will post some charts in a few
but i was short that gu m5 dbl top
then covered into the shoulder before the news, literally pressed the button, and whoooooosh 50 pips without me
lol
caught that bounce though out of the h1 demand
now short the m5 momo
PA, S/R, ZL, EXTREMES & MOMO
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- newscalper
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Well. Here's todays first trade. +33 on cable. Risk was 24. I'm not sure whether I'm happy with the trade or angry with myself. I shall explain:
Cable daily chart. Good bearish close. We're going down. Wait for pullback to 50 fib area (unless it breaks out...I don't like it it when it breaks out because I'm waiting for a pullback)
H4 analysis, last bar was momo down, wait for pullback (unless it breaks out)
H1/H15 We see resistance above, support below, we wait to see which way it breaks. It breaks below with a good 15 min bar.
Custom candle analysis, still looks down:
5 minute still looks down. Rats are running both directions.
The trade
SO why am I annoyed at myself? Because the down momo didn't look like it was going to zero, so I took the break. It breaks then comes back to zero. Cr*p. So what should I do, cut for a small loss or try to get out at b/e, well as you can see it runs straight up to the supply. Then starts to come down. So I should get out at b/e or as near as I can, especially as there's that 5 min momo bar up that is going to send it back up right? I almost cut at -2 but then thought 'ahh' but on the 1 min chart it's trending down, making lower highs, I'll wait. News then comes out and there's big momo down so I take my +33. In hindsight should have been +50.
So overall happy it's a win, pi**ed off with myself for how I managed it.
Cable daily chart. Good bearish close. We're going down. Wait for pullback to 50 fib area (unless it breaks out...I don't like it it when it breaks out because I'm waiting for a pullback)
H4 analysis, last bar was momo down, wait for pullback (unless it breaks out)
H1/H15 We see resistance above, support below, we wait to see which way it breaks. It breaks below with a good 15 min bar.
Custom candle analysis, still looks down:
5 minute still looks down. Rats are running both directions.
The trade
SO why am I annoyed at myself? Because the down momo didn't look like it was going to zero, so I took the break. It breaks then comes back to zero. Cr*p. So what should I do, cut for a small loss or try to get out at b/e, well as you can see it runs straight up to the supply. Then starts to come down. So I should get out at b/e or as near as I can, especially as there's that 5 min momo bar up that is going to send it back up right? I almost cut at -2 but then thought 'ahh' but on the 1 min chart it's trending down, making lower highs, I'll wait. News then comes out and there's big momo down so I take my +33. In hindsight should have been +50.
So overall happy it's a win, pi**ed off with myself for how I managed it.
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