Thursday 8th March

by 16:39 0 comments
I found today difficult to get any entries to the long side, there were some predictable bounces off fibs that I have on my chart, but no entries that really appealed to me. I eventually tried a short position, against the main trend I know, but I felt the set up was there, it was depending on whether or not we'd break the support below. We didn't.

EUR/USD 5min

Most of the information is annotated on the chart. To be honest, despite only making a small profit, i'm happy with having read the market and closed out at the best time. I would have ignored or missed such things not too long ago. I would have been swiftly stopped out had I not closed.

This begs the question, If I was sure enough to close my short, should I not have taken a long position? Perhaps, but I was aware of a couple of things, time of day, we still had selling volume above us and we were in a little sideways phase, there was no real decent entry to the long side in my books.

Whilst my stop would have been triggered, you can see on the chart we haven't closed above the high of the high volume bar and as I type we are pushing down through the 50%.

I love these high volume zones!



28. Forex. Trading. Music. Beer. Food. Travel.


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