good entries control your risk good exits make you money
good entries control your risk
good exits make you money
I posted this sentence recently, and it struck me how much truth is in that sentence.
And yet just like the statement: "keep your losses short and let your winners run," statements like this are useless without context.
(after all, it is impossible to keep your losses short and let your winners run if you do not know how; since you would need to be able to override deeply engrained fight/flight survival instinct mechanisms of your subconscious psyche)
I already talked about taking entries or exits from lagging or leading instruments within a sector.
I.E., taking an exit timing from silver for gold long within the precious metal sector
Here is one more such caveat, and t is just one of many where classical T.A. has limitation rules that are supposed to be broken.
Charts get messed up at rollover times, so feel free to work from the chart that makes the most sense, not the one stipulated by the rules.
Here is an example:
In the following four charts, I will be comparing the continuous Gold Spot contract (hourlies and dailies) with the Micro Gold futures (hourlies and dailies), and you will see a significant difference in the way you can participate in going long on 7/31/23 at Golds daily lows.
Here first, the continuous contract sixty-minute chart:
At the lows at 1950 at the orange line, there is no help to go long on the sixty-minute chart.
And neither do you have any support on the daily chart of the continuous contract
Yet the updated Micro futures also have on the 60 min chart, with a wide double bottom, a supply zone, and a 40 SMA beauty principle, an ideal super low-risk entry, as entry support also on the daily chart, with a significant supply zone on previous highs:
Be creative in your problem-solving tool application.