Note that the spike up and reversal happened at exactly 9.30, a point in time when reversals often happen.
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DislikedHow wrong I was about no more upside...
Good thinking about other important levels nearby. 1.6020 were highs on 24 and 29 Dec.
Now short from R1. TWT.
Edit...6033 is 50% of the end of Dec up move.Ignored
DislikedI haven't followed my own rules today and may wind up taking a loss.
However, the highest volume on the 5 min chart was in the shooting star 3 candles ago - with a small body and large upside wick its a sign of considerable selling.....as to whether or not its the turning point.....TWTIgnored
DislikedNow that's a better level - cable frequently respects the 50%.....and the data was close to expectations...Ignored
DislikedI've just banked some pips on one of my shorts as price hit the 5m 30ema which is currently flat.....€ also has hit its 4300 level.
My other short is still underwater, but I'll see what happens retracementwise.
A pull back to the 30 ema followed by a bounce into a LH gives a classic high probability short signal......on NFP day and this late in the European morning it may not be as reliable....Ignored
DislikedI thought perhaps it may be better to trade a different pair when big news is due on GU that morning.Ignored
DislikedIF my interpretation of the PA and volume is correct, then it can take up to an hour for distribution to take place. This shows up as sideways action in a narrow range, with the possibility of a stop sweeping spike to the upside, before the start of a down move......as its a Freaky NFP Friday........Ignored
DislikedSo my timing was a little out.....it was an hour and a half before the fall started......Ignored
Disliked.....and now that earlier short is also in profit and so I'll probably close it before the NFP...
Interestingly, the Euro's actually dropped more than cable.....Ignored
DislikedLOL!
I'm glad for you.
Not surprised about the Euro drop. This will be an interesting afternoon.Ignored
DislikedThanks - I've finished for the week - have a good weekend - its looking as if we'll have a bad one here, we even had some snow this morning.....mulled wine and hibernation spring to mind....
CheersIgnored
DislikedSame to you! And I am sure you've heard about the weather/snow conditions in the UK, so don't complainIgnored
DislikedIn case sometime in the future we wish to discuss this type of trading, this chart highlights a couple of things that I've used in the past......fibs over the initial spikes and the use of fixed outer bands to high-light OB/OS conditions....they're not for the faint of heart!Ignored