Ive marked the 1HR resistance with that purple line and I like the way the market is approaching it,very slow and weak following a sudden strong move down. will see how the market tests, I want to see weak attempt to go long,then I will short.SL and TP is already marked.
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After looking at the test coming in,I'm not convinced about shorting just yet. It seems to be as strong as the move down and not as weak as the move up as I would have liked to have seen. I'm going on stand-by with this one.
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Okay after watching the second attempt from the buyers on the test phase and seeing it fail to break the previous high around 77.100. I'm ready to take the risk,I'm going in. Will keep an eye on the 76.900 price.
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Trade closed: stop reached
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Ouch! just took a hit,perhaps should of waited for a bit more confirmation,like a break of support at 77.000 price. I will keep this in mind next time.Back to the drawing board I'm done for today :D
Hahaha I should have known. Looking at it now,I see prices didn't drop at all at the little blue line where I was expecting it too,there was no reaction from the sellers,why?that probably was the vital clue. Should have cut my losses after seeing that :( next time...