Dislikedany body took the trade, what do you guys think of this? Mike? (please click on my chart to get a closer look)
http://www.forexfactory.com/attachme...4&d=1310427501Ignored
Just my thoughts:
If you like it then roll with it. The important thing is to hone your skills and trust your self and your trade plan.
I traded this pair, but it was a sell off of the daily. I had a pending order that filled, but I closed due to the uncertainty of the trade. I still think that it is likely headed lower. To buy right now would be one hell of a countertrend trade. This is especially true due to the fact that this is not a reaction off of any BRN/major support and the close is what I would consider weak being lower than the open. The reason that I believe that it is headed lower is two fold: first there is a down trend line on the daily and the other reason is there is some fairly serious resistance for it to head up. I see two lines on the 4 hr charts and it has been respecting both of them so far.
Here is the daily with the downward TL:
And the 4 Hr with the grey PPZ and the smaller more recent S/R area: