DislikedHello everyone,
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Here is a question concerning a GBPUSD trade I'm in. I saw this huge drop in price and what I would call levels on top of levels and price did not stay here for a long time. Yet, price cuts through it like butter and is about to wipe me out.
My questions to the more advanced S&D traders in here is: Was there something wrong with my evaluation? Something I did not take into account? Or was it just one of those levels that did not work out in spite of being an A+ area? Are there any characteristics of a level that let...Ignored
I think you've already got your answer. I'm a newbie and reading Sam's article now and watching videos...
Before commenting, I would like to say that, whatever I'm trying to say is for learning purpose only. As I'm learning, I might be wrong.
I think the price level you shorted had no strong support or demand. Price stayed there for shorter period earlier but that was drop-base-drop pattern. Sam told that it should be rally-base-drop pattern to get good result for a short entry from a pull back. Again before the drop from top price rallied through to that level. The top most level that you marked might be a support level. But bigger picture needed to confirm it.
Mazis