Looking at a buy position from here once the 30m candle closes above this level of support.
This is a tricky trade as we are trading against the range on the 4h time frame, however as it is only a 10pip scalp it is not too unreasonable to make this trade, especially as a higher wick would need to form for the next candle.
This is a risky one, I will only be risking 0.5% because of the reasons above.
This is a tricky trade as we are trading against the range on the 4h time frame, however as it is only a 10pip scalp it is not too unreasonable to make this trade, especially as a higher wick would need to form for the next candle.
This is a risky one, I will only be risking 0.5% because of the reasons above.
Comment:
awaiting next candle to break high of previous candle before taking a position
Comment:
Trade invalid, 15m candle closed below previous bullish candle - no longer a buy. End of day so liquidity will start to fade away.
Comment:
From this we can look at why this trade went against us and why ultimately we didn't take the trade:
1. trade not taken as the high of the previous candle was not broken
2. 15m candle closed BELOW the previous candle, if the candle can't respect the price action of the previous candle when we want it to go one way and it decides to go the other way, chances are there is not enough volume and momentum for price to carry on in the direct we want it to.
3. Ultimately, we were in a downtrend on the higher time frames and WE KNEW THS! There is nothing wrong in this, we were looking to trade a pullback however the pullback did not come, and instead was a much smaller scale double top.
When we choose to trade small ranges where the reward is roughly 10pips we can take trades in any direction so long as we have the proper confirmation to do so.
1. trade not taken as the high of the previous candle was not broken
2. 15m candle closed BELOW the previous candle, if the candle can't respect the price action of the previous candle when we want it to go one way and it decides to go the other way, chances are there is not enough volume and momentum for price to carry on in the direct we want it to.
3. Ultimately, we were in a downtrend on the higher time frames and WE KNEW THS! There is nothing wrong in this, we were looking to trade a pullback however the pullback did not come, and instead was a much smaller scale double top.
When we choose to trade small ranges where the reward is roughly 10pips we can take trades in any direction so long as we have the proper confirmation to do so.