micchhaal wrote:Immy if that's a good waiting for short setup?
and also I want to ask you : seed is below gator but the gator is tight and opens downard so i should consider only going short or if the price break high of seed is still valid signal to go long.
Yes, this could be a good attempt to target Wave 5 down, though we have already seen today as the bottom of wave 5. but we may see more shorts. I looked at dailies and it looks like we may be heading towards some Niagara fall type drop! But that's just a guess. The problem with your trade is that The Time of the Day is not the best. Market moves, when there is "interest" in the market, that is shown to us by the number of ticks that arrive at our MT4 platform send by our broker, that creates the volatility. Think about it ,do you think that the Fund Managers in UK, Europe and the Banks, are they still sitting there trading? Have they been waiting for some news, which may have compelled them to stay past the Bank Closing times? or are the Banks and Funds in the US, are they active, extra active even past the time when EU stocks and banks have stopped trading? moreover it is expected, that volatility should remain higher during the start of the session opens. But we have seen many cases where price continues soon after London Is Closed. I however, hardly ever take a trade after LO but if I'm already in one, I'd love to let it run until there is an exit signal.
Here is a rule, when I'm trying to participate in the market, I try my best NOT to enter too often, I ignore many setups, I keep evaluating them, I like to take only the best setups, and when I take it, I start ignoring most exit signals until its really compelling and I have made good profit. I almost always don't like getting out of the market. I like to stay in it but and there is a BIG BUT... ONLY if I'm Up. Only if the position is making money. If its not, I know exactly where I will get out and that is decided BEFORE I enter a trade. To make it perfectly clear, when I set a SL to make an entry, that is where I will get out, I may if there is reason to do so, exit before SL is hit, but I will never stay in the trade when it goes past my pre-defined SL. Predefined SL = Pre-defined Risk. I will never take bigger loss than i originally planned. So I never ever take more than 1% loss MAX!
cheers - I hope it makes sense.
What is the Secret of Successful Trading?
The Consistent Pursuit of
DS1 
The thing that makes me money in trading is when I
"Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch
THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
