I took this trade a few moments ago and wanted to get your thoughts...
This trade was made by simple observation and looking at the history of the candles preceding the candle on which I took the trade
HERE'S WHAT I SAW:
I noted that the LONG CANDLE on which I entered was HUGE and looked to hit the HIGHS of the previous wicks (actually it went past)
I also noticed that none of the other high wicks actually stuck and found their point of resistance quite a bit lower
The price was already at it's highest point since late SEPTEMBER
Based on this, I scalped some pips on a retrace
The IN was a SELL Market Order and the OUT was a BUY ENTRY order to close out the position
The HIGHER TIMEFRAMES were used only to determine the the price was already at a high for OCTOBER
Here's my question:
Would you have taken the trade?
What are your thought regarding my interpretation of price acation?
I made 7 pips on the deal and could have made 15+ however I am still taking the smaller profits at this point to keep my expectations in check and not treat DEMO MONEY like DEMO MONEY
As always, thanks for your time!