Dear Saint and all Senior members,
Help needed abt todays NF 5 min chart...
According to pivot system... today the pivot low of 5110 was broken and then made another pivot low of 5107... well tht means to exit long on the break(of 5110) and short with SL of 5147 rgt? But today it made a double bottom at tht level of 5110... and by rules of pivot one should hold until SL gets hit rgt? Is there anyway to avoid such scenario like today? Did I read the chart wrong? As I had followed it and obviously it broke out 5147... Let me add to this tht, I follow pivot system and it is profitable... but was just wondering if this type of situation can be avoided or atleast a small SL (logical) can be placed where one can even reverse position... was the fall at 1.30 pm a vertical fall? In tht case 5135 could have been the SL, but can we reverse it there? Also can one reverse position once the WRB high/low is taken out?
It was not a good day for me in trading today... but I want to make it a better one... if I could learn something by learing my mistakes of the trade I took today. Kindly point out my mistake of going short below 5110 with SL of 5147... (the SL was even deep, but tht was fine with me, if it was logical), but if there was some other logical reversal SL below tht... plz explain it to me...
Learning is best done in ranging markets(ofcourse by paying some tution fee) though it was little expensive today!
Hope the learning to payback much more!
Regards