ForexSpirit

Today was another example of not being able to discern a bias one way or the other from the off. Price had been just too rangebound for the past two hours, with two inside bars.

When things settle down like this and become quiet I have to become more alert to the possibility of a big breakout move. With this in mind I wanted to play things rather conservatively today.

Bias: none
Conviction: none

I changed my mind 16 minutes in. Seeing the momentum of the move up after bouncing off 1.400 I settled on having a long bias. I now ideally wanted for price to come back down and touch the round number again so I could play it long.

It was not to be. Price stayed well bid for the remainder of the hour. If it wasn’t going to come down so that I could get in at a cheap price, I was going to wait for it to breach the resistance at 1.4412 and see what sort of breakout might unfold.

At 6:48 EDT price broke through 1.4412 and then pulled back. I got in with the green entry on the next surge up. I had 1.4420 in mind as my profit target, as it was the previous high for the day.

There quickly followed a new high for the hour but not much more. I was going to add a new long if we reached the support level at around 1.4407. Instead price took another run up and formed a double top with the previous hourly high.

With no break higher and time eating into the 7:00 EDT hour I just got out at break even.

Totally non-trading related, but two cool little stories that caught my eye over the past day:
German WWII Dornier to be raised from Goodwin Sands
Classic Commodore 64 lives again