Ok so here is something I am a little stumped with at the moment, and I am hoping you all can shed some wisdom on this subject. Here is the current conundrum.
At what point do you give up on trying to get in during an extended pullback, when the trend direction is obvious, but every attempt is stopped out?
When do you decide that the trend has possibly ended and a reversal is taking place?
I am a trend trader, and therefore I try to focus on getting in on the current trend, and do not attempt to trade counter trend unless I have adequate evidence that the trend has changed.(broken trend line, support/resistance, etc.)
I realize that there may be no clear answer on this, but I am looking for some different viewpoints. It is often the transition from one market phase to the next that is most difficult for me, and so I try to zoom out and take a broader view of developing market structure.
It may be as simple as, this is part of the process for trend traders, and each trade needs to be taken so that the expectancy can work out over time. But I have a hard time wrapping my head around taking say 3 failed trades, and hitting my daily loss limit, when there might be something I'm not seeing here.