"Can it go any lower?"
"Can it go any higher?"
"Wait! look I can enter cause it's a breakout!"
Those are the doubt/ideas that they implant on the retail traders. When u see a huge azz Candle with low or high volume... take head! Draw lines above and below the high and low. Then pay attention to the candles that follow. Are they wider in range? Are they climbing with shrinking range? Are they continuing down(or high) with increasing/decreasing range? What does Volume do? Is it increasing/decreasing?
Take a peak at some of the previous huge candles and observe what happens after those candles. Better yet observe EURJPY, AUDJPY, GBJPY (4H TF) and see how those stories unfold, yep as of 12:40am PDT they are unfolding from big candle ranges. Don't let anything bias u... just watch as the story unfolds then take your trade accordingly.
cfabian wrote:Just watching GU and the way it's been plummeting.
At this point, it is kind of hard to continue entering short after so much move down. As espip outlined it there's a possible continuation down until that weekly resistance at 1.5530 area.
If moves continue down, the only referenced ZL to target are from months ago. Not sure what to do... short trades are risky... shall I just wait to trade retracements to the upside and ZL down moves, or what would you do at this point?????