MightyOne wrote:es/pip wrote:here is a loser for those that wanted to see those
bar closed against me got out on bounce up on next bar -9 pips
This was actually very poor trade selection
The ZL started up high with very strong bearish momentum and the bar even closed strong.
Next you get a higher gap open and a lower close followed by a bullish bar which made the same high as the prev. bar and then closed near the gap open price.
Sound bullish yet? Didn't think so...
The next bar (marked as 1) moved to the pivot ZL, which I might have been able to live with had it not closed with a smaller body than the prev. candle.
A bar closing with a smaller body than the prev. is not indicative of traders holding onto profit.
The hammer that followed gave the illusion that price was supported at the lows and offered a 2nd opportunity to short had you not shorted at the ZL pivot.
The 1st doji that followed was no big deal as doji, hammers, or even long wicks help fuel strong moves for even lower prices as traders attempt to pick the bottom.
The 2nd doji or even a bullish bar after a doji is enough to wind the strongest bear into quitting the match.
Walk your self through the candles and create a story of what you believe is happening on your charts.
The more systematic you become the more you begin to lose
PS: thanks for posting
looking back at it now i agree
being bored and searching for a trade has it's downfalls
thanks for the analysis