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I think its trading range,so the breakout will fail,so I sell. I use 5m(XAUUSD). its right?
My scale to small?(include lots of bars) or I ignored the good follow-through before the entry point?
You need to see signs that the BO will fail. If not, and you take it blindly, you can get caught. You sold with a limit order when you should have sold with a stop order and only a second entry, given the strength of the bulls (I can't see it well but there are several bull bars closing near the High). Also, you didn't sell at the top of the TR, but just above a minor High within it. Had you sold at the real H of the TR you could have exited BE.
In a TR, when the MKT is clearly AIL probably the move is about to end but, eventually, one BO will be succesfull always. Most of the time, the BO test allows scale-in bears to exit, but they need to manage the trade well, including selling at the right spot. This is difficult to do so wait for stop entries, at least, during the first stages of the journey and, with experience, you will never sell there.
I think its trading range,so the breakout will fail,so I sell. I use 5m(XAUUSD). its right?
My scale to small?(include lots of bars) or I ignored the good follow-through before the entry point?
Hi Peter,
1. You said it's a TR, as you know, the high or low of a TR is not certain, can higher or lower.
2. As @ludopuig said, you sell a level with a minor high (a minor high not BO a prior low and lead to big swing), so shouldn't consider a minor high as a trading range high to sell.
3. Signal bar is more important in a TR than a trend, there's no signal bar when you sell also.
I have learned too quick to understanding basic concepts of BPA earlier days and have lost a lot, so now I'm patient and serious about learn and trade.
Hope this help.
@292409083qq-com Thank you for your patient reply,I benefited a lot.thanks again.