Another Attempt

by 09:18 0 comments
Tried a Point and Figure based long yesterday which ended up getting stopped over night. I entered on one of my favourite PnF set ups that I've identified works quite well over time - except for this time!


The long set up was completed at 2820 and I set my entry at 2825. I was taken into the trade and that was about as far as it got. It ranged sideways for most of the day so I decided to leave the trade run over night. It reversed and actually completed a sell signal of the same type which went for about 40 pips or so. I wasn't awake so there wasn't really much I could do about that.

We can see the resistance that formed at 2820 on the PNF chart but now I'd like to look at the charts from a volume perspective to see if there was a reason to stay in the trade.


EUR/USD 15min

If we look at the 15min chart we see three high volume zones all based around this 1hr high. Looking at it now, with a fresh head, the odds were seriously stacked against me in this scenario. Very few of the bars on that chart actually close above the green 1hr high. Generally speaking it was very well respected with a few probes above which turned into upthrusts etc. This wasn't particularly strong and I got suckered into a long based on a formation in the wrong place.

I keep missing things like this. Seeing it all after the fact.

Anywho, on to the rest of today. That high volume push down over night should be interesting today. It also produced a hidden gap so it might be possible to get a short set up in there.





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


Post a Comment