Wow Joel! 1:20 R:R setting up for you?
Just got into GBPCHF on the 4hour on the engulfing green hammer.
In my noob opinion, doesn't look like there's anything significant until 1.700 =)
possibly 1.6900, but tt's it.
Edit:
In 20/20, this was a B- grade trade for several reasons
(1) Trend is strongly down. Both in 4hour and also in Daily
(2) Base was way to small to indicate that this was going to reverse strongly. A reversal usually needs either a big base or a huge range candle to flip around. Both indicate orders being coverd/flipping around.
A larger candle range in the base would have been better.
Given the current number of candles & candle range wrt the overall trend, it's not so great a trade after all.
Would have liked to see a stronger indications of rejection as well.
(3) Focus was mainly on price action, and not considering all the other location/trend factors.
It would have been more compelling if the BUOB-PB tagged the bottom of the consolidation range
Silly mistake!
This is why we demo!
Just got into GBPCHF on the 4hour on the engulfing green hammer.
In my noob opinion, doesn't look like there's anything significant until 1.700 =)
possibly 1.6900, but tt's it.
Edit:
In 20/20, this was a B- grade trade for several reasons
(1) Trend is strongly down. Both in 4hour and also in Daily
(2) Base was way to small to indicate that this was going to reverse strongly. A reversal usually needs either a big base or a huge range candle to flip around. Both indicate orders being coverd/flipping around.
A larger candle range in the base would have been better.
Given the current number of candles & candle range wrt the overall trend, it's not so great a trade after all.
Would have liked to see a stronger indications of rejection as well.
(3) Focus was mainly on price action, and not considering all the other location/trend factors.
It would have been more compelling if the BUOB-PB tagged the bottom of the consolidation range
Silly mistake!
This is why we demo!
One Mind, Any Market