Tuesday 15th May

by Liam 23:08 0 comments

I was presented with another great shorting opportunity today. Once again the set up starts with a spike in volume on the 15min chart. Initially I thought the volume that came in on the 15min could be buying but it soon became apparent that that the market was struggling to make it past the 50% fib of the high volume bar. After rejecting this area a few times we printed a 5min No Demand and this provided the perfect entry with a tight stop just above the 50% on an attempt to break through. 

I didn't take the trade though. I froze/hesitated/debated, whatever you want to call it. Perhaps I was being over protective and thinking too much about the last trade and not wanting to risk losing that. When really I should have completely forgotten about the last trade as that's now in the past. 

Anyway, here's the 5min chart with No Demand entry. The green box shows the lack of demand at the low as the volume dropped off completely. The 15min chart follows with a ND entry at this low. So 2 chances today. 

EUR/USD 5min

EUR/USD 15min