There is nothing simple about trading whether your time frame is years, months, weeks or intraday. Some will say that short term trading is noise. I would say that all trading has too much noise.
The intraday setup has failed and I've been rinsed again, this time for some losses. I do not take large risks and the failure, though it costs us, is like fishing. You probe the waters looking for the right spot and the right lure. When you finally find it, you cast and wait. The idea is to put the risk to reward on your side. Many times it doesn't work out. You cut your losses (or in the case of fishing your wasted time) and look for the next setup.
I'm not quite ready to give up on the bounce idea but it needs to occur pretty quickly here or we are going to have to admit defeat on this try.
The intraday setup has failed and I've been rinsed again, this time for some losses. I do not take large risks and the failure, though it costs us, is like fishing. You probe the waters looking for the right spot and the right lure. When you finally find it, you cast and wait. The idea is to put the risk to reward on your side. Many times it doesn't work out. You cut your losses (or in the case of fishing your wasted time) and look for the next setup.
I'm not quite ready to give up on the bounce idea but it needs to occur pretty quickly here or we are going to have to admit defeat on this try.
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