I talked about this before but today was a good example of why we should always be aware of higher TFs.
I had this nice trendline from Jan 2010 that was due for a touch which happened today. This suggested strong downside action around 1.5880 so there was no way I would take a long on M15 MA10 touch (11:00 GMT) and not even a long on M15 35/50 (although at 12:20 the M15 35/50 did provide an opportunity for 25p). In both cases you will see that the Dance rules were overpowered by the strength of this long-term trendline.
So always keep an eye on the support/resistance and the major trendlines of the higher TFs.
The best DANCE trade today, was what Whenever showed in the previous post and it was worth more than 30p. I was not trading at that time today.
Kostas.
P.S. I actually made +48p today by shorting right on that red trendline and if I knew what was coming later I would have stayed longer.... This was NOT a dance trade so no worth discussing it further here.
I had this nice trendline from Jan 2010 that was due for a touch which happened today. This suggested strong downside action around 1.5880 so there was no way I would take a long on M15 MA10 touch (11:00 GMT) and not even a long on M15 35/50 (although at 12:20 the M15 35/50 did provide an opportunity for 25p). In both cases you will see that the Dance rules were overpowered by the strength of this long-term trendline.
So always keep an eye on the support/resistance and the major trendlines of the higher TFs.
The best DANCE trade today, was what Whenever showed in the previous post and it was worth more than 30p. I was not trading at that time today.
Kostas.
P.S. I actually made +48p today by shorting right on that red trendline and if I knew what was coming later I would have stayed longer.... This was NOT a dance trade so no worth discussing it further here.