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Hello, I've seen this question asked before on the forum here, but I don't feel as though it has been answered in a way that I understand fully.
I'm trying to determine a rules set for when to enter and exit trades for my practice using the Daily Setups. Entries are clear; this is not my problem. However, I think it is unclear how the green & red boxes marked on the Daily Setups help me to understand when to exit a position. Al says we should exit at the first credible, opposite signal, which I understand to be either a wedge or BO with FT. Does this mean I should be holding my position until an opposite blue-box entry or are opposite entries without a blue box strong enough to warrant my exit?
As a side question, the blue-boxed entries are considered "Good swing setups for beginners". What makes these entries better than non blue-boxed entries? Are the trader's equations stronger for these trades?
Does this mean I should be holding my position until an opposite blue-box entry or are opposite entries without a blue box strong enough to warrant my exit?
Yes, there are but if you start using the blue boxes alone to determine your exits you will be fine.
What makes these entries better than non blue-boxed entries? Are the trader's equations stronger for these trades?
Yes! Though some of them bear a lot of risk, like BOs, and in this regard, they are not ideal for beginners.
Yes, there are but if you start using the blue boxes alone to determine your exits you will be fine.
Thank you for the helpful response @ludopuig. Could you please expand on which types of non-blue box entries are strong enough to result in exiting a position?
I also have a question regarding the below chart. If I took the blue-box long entry (circled with black circle) with a stop below the signal bar, the next blue-box opposite entry (circled with red circle) is at a price that's below where my stop would be. Does this mean that for this trade, I should rely on my stop and would be stopped out rather than exiting before my stop is hit?
Could you please expand on which types of non-blue box entries are strong enough to result in exiting a position?
I didn't expand because each chart is different, so better to talk case by case to avoid mistakes by generalizing too much.
I should rely on my stop and would be stopped out rather than exiting before my stop is hit?
Not sure if I understand: in this trade, you had your stop-loss just below the Signal Bar and you were stopped out. But if you took any of the shorts above, exiting above this bull bar would have been ok.
