Hi,
This is the way I see today's short trade. I set the order from the most important to the least important:
http://img6.imageshack.us/img6/7079/eu20121205.png
Breakdown candle starts at 11:00 CET (GMT+1).
Pros:
Rejection of new day's high (double top)
Green line below Red Line
Breakdown from 4 last candle support
Breakdown from yesterday's high
Phx "gem"- possible high of the Euro session
No expected news for EUR/USD
Bounce from 68 on TDI
Cons:
Long wicks on both sides (raging market)
Countertrend entry, uptrending market in 6 previous days
1.31 psychological level just below the entry point
December! Trade is not that obvious.
Eventually I did not take the trade. Was to affraid that the trade would not follow through. Did not like the indecisive candle prior to entry. If it'd close below recent 3 candle low, I would definitely take the trade. Long wicks on last 5 candles made me sit out.
I'd be grateful if any of experienced traders would be kind and comment my approach and indicate what I missed or what factors are more important than others.
Kind regards,
Michał
This is the way I see today's short trade. I set the order from the most important to the least important:
http://img6.imageshack.us/img6/7079/eu20121205.png
Breakdown candle starts at 11:00 CET (GMT+1).
Pros:
Rejection of new day's high (double top)
Green line below Red Line
Breakdown from 4 last candle support
Breakdown from yesterday's high
Phx "gem"- possible high of the Euro session
No expected news for EUR/USD
Bounce from 68 on TDI
Cons:
Long wicks on both sides (raging market)
Countertrend entry, uptrending market in 6 previous days
1.31 psychological level just below the entry point
December! Trade is not that obvious.
Eventually I did not take the trade. Was to affraid that the trade would not follow through. Did not like the indecisive candle prior to entry. If it'd close below recent 3 candle low, I would definitely take the trade. Long wicks on last 5 candles made me sit out.
I'd be grateful if any of experienced traders would be kind and comment my approach and indicate what I missed or what factors are more important than others.
Kind regards,
Michał
Remember I'm a newbie!