If you want to trade London as a H/LoD candidate, check if overnight price consolidated or moved considerably away from the opening price.
Same for New York, check what price did previously and use it as intel going forward.
They have to allow the float to build up above or below the current market price otherwise they won’t gonna initiate a buy/sell program.
For every buyer there must be a seller.
@SyedMoh77461783 @Romeotpt Do you really think that a single random intraday candle close defines how the market is delivered on the grand scheme of things?
Seems silly, right?
That’s why I said people need to focus more on real financial knowledge, rather than patterns or non-scientific concepts.
First they got you addicted to consumerism, cheap empty snacks with no calories, paying hundreds of $$$ a month in subscription fees for entertainment, everything’s a subscription now, they created a system where you really don’t really own anything, now the billionaires are buying out the competition. Mergers, IPOs, the wealthy get even wealthier faster than ever seen in history, meanwhile in our age of technology and information, people find it harder and harder to afford basic living all the while you’re forced to consume more, get more jobs, pay more for basic necessities, all the while billionaires convince you the problem is poor people, people like you, not the system that made it unfair for the masses.
Meanwhile everyone’s seen the writing on the wall, what’s the point having morals this economy people say, as they see their leaders get successful off of extreme corruption.
The system is even more rigged, the game is even more difficult, it’s not a fair game.
Overtrading/Revenge Trading: #1 reason for blown accounts, failed traders.
No risk/trade management = Gambling.
^The origin of your “trading” problems.
-Not the model.
-Not the system.
-Not the mentor.
You.
You’re the problem. Fix yourself. Be disciplined.
@__TimmiT I personally swing trade, yes.
You just cant necessarily swing trade on prop accounts.
But my analysis are for swing trades, which can be day traded within.
If you lack consistency, you lack a structured systematic approach.
If you don't have strict rules and logic within your framework and execution. You have no business ever clicking a button. = Gambling.
Your system should tell you when to step up, and when to stay out.
Short term price fluctuations are designed purely to feast on the liquidity of the reckless gamblers of which there is no shortage in the markets.
If you focus on the big picture of where price is likely to go, short term pumps and dumps are nothing but noise.
I’ve been lower than where I am now. God is humbling me. I’ve got to earn the life I want.
Nothing worth having in life easy, if it’s easy, then it isn’t worth having.
A reminder for the new year,
Your goal, is to make money, not to be right and catch every move.
I'm focused on 2-4 very probable, high RR trades per month. With high capital allocation. It's not flashy for twitter, but your wallet will thank you.