This is a trader question from the Fibonacci Trading Forum.
What do I struggle with the most?
In a micro view: when working out chart analysis, I am getting bogged down and paralyzed by too many details of Sup/Res on a lower time frames, and as I realize, it happens when you announce a chart “messy” and here comes a problem of ” sitting on my hands” when this situation mandates not trading.
OK, you have identified two problems. Here are a couple of possible solutions…
The first is to keep a clear perspective of the trade setup. It may help to write down the context of the trade, the setup and the objectives (exit). That way, the lower time-frames can be seen in context, you can maintain a focus on the overall setup. Barring any major events, while the setup keeps you in the trade, the lower time-frame issues are not allowed to take you out.
The second issue of taking trades when you are not supposed to. Again, that is an issue of not following your plan. If you do not have a setup, or the markets are not trending etc, find something else to do! Maybe you need a hobby, or a girl-friend. I recommend the latter, it’s quite enjoyable, and will keep you plenty busy!
-Neal (FOREX Fibonacci Trading)