Good morning, Macc. I see the DBLHC off the 200. I also see a struggle for a clean break from 1.5000 which looks like a decent S/R level. I have an upward trend line off which it's bouncing. So I'm long at 1.50006, SL at 1.4985. I'd greatly appreciate your opinion of my analysis if you have a sec. thanks much.
As EO mentioned, the best entry was at the 15m 200 with some nice PA and a prior level of 14985 (as you mentioned for your SL) adding a little extra support. However, looks like your entry gave you the chance to take profit and cover.
My view is that around significant areas such as the 1500x there can be a lot of two way action so any entries there I would look to take profit and cover as soon as reasonable. As EO mentioned, it's good to remember that we are intraday trading and therefore getting stopped out on your first entry isn't necessarily a bad or wrong thing, the level could still be good and the timing may just have been off.
One eye on how the higher timeframe candles are developing can of course also add to your insight on how a trade is working out.
