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1. In the Encyclopedia and Daily Post for the ES chart, most entries are based on the current and today's price action. But how important is the price action from previous days? For example, if today opens with a small pullback bull trend, but price is near the top trendline of a wedge formed over the past few days(or any other sup/resistance), which should take priority? Should we focus on the current price action and trade it until it changes, or should we be cautious because of the larger wedge and potentially avoid trading?
2. The Encyclopedia often shows both long and short entries close together, sometimes just a bar or two apart. For example, you might see a long entry followed by a short, then another long within a couple of bars. In theory, if a trader enters a swing trade based on one of these signals, should they exit when a reasonable opposite signal appears? Or should they hold the position until the original trade premise is clearly invalidated?
Also thank you sincerely for all the resources—the course, the Encyclopedia, and the many other invaluable fountains of knowledge.
The goal you should have is to understand why each entry was taken. Lets HL DT bear closing below the moving average at the open which has 50% chance of reversal and 70% chance of minor reversal.
Similarly, you each entry needs to be of minimum 5 point scalp and swing can be 10 to 15 points. Therefore, once you can make each entry for its rationale and you practice that daily will help you take better entries.
