There were a couple very tough calls today, regarding the 15 minute strategy. “False breakout” guidelines were a factor in both. If we had taken the short trade, we’d have stopped out before reaching TP at S1. But I see now that it would have been profitable if TP was set within the normal ranging area, and treated more like a scalp.
The second potential trade was a long at 23:00EST. Technically, for long trades we need price above the 1hr 100sma and the Daily 5sma at the time of the QQE60 cross, before it’s a valid signal. On my charts the candle encompassed an area of 210.31 – 210.75. Meanwhile the cross would have had to occur when price was between 210.61 and 210.75 to place it above both sma’s. This represents approximately the upper third of the candle. I wasn’t watching at the time, so I couldn’t be certain whether the QQE60 crossed during that price range or not. The odds were against it, so I passed it up. At the same time, I can also see where someone else may have decided it was valid and taken the trade.
Just like with the short, the long is producing pips but is looking indecisive. Time will tell whether it’s really a “breakout” or whether price stays within the current range.
The second potential trade was a long at 23:00EST. Technically, for long trades we need price above the 1hr 100sma and the Daily 5sma at the time of the QQE60 cross, before it’s a valid signal. On my charts the candle encompassed an area of 210.31 – 210.75. Meanwhile the cross would have had to occur when price was between 210.61 and 210.75 to place it above both sma’s. This represents approximately the upper third of the candle. I wasn’t watching at the time, so I couldn’t be certain whether the QQE60 crossed during that price range or not. The odds were against it, so I passed it up. At the same time, I can also see where someone else may have decided it was valid and taken the trade.
Just like with the short, the long is producing pips but is looking indecisive. Time will tell whether it’s really a “breakout” or whether price stays within the current range.