typically speaking, it would either be a nice looking grail or a break of a support level as demonstrated on the chart via recent activity.
For example. I am trading Canadian both on the longer term charts and swing trading as well. I did not post this in real time since I have not been posting in this journal recently, but I shorted GCD yesterday at .8735 and I have my stop above .8743. There was a nice sell off pattern on the 8:20 EST bar yesterday and even though I may get stopped out, the loss would be small while I let the trade run.
I have missed several opportunities to short at a good entry level. At this time I am thinking it would be best for price to break 8700 and short on a pullback to this level. All else seems too risky at the moment. Do you concur ?
Seems like sound thinking. I believe tha the weekly chart is negative and the daily chart is negative, so, you either get short or look on the 60 for fresh short signal. Like I said, if underleveraged, it may not matter.
"underleveraged" magic word. Wish I wasn't under so much pressure to get my trading going. But at the same time I believe I am teaching myself to be most aggresive with the highest regards to safety possible.
I have been looking at this too. For some reason haven't been sold in the trade yet. Don't know why precisely. Probably because I feel it will retest the mid-october lows ? The Nikkei has been acting terribly.
Stopped in to the long Euro FX. Sell stop is below the low of day which was 1.2815 (current reaction low).