It's a matter of confidence. The fact that price bounced and couldn't continue down told me LOLR is up. Therefore, I was looking for a reason go long. The moment first Ret showed up that was it for me. You are looking only at Ret and not its context hence got confused and entered late. It's not a bad thing to be a few minutes off but in this thread try to incorporate context with the SL/DL, S/R, trend, and non-continuation. Gringo
You didn't need SL to be broken to be out of short. As I wrote earlier, price wasn't going down. No point in hanging around after multiple minutes of non move.
10:34 Will buyers commit, or will sellers suck prices back inside the TR. 10:36 Long order pulled out
1037: Weak BO. We'll have to see if strength returns. 1039: Price moving up now. Look to the left and see if there are any s/r or congestions at this level.
Didn't draw any lines today. Happy about the long at the open, but was a little too apathetic about the first reverse. Could have gotten it at a much better price instead of sitting around and watching price drop through the LSL. The long at 9:50 was a mistake, too premature. At the time it looked like price failed to go any lower and rising vol wasn't even able to move it that much. Knew I was wrong almost instantly as the next bar continued lower. However, it ended up stalling, and then price began to drift up. I also remembered that I've been missing out by exiting too soon before any serious opposition to my position. It was really tough at 9:56 when price dropped once again, and although I was very hesitant, I held the position because it still looked like a retest of support rather than a continuation. Volume wasn't as climactic as the last drop, and price wasn't budging more than a few ticks downward at all the effort. Next bar starting going up there really weren't any hitches up to the retest of the high. I was feeling a little frayed so I just went flat at the first resistance there instead of holding through the congestion. Overall, feeling pretty good about what I was able to get out of the market this morning. --- Will read through the discussion this morning and respond to it when I have the time in an hour or two.
10:39 That poke below LSL at 10:37 was the reason to withdraw my long at 17.50 was not confident enough on buyers strength.
There is a swing low near the european open that we are back to, I was looking for a long soon after 10, and willing to stay in as on the hour chart it looked like a DB developed (from between 9 & 10 this AM) ...it's still viable based on the 50% ret concept
10:45 19.50 could provide some selling. we are at the second RET, buyers are not that committed, but price is rising so if one is in stay in. Not so sure about joining the party this late so I will just leave the market alone for the day, 2 trades that covered commissions today.