The M15 10EMA was steep, there was a nice M5 rejection that was good for a couple of pips.
BUT it would have been a risky trade IMO, not only was there H4 35/50 underneath but if you look at the H4 chart bellow the TMA slope indicates a ranging market. Also from the PA the market was at the lower end of the range.
As I analyzed my trades in the past, some of my failed trades were caused by not seeing what the state of the market is in from the higher TF. So I have to ALWAYS consider market behavior(trending or ranging), supply demand and weekly/monthly pivot to determine market bias before I scalp.
Or else I will take good looking M5 setups and murder my account with a thousand cuts. Took me so long to figure that out.
BUT it would have been a risky trade IMO, not only was there H4 35/50 underneath but if you look at the H4 chart bellow the TMA slope indicates a ranging market. Also from the PA the market was at the lower end of the range.
As I analyzed my trades in the past, some of my failed trades were caused by not seeing what the state of the market is in from the higher TF. So I have to ALWAYS consider market behavior(trending or ranging), supply demand and weekly/monthly pivot to determine market bias before I scalp.
Or else I will take good looking M5 setups and murder my account with a thousand cuts. Took me so long to figure that out.
Riding the order flow