FOREX Trading | FOREX Training - November 30, 2006
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Hi. You said that M4 is the strongest resistant - in this particular situation you get in after break out of local high (1.3205).My question is: was it too risky? Would it be more conservative to wait until M4 was broken? The distance between M4 and local resistant is only 15-18pips.
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Great analysis, however: You say, 'there's a test, and then boom you're in'. Would your strategy not have taken you long when price broke the resistance line? The only scenario I see otherwise is to go long atop the testing candle, at 1.3221 (thereabouts). Is this what you recommend? thnx.
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Entering is a matter of personal taste. The plan was to enter a "break". You decide if that is before or after the candle closes, but the resistance area is clear. Waiting or not waiting both have risk associated with them.
fxbootcamp 5 years ago