bettlebox wrote:Hi Onontsira
I exited there based off chart experience. I dont want to confuse people with fine details this something you develop as you gain experience.
but i will explain. Price was struggling to cross the 50% level of the 1hr momo down so i was on high alert to breaks of previous candles low. Hence my exit. I was trading from 1hr zline to 1hr zline when im trading at this time frame, im watching highs and lows of 15min candle. idea Once the banks going after held profit (shown by zline) they will keep going until that zline is hit.My expectations was for price to go clean through the 1hr momo 50% level. It failed. Meaning most probably need to retrace somemore, more weight to fact that if price is closing lower that pervious candle to get out. Then as price price bounced off 1hr zline again I rejoined the trade as it pushed through the high, heading back to 1hr zline above.
Like said this is something you develop from experience. It will confuse hell out of you if trade to develop hard rules around this.
BBonontsira wrote:bettlebox wrote:Mornings EurUsd Trade.
Would you please explain why you gave so little room to your first trade?
Thank you BB for this detailed answer.
I'm glad I asked (I thought you stopped it because of a 5min candle closing under your entry)