DislikedNote where I place a huge white arrow on your chart. Would this considered a double bottom?Ignored
QuoteDisliked...sometimes the markets are moving rapidly and will not retrace for a double top/bottom, what may signal you to jump in
I agree doubles forming on S/R levels are easy to see and easy to trade. What do we do when there is no double ? We have to look for trendline or fibo (tests, retests, breaks, fake breaks, bounces, rejects) that kind of thing, a lot trickier to get right imo. The good news is the 5min chart is typically rather good for "clear open V shaped doubles" that you cannot see on higher TFs.
QuoteDisliked...I thought would bounce off the daily open of FXDD. Instead, I got stuck in that trade for nearly 3 hours and ended up losing pipsl I guess things were very quiet and there was no volume. How can I avoid wasting time like this?
The Asian session you were trading can be very good or flat and dangerous. You struck it on a flat and dangerous day. I give trades about 1 hour to reach +20 and BE. If price cannot move that much in one hour then the market conditions are simply not right so I exit at BE or above if possible.
Study the Asian opening times (Sydney, Tokyo, Hong Kong, Moscow) and try to correlate that knowledge with what you see in PA. The other end of the day after London Close is a similar story, can be excellent momentum but when it is not there is nothing a trader can do except stay out and wait for conditions to improve.
I make as much money outside London's session as I do during it. So you do not have to trade London, but it does become quite addictive ! Enjoy! RD