Thank you sir for your reply ! what i meant by posting a chart is that i want to show you what my entry point is and i also write down the reason why i did that. !!
You were assuming I did not see your chart and the notes on it, which is why I asked my question.
now if you would comment on my entry point , chart and my idea of why i opened the trade! is it wrong or a right according to YOU!
I already told you. I like your method of analysis, but if you felt you were wrong in entering the trade, then you should not have had. Now you need to ask why you were wrong for entering according to your methodology.
it will help me gain more confidence,previous chart is that i bought the euro dollar and stated the reason!! also posted a chart but i was not sure that will it go more up or not, the 1 hour candle was like a rocket and broke the upper bb, rsi was well over 50 indicating a strong trend . it was a goodtrade though but the i lack the confidence!!
It is a very important aspect of every trade that you know why and how you entered the trade, so the puzzling part is why did you lack the confidence. My answer to that is, "You lack the experience, so confidence will come with the experience."
THE R I MEAN IS RESISTANCE OF YESTERDAY'S HIGH 1.4453 WHICH TODAY EURO DOLLAR DID HIT BUT WAS UNABLE TO BREAK ABOVE THE R ,UNABLE TO HOLD ABOVE THE Resistance ALSO IF YOU SEE THE 1 HOUR CHART IT IS A very clear HEAD AND SHOULD PATTERN SO I DID THOUGHT TO SELL IT THAT TIME ! so my question is that is it a good idea to sell at resistance or buy at support when a pair is unable to break it!? also rsi and stochastic was purely showing OB condition!!.
Neither the stochastics on the hourly or 4-hour was OB. On the hourly, the value line's best reading was 85, and the signal line never made it to the point. The RSI's best reading was 66, far from being OB, but could lead to a sell signal if it levels at that point.
Just because the level was yesterday's high does not qualify it as an R. If anything, the open price from the day before makes a good S or R. That point is even better on the weekly.
