Dislikedoriginal post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........Ignored
The next thing i notice is that the bar is not very large, and as we are trading counter trend we would want a more decisive bar, bigger with a longer shadow to really show a reversal situation rather than a pause in the PA. i do like the location though...lots of history around this price zone (check out the monthly/weeklies) BRN and the 50% fib retrace from that big down swing, and to be honest i would have expected a better break to what it gave! Another thing that could have warned us of the lacking momentum in this trade is how price behaved the next day, in a situation like this ( counter trend, not an A+ setup)i personally want a nice hard break to confirm the setup, and when it didnt come and price started to dither around the break i would have been out before a full bar loss.( eezy to say after like!?!?)
this is one of those setups where it pays to take care over the details !!
hope this helps
p.s. i have just gone short this pair from the I3B on the hourly chart (demo)...dbl top with div. n as i said i like the location??
lets see what happens? not the best time to be trading the hourly charts!
jon
PATIENCE... DISCIPLINE