When looking to trade off an engulfing bar for example would you have a look at what the currencies are doing on other pairs to make sure it isn't a false signal?
Eg. today, GBP and Yen were showing very similar strength at one point on the H1 charts. An engulfing bar formed on the NZDJPY chart for a sell but not on the GBPNZD. I avoided the sell signal.
This stratergy sometimes saves a loss and often saves a lot of sideways movement but what would you have done.
Eg. today, GBP and Yen were showing very similar strength at one point on the H1 charts. An engulfing bar formed on the NZDJPY chart for a sell but not on the GBPNZD. I avoided the sell signal.
This stratergy sometimes saves a loss and often saves a lot of sideways movement but what would you have done.
