I did post an earlier entry looking at a EJ Short, it didn't work out probably because the JPY strength had been very prevalent overnight, here is the trade...
And here is why... (stupid again, only seeing what I want to see trying to force a trade.)
Vince didn't like it and here is why..
the professional gap is when SM gaps down AGAINST the trend, the fool's gap is when SM gaps up WITH the trend. In the latter, it is a cheap way to advance and take stops leaving just a few traders in profit because majority of orders are above and SM will come down again in due course to take them out. In the former, SM gap down to stop out and accumulate orders before resuming the trend. Can you see on the bigger time frame what is happening You may have a downward movement first but be prepared to go long as well when price reaches the gap, it may or may not turn but almost definitely it will turn when price closes and moves past the gap to take stops. The trend channel is a good guide. although we don't trade it, everyone else is looking at it so it is a place of potential stops/orders as well.
OK, on a personal note, I saw a chiropractor today, and she was without a doubt one of the rudest people I have ever seen, I immediately left and then watched RUSH which was awesome.
OK, back to DTFL and a PERFECT Trade setup which I missed because I was looking at Damiens Charts - I am absolutely kicking myself on this... a 3.5 RR :(
OK, I did take some rash trades today and was even taking trades that had the MM 1HR and MM15 IN DIRECT CONFLICT WITH EACH OTHER, I GOT GREEDY AGAIN AND DIDN'T WITHDRAW MY £100 WHEN I HAD THE CHANCE, I RUSHED IT THIS MORNING AND WAS BLINDED BY FEAR AND GREED.
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