[Rambo35]

In general your first entry level is never right and the price keeps moving against your analysis. Sure, sometimes you get it just perfect. I have noticed that in most cases your first entry is usually wrong which is why I advice against placing only one order.

I always have more than one entry level as it is natural to not time the trade right, which is why I always enter my trade with 0.01 lots and after that I place a ‘real’ order. It can reduce your risk and shifts the reward ratio more in your favor.

[thelastbear]

I know what you mean and a staggered entry as you have mentioned it at solid support or resistance levels is a good way to handle it.

[TamTam]

I'm not sure ether. My entry is usually correct

[Mike]

I find that since becoming a longer term trader, the state of "correctness" has become highly subjective. I know in the sense that the original poster is asking how correct we are is absolute, win or loss. And I agree with scaling your trade size, starting small can works, I mean, I truly never ascribed to that theory for my own trading, but that's incidental.

Back to "correctness" it has become a constant thing for me in the real sense that I have developed a system where I find a reason to enter on a daily chart, or 4 hour chart, sometimes higher, a weekly chart, which becomes a real problem in the hours that go by on the smaller time frame as I, with a certain percentage of confidence backing my play thanks to the indicators I use being more accurate on higher time frames, now drilled down on a 30 minute or 1 hour chart and I have a whole new challenge, finding the entry that will validate that longer term indication of a long term short or long. Sometimes I get it right the first time, but most of the time I find myself hitting my stop loss, which is also set logically based on the higher term charts, as I try and find that working, correct trade in the direction of that trend, either a continuation or reversal, but always based on that longer term indicator telling me it's going to be a long or short trade coming up. I also enter strictly based on the lows and highs of the previous swing; I also am very mindful not to sell into support or buy into resistance which is why I realize having pivot levels and other basic indicators is a wise thing to have on your chart, fibonacci as well. It's not that these indicators are magic, fibonacci especially, it's the fact so many people out there trade those exact indicators causing those moves. I ascribe to the fact that trading naked in certain sense works, i.e., just using price action, no indicators, and you can be successful by memorizing all of those special candlebar formations, BUT, a constant thing I always tend to bring up in discussions on Price Action is the fact that, or question that, are not these candles that price action traders trading off of actually being caused by price reaching a support or resistance level? A simpler way to put it is, what came first, the chicken or the egg? Is the pivot level, or Fibonacci level causing reversals or continuations which in turn cause what you see on the chart to appear in the form of an engulfing candle, hammer, doji star, etc? What I mean to say is, I just don't think these patterns occur naturally or by accident; something out there makes institutional traders, banks, those large guys that really move the markets with their trades, something makes them all buy or sell at a certain time, sure, it might just be that they have a client that needs to convert Euros to Us Dollars, en masse, enough to make the market move a bit, but don't think that a one time transaction like that is what makes the markets trend; it's definitely speculation based on fundamentals. Technical analysis in my opinion is subservient to news, or rather, technical analysis is done as a result of news, but if there is no real news going on, in the absence of fundamental analysis, then technical analysis is done to figure out the sentiment, but when there's really nothing going on for one currency vs another, I think we just see sideways action more or less.

[Rambo35]

I find that since becoming a longer term trader, the state of "correctness" has become highly subjective.

I agree with you on that one.