January 24, 2014
You mention that you (we) want to be part of the herd. I've read and heard, often disparagingly, that the herd is always wrong yet you are wanting to be part of the herd.
I'm assuming you mean you don't want to be part of the herd that are the last to get in (waiting for too much confirmation) and the first to get out (scared out) of a trade?
Without you (price action), I am not worth a [s]cent.
probably not the best choice of words then,
I am always thinking about the institutional herd as opposed to the retail herd.
We want to join in with the big boys once 'they' have had 'their' battle and the winner is starting to show.
This is because 'they' are the ones that have the power to move the market.
The entry triggers I use are a level of confirmation that puts you in at the turn and not too late.
You are right;
We certainly don't want to be joining in too late with those that don't/can't move the market.
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