well if you can scalp that you would be rich....if you go down to 5 min you could find some more bounces. but how do you know how much bounce you will get....and the whole range before it hits the top is 20 pips and there is not much countertrend strength. as you say you are aiming for 20 pips which means you agree with me that it is not much of support.... but if that is what you want it is fine.... if you see the chart the area in white box a consolidation, is something that indicates that next time it hits support there will be no or very little bounce....
I have made an extensive study of exchange rate price action, and as a result, I have a pretty good idea of how large or small intraday price swings are likely to be. And by the way, if I agreed with you (which I don't) I would have entered a short position—not scalped long ones.
my thinking is very different from yours.....I just see the movement and determine how much strength in in the trend and how much there is, in the counter trend and then I decide what my trade is. it is ridiculously simple way of trading... I need not worry about any S/R.....or pivots or which wave the market is in...…. I am sorry to have bothered you ….. happy trading
thank you for your explanation you need not agree I was wondering why you did not enter a short position. in my opinion the pair is headed to 1.2221....I know you did not ask but I am forcing my opinion down your throat
'I know you did not ask but I am forcing my opinion down your throat' is not exactly calm behaviour ....
Banked my majority of short at 1.2600 in GBPUSD. Moved my stop on the remainder to 1.2621, let's see if we reach my target at 1.2574.
ok I will retract 'forcing down your throat' I did not ask him to trade that opinion this is a forum to voice opinions
sorry no offense meant....the words used were not appropriate I am just giving you some tips free......I am the only one who posts his trades with proof that they were taken in my journal.... I take screen shots showing entry and just before I close. this is not to show off or insult ….but some may learn something from it.