Quote:
Originally Posted by Kimaki
Tell me Greg, If you get stopped out, meaning you took a loss at your original stop position, do you then wait for a turn signal and re-enter, or do you go back to the daily and stay away from the pair. Considering it a done trade?
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If the stop out is the result of a change in trend then I would stand aside and wait for a clear confirmation of the new trend.
If the daily trend remains the same and the momentum and oscillators are still pointing in the direction of the daily trend, then I would wait and look for a better entry at or near support or resistance on a lower time frame (4-hour or 2-hour) in the direction of the trend.
With traders going on holiday in the US, liquidity will be thin and many false moves are happening. It is difficult to make any assumptions about trend direction during this abnormal period. I suspect trends will not emerge before Tuesday or Wednesday as traders stretch out to a 3-day or 4-day holiday and only a skeleton staff may be manning trading desks.
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Gregory McLeod moderates the
Trend of the Day thread as well as the
Short Term Strategies Using Market Depth.
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