Marenno

Ignored bounce entry, why?

FX:EURUSD   Euro / U.S. Dollar
Basically easiest way to filter out the false entries (at least for most of the times) is to look at level penetration.

To use a level, we must wait for a penetration but closure must be on the side of entry, so if we're looking to buy, the level must be penetrated, but closed above. also, the tale length is important also. tale must be longer then body in most cases.
Comment: At the moment the closure has been below the level, what can be a continuation sign, however the body of thee candle was small, what is a sign of lower volatility and, due to Asian session the corrective move up is possible and on bid and ask sides, closure is a bit different, so I would interpret it as a closure on the level, for now short term bounce is possible

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