Thanks for the really detailed reply!!
Good to know, although it's hard to remember that in the beginning when a lot of trades seem to go against you!
You're absolutely right, that's what I didn't take into account. I've been doing a lot of training on the simulator and of course that only shows the one time frame so I'm not used to checking the other ones. On the H1 you can see a drop all the way down to the 35. I guess the lesson learned here is if it blows through both MAs, then there might be another magnet waiting to pull the price further down, and to look out for that.
Well there were two bars plummeting toward the 35 MA from a very decent climb and then it bounced straight back to the 35. It definitely looked like it was going to head back up. I think if I'd managed my stop better, I would have got taken out at +1 pip, and then been able to re-enter at the 1hr 35.
Thanks again for your help.
DislikedFirst, a trade going against you doesn't mean you did anything wrong. Sometimes, in any strategy, the best set up will still be a loser. That doesn't make it a bad trade.Ignored
DislikedIt's also worth noting that we don't have the larger time frame, so the chart doesn't show the complete picture. It's possible that there was info in the higher time frames that would shed light on this situation.Ignored
Disliked3) Enter at COB, as you did. Here I have a question. As price moved down to hit the MAs, you are expecting a bounce upward. But in this instance, price broke through both MAs, and then moved back up to the top MA by the end of the candle. So, why do you now expect a bounce up? Couldn't you just as easily treat this as price moving up to the MAs and then bouncing down?Ignored
Thanks again for your help.
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