Thanks for sharing your ideas and knowledge here. All this information is helping me tremendously.
I will highly appreciate, if you can help clarify some of my questions on your trade here:
1. When you sell 4H structure break, do you not try to wait for daily candle closure to confirm structure break? In similar situations, I tend to not take trade waiting for daily closure and eventually risk to reward ratio does not allow me to take one. How do you guage such situations?
2. I see their are some key support area at 0.72616 to pass through before reaching target 1. Shall one ignore such support areas and how do you decide to still go ahead with the trade like you did?
3. Fib retracement at 61.8 of the price rise from 0.71765 to 0.74370 and trendline support shown in screenshot would have also stopped me from taking this trade, with possible bias to buy NZDUSD at 61.8% (0.72760) pullback. How did you decide that this pullback is not worth buying and rather good for shorting even with key supports?
As mentioned above, I always find support/resistance, retracements areas, daily candle closures etc as reasons for me to not take a trade. Your answers would help me understand how Pro's think. Thanks in advance.
Regards
Vabs
vabs123
⋅
Sorry, I'm not able to attach a screenshot here. I hope above allows you to understand my query.:-)
tntsunrise
⋅
@vabs123, USE multiple timeframe analysis, u trade 4h chart, u wait for 4h closing, not daily.
don't ignore, but pay attention to the price action, if the price action is not in your favour, take some profit