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thank you @Enivid for your reply. I shorted the market because I thought at 130.178 a resistance level was hit. Was this short based on S & R wrong? Am I right to mark 130.178 as resistance? Any tips? Thank you very much.Why did you enter this trade at all?
Thank you @Enivid. This is very helpful adviseI would say that the resistance level was more of a zone, stretching from 130.17 to about 130.22. You could certainly use it for entry, but you should not expect it to be a surefire trade. Support and resistance levels are often broken. One of the options is to wait for the price to retrace from the resistance/support to confirm the entry.
Thank you @dvid for your reply. I’m a newbie and at the time I traded this chart I was only using/practicing S & R that is why I shorted on the .058. Now I realize it already became support at 00:15 previously. Am I right that it became support already at 00:15? If you were to trade this what strategy would you have used with or without combination of S & R? Thank youWhat was the reason to enter to this trade. What was your strategy. If you explain it to me, then I can answer your question. I wouldn't use intra-day chart if I were you.
Thank you @profitwithpips now that I think about it absolutely makes perfect sense. I should have gone with a long position here. May I ask, aside from S & R what other strategy would you combine here? Thank you.I trade this pair and timeframe primarily and around this time EJ was making higher highs you can even tell on this screenshot, after every retracement a higher high was made this pair was trending up at that this time with minor pull backs a better trade setup is with the trend in this case a long position....but as long as you followed YOUR trading plan don't think of a losing trade in a negative light.
If you tell me which candle was the signal for you maybe I can help you. For me it looks like the market was ranging so I wouldn't have considered opening a position at that time. I'm used to daily and 4H chart mostly, but describe for me pls how did you enter. Send me a screenshot for example.Thank you @dvid for your reply. I’m a newbie and at the time I traded this chart I was only using/practicing S & R that is why I shorted on the .058. Now I realize it already became support at 00:15 previously. Am I right that it became support already at 00:15? If you were to trade this what strategy would you have used with or without combination of S & R? Thank you
Can someone be able to tell me why I lost in this trade? What did I do wrong? What could I have done?
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