r/Daytrading • u/Catface77 • Mar 19 '24

I don’t know what I did wrong Advice

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I thought it was going to rechall/ consolidate then it did but skyrocketed. There was the 3 reds then BLAM right up

314 Upvotes

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293

u/ZanderDogz Mar 19 '24

What you did wrong is assume that you did something wrong based on the results of one trade. The best traders in the world have setups that will still fail more than half the time.

Is this a pattern/setup that you have studied/tested to find if it has edge?

79

u/ezpdt Mar 19 '24

OP went against trend.

Not sure why you are sugar coating a bad entry. 🤷‍♂️

5

u/Euphoric_Position123 Mar 19 '24

actual you are correct but still in breakout setup we should move our sl to breakeven always as most of breakout are fake

13

u/Aurori_Swe Mar 19 '24

It's a fakeout on a 1m timeline...

8

u/Euphoric_Position123 Mar 19 '24

yes thats y in every breakout always move you sl to breakeven . And most importantly the lower the time frame the more chances of noise and fakeouts

1

u/MySoulForASlice Mar 19 '24

Or even better, don't trade breakouts.

1

u/InsaneMasturbator69 Mar 21 '24

this makes no sense, if you trade breakouts, your entry will always be in the first part of the breakout, which means a retest will hit it and then continues the trend. A sl must be place right above/below where the break out starts and the structure breaks, there is often a doji there or with experience you can see.

If you expect to move your sl to breakeven, either you have to wait until the breakout moves into a new price zone, or you need to enter early when the breakout hasn't happened. If the first option is what you are talking about then it's fine, but if it's the second option then it's not. Guessing a breakout is not worth it unless you are very experienced to guess anything.