Peak formation to the downside put in yesterday. I'm trading away from yesterdays low. Trading the inverse on USDCHF.
UC had a very soft 15-pip stop hunt high at the Asia-Europe changeover (You can see on my chart where the changeover occurs, how price barely taps the golden dotted and dashed line. Thats the 15-pip mark). I was in a couple hours early, set a 15-pip stop loss outside my entry. Took profit outside the the ADR Low. I didn't expect a break of the Asia high, simply because at peak formations, the dealer often jams a high volume of orders at the extremes. Any movement back into the extreme gives that volume a chance to get out with little loss.
EU did the inverse, although they missed the 15-pip line and again I was in early. Took a little drawdown but nailed the exit.
Edit:
When ADR is hit, intraday trend is over 90% of the time. Usually a retracement ensues, or price begins to chop in a search for value again. I almost double dipped and bought UC back into Europe's POC at 0.91846, but nah, overtrading is for the rookies.
Discouragement is the language of the devil. Results over hype.
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For me it's at least 1.06250
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! Right here today the 4th, 0510s is my most importance resistance of the week so far, <0550, before which all up movements since 0610s were negligible = most crucial moment for me
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