PA to the downside is definately displaying a loss in momentum, but not enough to be clear about whether we're reversing. Bollingers suggest we're going into consolidation (5M).

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Certainly a reasonable strategy. You would need to be careful with this when you have multiple releases at the same time, though. Especially if their results wind up conflicting....makes for an interesting ride. I look at trading the news like a ...

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Actually, I completely ignore fundies. I do keep an eye on the schedule for major news release, though. If a release is close, I won't open a trade...and if I'm in a trade, like now, I'll ram my stoploss close so I don't bleed profit if it goes ...

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LOL - Yeah, I don't trade fundies. I just accept that anything can happen at any given moment. I make a decision regarding probability based on the PA on my chart. And that probability adjusts with every tic after a position is open...and I act ...

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Depends on whether the trendline from the two lows on your chart holds. At the moment, short-term probability favors further advancement downward. However, that could change quite quickly....

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We are....until we're not. LOL I went short on the breakout, and I'm eyeing a partial profit right now. I'll ride this until PA tells me it's stalling....and then I'll take further cues from the PA.... Edit: Partial profit taken at 1.4858...stop at ...

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You shouldn't be ashamed of closing a trade at BE (especially a trade that is against the trend of higher timeframes). IMHO....at the time you closed your trade, it was clear that price was in consolidation - odds were therefore against you. It just ...

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Congrats! Hopefully it will emerge from consolidation soon....

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Viljam, since I trade according to price action, I don't set targets. I do keep in mind the previous levels of support/resistance on my chart, though. If I were to enter a position, I would ride the move until price started to hesitate/stall. When I ...

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Starting to look like the market is going to take you on a ride. Downside momentum has hit a wall, and the bear flag that was forming on the 5M....well, price just peeked out to the upside...bullish divergence on the RSI....here's hoping that if it ...

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IMHO - never trade what you "think"...trade what you see.

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It is indeed. Drop down to the 1M and they will be even clearer. Edit....and now you just saw the break of the 2nd.

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Nice play on the pullback. I would have waited (and actually am waiting) for the upward momentum to resume prior to going long. Price action (pace and hesitation) is also staying my hand. Edit....just saw your edit. Good call on taking the ...

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Great job! Get some rest....

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This is starting to look more like a bull flag on the 1M....we'll see.

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That could change quite quickly. I closed out the second part of my position on the failure to peg a new low on the second run down. Consolidation flag now...I'll watch the breakout from that to gauge next move....

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I hear ya....but I'm on the 5M....

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Yeah, but it's losing momentum.

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No. A pullback on the 5M in a downtrend is to be anticipated. However, the next few minutes will indicate whether we are looking at a pullback or a reversal in the downtrend. I would move my stops accordingly.

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Trendline from previous resistance now broken on the 5M, and it's at a critical point (for the short term). Likely we're going to have more pips to the downside here...

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