Fridays seem to be the most difficult day for me to make money, and I lost some today. I was a winner after one trade, but the second one cooked my goose. I've already limited Friday trading to exclude Friday afternoons in my plan; I may limit it to one trade only, just to cut down on the exposure.
I'm using the 4500-tick to grant permission for Long or Short. My losing trade involved a support level on the Permission chart that didn't hold, and I got stopped out. The problem seems to be that I'm likely to get multiple volume exhaustion points after a support or resistance level is broken, but price just keeps driving on. It's the proverbial "jumping in front of a train" scenario.
I'm researching it further, but I think that I will no longer consider a support or resistance level that is broken on the higher time frame valid. I will, instead, regard that as the probable beginning of a trend. No more jumping in front of trains.
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