EUR/USD 15min
A - Highest volume on Tuesday
B - Highest volume at the time on Wednesday
C - Highest volume on Wednesday (FOMC)
A was strength and the market pushed up from this point. When we revisited the high of this area on Tuesday on further high volume I took this as continued strength and a shake out of the market. Nice high volume and a close well above the middle. There was certainly buying in the bar, but it was short lived. The reaction on the following two bars should have served as a warning that it wasn't completely strong. It didn't even manage to break the high. We came back to the 50% and I took a long entry on the high of the NS. I was brought in straight away but again we couldn't break the high. My blinkers were in full swing and I completely ignored this. Air raid sirens should've gone off in my head, let alone alarm bells. But anyway, I held the position and got stopped.
Also, notice the second last bar on the right edge of the chart. This is a perfect test in to the 50% of the FOMC (C) bar. Great entry for a long position and it has gone very well so far. These are the type of entries I should be taking!
Ok that was just a quick update for yesterday's trade. Now on to the main post of the day.
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