Disliked...Did the fact that the pair was making higher highs and higher lows on the weekly help your decision in executing the trade or was just seeing the rejection of any lower closes in that area that caused you to enter?Ignored
DislikedI would look at the 12h chart and nearly say it is forming a downtrend which would probably prevent me from entering long. Thanks again mateIgnored
Why is that? Take a good look at the 12 hr chart and also the intraday chart...which ever one you like. Each time the buyers get a foot hold on the price, sellers come in and stop them out. But the sellers are only on the intraday highs. They are not willing to sell at the lower prices, thus no "whoosh". However as the buyers put their stop orders (which are really sell orders) lower and lower each time they enter, the market moves lower to hit their stops, but then...nothing. No new sellers come in, and thus the buyers are again encouraged and buy the market sending it up again. Thus the "balance" is at the extremes of a choppy and directionless market.
The down side of this market (or the upside depending on how you see it) is that most of the trades are occurring on small time frames...this tells me it is the intraday traders that are moving this market...not the "big boys". The upside is that although it has been going on for some time, it cannot continue forever, and so I will most likely just wait and see which side wins.
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