Im often a touch early on trade entries – but rarely am I late. This being said, I don’t expect to nail it on the first shot – in fact not at all ( as my entry strategy is always a scaled approach ). So when that first stiff jab or solid right cross “pops me in the face” – I’m ready for it. I learn from it.
Considering the volatility in Forex in general (let alone when things really get heated up) it is virtually impossible to nail an exact level, thus I have always suggested when drawing lines of support and resistance – use a crayola crayon not a laser pointer. You’ll take a shot here and there no question – but by keeping your original entry position relatively small, you’ll be able to get a better feel for your opponent, and have lots of gas in the tank for the knock out coming in round 3.
The important thing is not to “punch yourself out” early – and to be able to take a bit of pain, then get back out there.
These markets are ugly and mean…..lots of pain coming.