good or bad - depends on your market approach.
basically some of us has missed a good intraday move everyone have been waiting for.
but ok, as I see the current market situation the level of 1.115 must be cleared before the market will continue it's up move, (if it will, we can not know for sure - never).
also the price has already bounced off the at 1.122
so some will ask what to do?
So here the limit orders will help us to get a better price anyway, or at least a smaller lost.
by the limit order, I do not mean exactly the order, but the limit approach, or in another words - a better price thinking.
So where would a multi million fund buy if they wanted to buy,
Where would they sell if they wanted to sell?
first -- always have this questions in your mind when trading,
here is another must do thing - a small stop losses, but I will talk about it later.
so ok, if we're considering a continuation of a short trend, as we already had a very nice top more then a week ago, is the decline enough for going short now?
do not think so, why?
well answer the questions above, do we have enough people buying?
not yet. some are still selling, and waiting for a further decline, when their losses will be big enough, and they will close their loosing positions, and wil start buying - a smarter guys will start selling to them.
What tools to use and how to establish this type of thinking?
well some are using "EWA", I'm using my own "SWA",
and on my approach I'm using tools like fibo, and we're now at 38,6 which is not really enough. but some traders will start to sell and put their stops just above the current high.
smarter guys will wait or will put their sell limit orders just above the current high with a goal to get the other's orders in order to have a smaller risk and better price.
in case of entering long - will the smart money enter now, or will they wait?
I guess that you know the idea and the answer.
I will be open for your questions and will answer them all. All You have to do is simply ask.,
Your likes are appreciated!!!