DislikedThe Trade Failed with strong upward thrust on Friday. SL at 1.0495 was triggered for a loss of 1.3%. I think Weekly and Monthly pivots may not mean much instead we should use Price flip zones. Went thru the videos of PeterFM and found same very informative. Now I have marked my charts accordingly and will look for setup around those areas of interest.
One question for the seniors, though not related to this trade, should we keep our Trade posn open during the weekend. I have always been told and of late I have seen also that the weekend...Ignored
Continuation bars can be risky. That's why we like Ouside Bars at swings Highs/Lows. As KissFan mentioned at the time.
DislikedThe daily BEOB is tempting but Id be a seller of UCAD if this bar were at a swing high.
K.I.S.S.Ignored
Flips zones (PPZ levels) are pretty consistent no matter what broker or what the "Open or Close" is in the forex market. So you can see why James16 emphasizes on the PPZ levels. If Jim thought floor pivots played an important role believe he would mention them more in his posts and charts.
Keeping a trade open over the weekend really depends on how much cushsion you have in that trade. Like you said, a move of 200 pips could happen or the weekend or a global event could happen etc. So if i was long the Cad at 1.000 I would hold it over the weekend. lol
Indicators show the past. Price Action "Indicates" the future.