DislikedAnother sellers trap setup from this morning...
GU - price moves below the H1 and daily SR and closes above. If you look at M15 you can see that price hits an SD flip zone - this is why it bounces - in doing so it is trapping all those traders who would have sold on the break of the clear SR (fancy that a lower TF showing something a higher TF doesn't - opposite of traditional teachings isn't it..)
There wasn't much space on this setup as there was a lots of potential supply not far above - I was looking for a quick move into 65's, didn't quite...Ignored
1. waiting for the 1H-PB to close and then enter on a break or something like that
2. as soon as you saw that 15m-PB, but this PB closed below that broken support so it could bounce off resistance now
3. scrolling to a TF between the 15m-TF and 1H-TF and enter as soon as you see a PB that closes above that broken support
In hindsight the weird 24m-TF would've given the optimal entry in the sense of profit, this TF would've generated the first PB that closed above broken support. Waiting for the 1H-PB would've given the least number of pips.
Pipcrawler