again (Alternatively, can use the wide stop) and, if you end up losing , then you can go for a full walk!
I only trade one contract so reducing my position in half is taking a walk.
Alternatively, can use the wide stop
Yea I thought about wide stop, but then it becomes hope and pray.
Hey something I'm a bit confused about the H1, H2, L1, L2. When Al talks about this, is he referring to the bar body or the bar high and low.
For H2, does this means that the bar hi is above the previous bar or the bar close is above the previous bar? Because sometimes the hi is above, but the close is below the previous bar.
That is fine, then your choices are clear: either you buy the first entry only if the setup is perfect, so you wouldn't buy bar 1 in the picture I attached above (weak SB), or you wait for the second entry to enter, bar 3 in the said chart.
You will increase your chances or winning at the price of missing opportunities that will take off without you... it is just another decision to me made.
