DislikedI know I've still got 13 min to close....
Thoughts on this PB?
Off BRN, PPZIgnored
My thoughts...
Good bar at a good location. 1.55 round number, with the overall large down trend, might be a good chance to hop on board another leg down with the large down trend.
I am passing on it though. Why...
- Time of day. London/Europe is long closed, and the late afternoon trading of the US session is often slow and lower volume. The momentum that created this pin might already be gone for the day, or gone for a while.
- This pair has been a choppy mess, thanks to the slow August/early Sept. period. Look on a daily chart back to Middle August. This pair is just flat, and chopping around the 1.55 level. This has been going on for almost 4 weeks straight. Will this pin in the afternoon break this choppy area? I wouldn't put money on that, but it is possible.
So it is probably a trade just good enough to scalp and pick up some pips. Do I want to scalp during this low volume time of day? In most cases no, and especially not since I am not even sure if the big money players have made their moves or not.