What we do in the markets is not question why or who, but we simply look at the charts and accept it "as is". When longer frames are bullish bearish or sideways, it makes sense to trade in that direction. When the longer frames are bullish, you should only be looking for long opportunities on slight(not major pullbacks) and vice versa for bearish longer frames. When sideways trade has been identified, then both sided trading is advised. Forget the why and who etc. Even so called experts don't really know --Just look at the charts as they will tell you everything you need to know. I know it may be interesting to think about the why's , but don't let it interfere with trading , you will be wrong most of the time. I have an order to sell some intraday long euro fx contracts that I bought this morning on a breakout of the pullback at 1.3292 . My order is to sell them at 1.3375. I will leave on the long Mar euro fx contracts as my base position and I will "push" the long trades intraday like this when I see opportunity on pullbacks--That is until daily and/or weekly reverse the present trend. Thank you for your time and the patience with the length of the post. I apologize.
We're getting some pullback here on my trade and so far I missed my target by 7 pips. Hope I don't give it all back but I must remain true to myself. If we get a big reversal that busts reaction lows, I'll get out for a small loss.
I hear yah, but that call right before the 10am number ended up with a double top. Trying break back through 30 to the downside, looks like you might get it. Hang tough
that's EXACTLY why I was short, short grails on 2 min chart, followed by a divergence. I totally agree with your longer term outlooks and methods.
Thank you very much for the kind words. As I have said before, one man's pullback is another man's breakout. The 2 minute chart offered a very good opportunity to short and the individual just needs to be nimble. I am trading a bit longer and so when the 60 minute chart is viewed with it's bullish divergence this morning, then that is the chart I defer to. The 2 could be full reversal, but the 60 will need to confirm that which right now this pullback is just noise and is somewhat expected with the proce so far out of the Bollinger. If we violate reaction lows on the 60, I'll get out leaving money on the table and contributing some of my own.