Trading Forex

added 2 lots modified stop to above channel because i saw a small down trend line that shows counter trend traders are active
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padutrader said:
added 2 lots modified stop to above channel because i saw a small down trend line that shows counter trend traders are activeView attachment 203559
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closed trade because market took support on the small down trend line.....a very nicely executed bear trap...am wondering if now the bull trap will be sprung.....not going long........ this has served as a nice wake up call

it is stupidity to assume an upward sloping line....is a resistance.

loss of 130 usd must check with my chartered accountant whether that has made me bankrupt.
 
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padutrader said:
no follow through from the sellers...a lot of the bottoms were close together again showing counter trend strength....if you put a indicator it will show up as a loss of momentum and positive divergence

the lot of the bars were overlapping showing counter trend strength.....this also flattens out the trend lines....

i have a way of drawing trend lines....i could be accused of 'fitting' them and i do, in a way....i draw them in a way, that it touches a maximum of bars.

the reason is that i want to see the trend lines that the market likes to contact,more than be 'technically correct'........and if it likes to contact, it will contact the same trend line, at least, once more.
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I was taught by someone the same thing about "trendlines"! :rolleyes:
 
padutrader said:
expect today to be the last active day before NFP.

why?

because most of the NFP positions are taken not later than Wednesday:if you take big positions on Thursday or Friday you could be accused of front running.

so most of the front running is done earlier than that.
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I don't know; sometimes you even get good moves on friday before the NFP...
You just never know.
That said; it's good to force yourself to some limits in trading.

Another idea is to take your dog for a walk and return one hour after NFP,
look at the charts and decide if you see an opportunity...
 
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