It should already be in place. If it isn't, and you're trying to put one together while trading, it will take much longer. Much. But that's up to you.
Another interesting day for me took 3 more losses. I think my problem as of right now is I go against my better judgement and may fear missing getting into the winning trade. Once the first selling wave came in my initial instinct was we would be in a trading range.
Don't make too much of it. After days like Mon and Tues it's usual to "consolidate". What matters is that you didn't keep pushing at it. Take a look at Game's chart.
Note that I'm not necessarily endorsing it. For example, there's a legitimate short off the first failure to make a higher high. But you should know that you're not the only person having a tough go of it. If you know how to recognize chop and you don't want to trade it, just be patient. I'm sure you've encountered spells like this over the past six weeks.
First failure to make a higher high being at 1035ish? If so iacknolwedged that but had already made the decision to sit back and watch at that point.
Actually I was referring to 0956. I brought up failures today in chat, how much information they convey if one isn't convinced he's being tricked. Failure to make a HH or a LL or even reach the previous high or low says something. The problem, of course, is that price can turn on you and head right back for another try, this time succeeding in making that higher high. But as long as one has considered that possibility and knows in advance what he'll do if and when it occurs, he'll be tough to beat. But one to be quick, alert, and unafraid.
Having trouble posting my chart. First trade I went long moving towards the high of the day. The plan was if that long wasn't working out I was to SAR on the break of the demand line. Didn't follow the plan went BE on the long trade, didn't SAR but took the first retracement thereafter. Instead of exiting on the break of the supply line i've been trying to give price some room. Since the selling wave down was slightly longer then the first buying wave I waited to see what happened when price moved toward 50% of the down wave. Although I waited to exit it was still a small loss. My next trade was again a reversal off the high after the DL breaking but exited at BE bc there seemed to be a struggle. Price got to 50% of the up wave and bounced so I exited however the supply line that could have been drawn was not yet broken. While I suppose I am frustrated, today actually felt good and I feel like I am starting to "see" more of what is going on between buyers and sellers. In the coming weeks I expect these charts I post to show a lot more success. Struggling to post this chart up. It keeps saying the file extensions are not a valid picture file????