What I like about the way I have been trading is that it really tests and shows off my exit strategy. The comparison between various sized gains and smallish losses means gains overall. But i think it is time for me to increase my odds. So i will add one more basic concept. Reversals at major S/R lines. Instead of just using minor S/R for my entry and letting whatever random trend tell me what direction to go in, I will base my direction on reversing from the first major S/R that price hits after the open.
Major S/R lines drawn using recent peaks and troughs on 30 min chart. Various lines can be drawn. I will enter on 5 min chart, assuming a reversal at whichever line price hits first after the market opens.
It makes sense to me that It should increase the odds of me getting a gain and the overall size of my gains. Looking back at previous days this works very well but now I will test it in real time for the next few weeks or so.
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