I nearly shorted at 94, looking at how the chart was developing. But held back only for 1 reason, it was not my setup. Even though it looked like it was developing a nice short, but the stop would have been way up, maybe past 00, so I did not want to start taking trades in no man's land again. I had pivot at 71, and saw how it was slowing down getting to this level after picking up momentum beforehand. Even though it didn't get to 71 on NT, it did on the mt4 chart and usd/chf was hitting weekly pivot at the same time, hence my entry. Exit was based on it not following through after the first attempted retrace at that price.
i am curious why not take the two previous greens to buy and then once price had broken down why you are not looking for small pullbacks up to short into the down move and use the green indicator as your exit off the short and then look to buy again....
ReplyDeleteHey James,
ReplyDeleteI didn't take the first 3 greens because it was in range, and it could have just broker out against me. Also, I did not have any s/r levels within that range on the 5M chart, from memory.
I didn't take any sells because the momentum as slow as can be seen with the time stamps on the time axis. It wasn't like a few days ago where eu was just ripping it apart. It was just trickling down slowly and slowly. I am just not confident with trading eu in continuation moves because more often than not, I end up picking zones where it just goes back and forth.