My entries really do count – I am sure that with better entries I can reduce my losses by around 20% and this is a perfect example.
These entries look like the product of indecision – I only decide to take the trade after I see the big red candle and that means I am reacting rather than anticipating.
Even if I didn’t decide to take the trade until I see a reaction, I can still plan my entry. In this example, there are two levels at confluence, the pivot and.74.6 % intraday and the 169 is above. My entry needs to be planned so that it has he 169 within the stop and as close to the level as possible.
When I tell myself to take better entries, something in the back of my mind always says ‘But there won’t be time! I can’t do it!’ so let’s have a look and see how this trade set up.