Hi aw10. I think you misunderstood what i said. I do not even think about predicting the low or high.
Let me give you some insight on how i trade. For the sake of this discussion , lets say that price is falling down and then the price stalls. This stalling of prices is the place where i enter my long if all my criteria has been in place. This congestion zone is my entry point which in my view based on my analysis of charts which would be the beginning of accumulation. On the other hand this could be re-distribution.Nevertheless i use a wide initial stop to not be out of a good position easily if this is accumulation.
Now when price moves into the next phase of Mark Up or Break out everyone usually expects to enter on a pullback. While this pullback is beneficial it is also a very rare occurrence in the intraday time frames of 1hr and above. And when a pullback occurs it usually takes out my trailing stop. Now my trailing stop is nothing but a mathematical function which tells me that if price touches "x" then exit. So i need not wait for the close of the bar. My concern then is to re-open a long position if the momentum is still in place. If my trailing is not taken out then i increase my position size because i am in profit.But i may or may not re-open a position after my trailing stop is hit at higher prices.
This approach suits my style of trading and hence i suggest it on public forums but a lot of preparation is required for this and although i am an intraday trader there are days when i do not trade because my criteria were not met and when they are met i try to make the most out of it.
Cheers and Happy Trading
Let me give you some insight on how i trade. For the sake of this discussion , lets say that price is falling down and then the price stalls. This stalling of prices is the place where i enter my long if all my criteria has been in place. This congestion zone is my entry point which in my view based on my analysis of charts which would be the beginning of accumulation. On the other hand this could be re-distribution.Nevertheless i use a wide initial stop to not be out of a good position easily if this is accumulation.
Now when price moves into the next phase of Mark Up or Break out everyone usually expects to enter on a pullback. While this pullback is beneficial it is also a very rare occurrence in the intraday time frames of 1hr and above. And when a pullback occurs it usually takes out my trailing stop. Now my trailing stop is nothing but a mathematical function which tells me that if price touches "x" then exit. So i need not wait for the close of the bar. My concern then is to re-open a long position if the momentum is still in place. If my trailing is not taken out then i increase my position size because i am in profit.But i may or may not re-open a position after my trailing stop is hit at higher prices.
This approach suits my style of trading and hence i suggest it on public forums but a lot of preparation is required for this and although i am an intraday trader there are days when i do not trade because my criteria were not met and when they are met i try to make the most out of it.
Cheers and Happy Trading