DislikedQuestion. I have my 1 hr GBPJPY which shows the market at the top of the larger downtrend channel. When I zoom in to the 5 min we see that the last blue bar broke out and above the TL.
However it is at the top of the BB and out RSI is in the 70-75 range.
Was that a good short trade to take?
Ride this down to the bottom TL of the smaller uptrend channel.
comments...Ignored
On the attached charts you can see the 1Hr. is well advanced into the downward trend whereas the 4Hr. is just now beginning to show confirmation. I would like to see one full RED candle closed inside the channel as a confirmation of a new downward trend reversal. Remember, you don't have to be the first guy in on the new trend, let others take the beating before you, while you wait to confirm direction.
Most people lose their money because they got in too early and did not wait for confirmation. It's human nature to want to catch every penny you can, but wait, be patient......
I would wish you, "Best of Luck", but this isn't about luck, it's about timing. Maybe I will say, Live Long and Prosper.