Took a price action trade earlier on AU. Price was hitting a H4 supply zone so I zoomed into find some price action in order to take a short. The first short was based on the compression into the supply, price didn't move as expected and hit my SL (which had been tightened from 1.020- to 1.0195) for a 0.5R loss.
Price was then later rejected again from the supply zone and this said to me price had to move lower to find demand before potentially moving higher, so I shorted again with a SL @ 1.0202. Closed out the full position at the first target (clear demand) @ 1.0176 for a +1.6R win.
More of an order-flow based trade (sellers trap with from the move below the SR - took longer than I would have expected but hit TP for a +0.83R win) and my first trade on a stock in a long time...(looking for a few different instruments / asset classes to trade outside of spot FX and Indices). If anything the type of price action I use and the order-flow based setups I look for should be somewhat 'neater' in centralised regulated markets.
Current broker I use for commodities has too high a spread for Nat Gas otherwise would have been in this setup (looking for some good futures and CFD brokers at the moment) - FTB at a fresh supply zone.
double IB on daily TF, price broke below on H4 and hit an SR before bouncing and closing higher - a ton of traders would have been watching that daily IB (arrows indicate the IB high/low) and it was one big fake breakout.
GJ,EJ,CJ all look ready for either a breakout or fakeout of their consolidation ranges today with FOMC the likely catalyst later.
double IB on daily TF, price broke below on H4 and hit an SR before bouncing and closing higher - a ton of traders would have been watching that daily IB (arrows indicate the IB high/low) and it was one big fake breakout.
GJ,EJ,CJ all look ready for either a breakout or fakeout of their consolidation ranges today with FOMC the likely catalyst later.
Ignored
I think it's fair to say this one has played out now ;-)
I'm all square heading into FOMC, have a few things on my watchlist, mostly indices and stocks over FX.
