DislikedLet's take a look at January 2 2007.
Price begins above the PP.
We are thinking buy.
You could have entered at the daily high and took profit at R1 during the start of the European Session.
Not me - I want to see a push through R1.
It didn't happen until the news pushed it through the daily a high which happened to be R1 and a few PIPS higher was 1.4700.
We call that confluence and I call it a good entry.
Take note where price hits and then pulls back. (1.4750)
Hmmm... that number sounds familiar.Ignored
The bar which I have marked with an ellipse also did push through R1, any reason you did not take this as a long trade?
Jan22007.bmp 697 KB | 622 downloads