I am thinking to remove stop loss around that time (00-01 broker time) then set it back once spread is stable ..... look what happened after that {image}
Ignored
NZDCAD able to be traded after the central bank news. In fact, after the central bank gave the signal. The problem was that the risk return was low one to one
{quote} NZDCAD able to be traded after the central bank news. In fact, after the central bank gave the signal. The problem was that the risk return was low one to one {image}
I am thinking to remove stop loss around that time (00-01 broker time) then set it back once spread is stable ..... look what happened after that {image}
Ignored
See fabio99's chart immediately below yours, for what looks like the right place to enter the trade.
Question I have is, in this instance would you still place the stop at the high (big pin bar)? Price would not need to move that far against the entry to know the trade is not working.
I am thinking to remove stop loss around that time (00-01 broker time) then set it back once spread is stable ..... look what happened after that {image}
Ignored
You might have to reconsider the entry, stop loss and confirmation rules and add other confirmations. That move was a pure stop hunt of which it still conforms within the V-Pattern (the pattern also is about taking out the Buy Stops). I use absorption zones - first there is an absorption at near trend end; it is followed by a spike that takes out the Old High and the spike must end at the next old absorption. My entry is at the low of that old absorption. The logic is based on what is also written on some of Wyckoff and Tom Williams' (VSA) books. In this case you have 2 old absorption zones (the major and minor). There are Buy Stops resting above the minor absorption zone and are open to be hunted. You can add Peak Formation High to the mix.
