I see. You didn't take the high-low of the 1st 4 H1 bars, but more than that, incl yesterday's bars. Understand now. Many thx.
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DislikedCollectpips was looking at the first 4 1H candles of the day, in which case his TLs are a lot narrower... LG's TLs were wider, including the previous few candles before the days open. I think that's where the confusion comes from. 4C 1H BO in that case would have been justified, but only for 30-40 pips... (at that point probably all RSIs were up...) then back in the ditch and another BO to the downside, with all RSIs now pointing down, and PA moving down..Ignored
DislikedCollectpips was looking at the first 4 1H candles of the day, in which case his TLs are a lot narrower... LG's TLs were wider, including the previous few candles before the days open. I think that's where the confusion comes from. 4C 1H BO in that case would have been justified, but only for 30-40 pips... (at that point probably all RSIs were up...) then back in the ditch and another BO to the downside, with all RSIs now pointing down, and PA moving down..Ignored
DislikedThanks, you explained that far better than I could..I just assumed we were analysing that trade as a consolidation BO..sorry CP, you were exactly right.Ignored
DislikedHi LG
In many cases you wait for 2 bars on the M15 chart to close before you take a trade.
I have marked in blue some cases when this happened before the "real move ".
Do you recommend of any type of filters to try to avoid those fake breakout ?(Using consolidation setups+H1 BO)
Not always it's possible .Some times we may loss before we catch the "real" move.
One possible option may be to wait for London open , assuming the real move will happen afterwards.
Can you please give us your point of view ?
Tks
DavidIgnored
DislikedWatch this, can BO any min. Also I bought when price bounced from local support, just to get some extra pips.
http://img258.imageshack.us/img258/9170/eurgbpx.jpgIgnored
DislikedI know of no way to totally avoid taking a fake BO on occasion....Ignored
DislikedGeneral information:
1. Don't forget FOMC as you deal - FOMC stands for FEDERAL OFFICE of MARGIN CALL
2. USDX might end in hammer today, but let's see the shape FOMC gives it, though I don't expect much from the Feds, just the usual 0.25% interest, $600B QE. No much impact and life goes on.
1. Finally, don't forget FOMC is an hour from now. Exit all existing USD pairs and wait, try hard to wait
PC2Ignored