Dan wrote:dragon33 wrote:Dan wrote:I got about 30 pips from this one, I got out only because 30 pips is enough for me. Had I let it run anymore I would have given it all back which brings me to ask in ref to Dragons chart, what did you look at that made you take the third short entry? It's at a 4hr and 1hr support area and I wouldn't dare short it hence why I make 30 pips and you make over 300.
Nice to see you are posting again.
Why shouldn't i take the third trade. It is a clear fail on previous H1!!!
I just can't see what you are seeing, to me it looks like you are selling into strong prev support (third entry) the other entries are clear as day.
The 3 semfor to the left, the hourly hasn't closed lower than that area yet but you still enter short, how do you predict so well that the down trend you are riding will power through this area?
Maybe you will see it on this picture.
First: compare de power of price (ie volume) the biggest candle on the screen is the H4 from the day before. This tells you something!!!
The level that you call "strong support" is just the opening of H4. Indeed a good place to get out BUT!!! First of all the upgoing H4 is NOT momentum but just a part of the range of the downmomentum!!!
Watch D1 this is just the beginning of the move down. When price is able to close over 127.77 then there will be another move down
In this case price zeroed the start of the move on M15 level and bounced up, failed to close above previous H1/50% and that fail was the start of my third entry and closed just above support level 127.77!!!
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!