Is it just me or does everyone else find Monday's are really slow trading days? Didn't take any positions today although had a few orders set that I (correctly) cancelled. The one trade I should've taken and nearly did set the order for, is in the following chart. Still working on the confidence side of things!
Firstly, the orange fib coming in from the left of the chart is from the highest volume 15min bar from yesterday, also a WRB (wide range bar). The first marked bar is high volume pushing through the 50% but with no real follow through, I thought at this stage we were weak, we get another push up, again on an increase in volume and this doesn't break the high / 100% of the orange fib. If you were brave, the first ND would've been a nice entry with a tight stop. I preferred to wait and was finally given an entry off the pink fib from the earlier 5min spike in volume. I saw it at the time but thought that the increase in volume at the swing low (not marked, in between two yellow circles) might have been buying. What I should've know was that small bit of buying ended in ND and wasn't enough to undo the selling seen previously.
EUR/USD 5min
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