Awww F*** it, shoulda-woulda-coulda that trade from 1.3415 huh? That was a nice easy 30 pips (so far) I missed out on
Ok so we popped earlier than expected, now I see if I can either get on board a retrace, or this shows signs that the upmove is a trap in a trap, or the real trap is the upmove and we're going lower after filling some of the ECB rate cut liquidity gap (movements in that area, and at the lows caused by it, is going to be key for longer term direction)
Ohhhh market, you're like a riddle trapped in an enigma inside a puzzle contained in a box of scorpions.
This is why I mostly trade 15-30 pips at a time, just catching some runners where I can.
Edit: So we had a brief retrace, a poke high again (taking out the Asian session highs) and then a strong drop. I took a long on the retrace but that closed at BE and as much as I would have wanted to sell the candle closing 1.3435~ after it engulfed the top I was not watching it. I step out for 20 minutes and look what the market does? So we had a massive drop that I missed, down to my roughly circled area, that's a 60~ pip drop.
I am not longing out of this yet, it's messy and the move down was strong, I would rather watch the market move a bit and look for leves, order buildup and movements to decide where to take my trade from or whether it's got more down to go. As we broke the Asian highs and dropped hard I am half-expecting at this point a 90~ pip move down, so down to 1.3363~ that'll take us to yesterday's lows. That's below the area I marked, but right in line with the "wedge" structure. The next hour close will be interesting .. and as it's late afternoon now, I am not going to expect the market to just reverse this 60 pip drop now and start the hard road north. There will be structure built up to enter a trade on later if it's going North, and if it's heading low I'll have saved myself from prematurely entering. Waiting and seeing is a good strategy sometimes .. you miss some trades, you never lose money by not trading though.
Ok so we popped earlier than expected, now I see if I can either get on board a retrace, or this shows signs that the upmove is a trap in a trap, or the real trap is the upmove and we're going lower after filling some of the ECB rate cut liquidity gap (movements in that area, and at the lows caused by it, is going to be key for longer term direction)
Ohhhh market, you're like a riddle trapped in an enigma inside a puzzle contained in a box of scorpions.
This is why I mostly trade 15-30 pips at a time, just catching some runners where I can.
Edit: So we had a brief retrace, a poke high again (taking out the Asian session highs) and then a strong drop. I took a long on the retrace but that closed at BE and as much as I would have wanted to sell the candle closing 1.3435~ after it engulfed the top I was not watching it. I step out for 20 minutes and look what the market does? So we had a massive drop that I missed, down to my roughly circled area, that's a 60~ pip drop.
I am not longing out of this yet, it's messy and the move down was strong, I would rather watch the market move a bit and look for leves, order buildup and movements to decide where to take my trade from or whether it's got more down to go. As we broke the Asian highs and dropped hard I am half-expecting at this point a 90~ pip move down, so down to 1.3363~ that'll take us to yesterday's lows. That's below the area I marked, but right in line with the "wedge" structure. The next hour close will be interesting .. and as it's late afternoon now, I am not going to expect the market to just reverse this 60 pip drop now and start the hard road north. There will be structure built up to enter a trade on later if it's going North, and if it's heading low I'll have saved myself from prematurely entering. Waiting and seeing is a good strategy sometimes .. you miss some trades, you never lose money by not trading though.