dojitrader
Short

Too Many Entry Possibilities . . . ???

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
286 3 7
Since the highs of 1.6821 Cable has been wondering around like
a drunk, three days after New Years Eve. Of course, corrective overlapping
price action usually means that eventually the trend on a larger degree will resume.
On the other hand non trending markets do offer lots of pattern trade opportunities.
So, it does not help when the harmonics offer more than one entry. A Gartely, an
A = C and an ab=cd , granted, within 30 pips of each other, but, I'm Picky !!!
Especially Cable
which seems to always like to test/retest recent highs/lows. That means any short one
takes should have smart stops above 1.6821. Thus, if the candles offer insight, I'll take
the highest possible entry for the lowest risk. Not a trade I'm eager to take.
(which as a contrarian increases the odds of a profitable trade)
As I suspected the recent highs have been tested and even though
there was divergence in the rsi I just don't even trust my own
analysis just now === cable is just too strong and impulsive, so I'm waiting for
more evidence to enter a trade
Reply
Today's action was sooooo iimpulsive I think I'll wait and sell a test of the recent highs
@1.6821 area such as divergence with great candlestick sell patterns for a possible double top.
Reply
well we have hit the kill zone price a bit early, expecting sideways movement for the rest of the week or correction, what is your opinion for 9th of april
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