ForexSpirit

I was unable to pick out a clear cut direction to focus on trading today. Price seemed to be nicely wedged between 1.4150 and 1.4200 with the 6:00 EDT hour opening right smack dab in the middle at 1.4170.

The only thing that pushed me to pick long rather than short was the bullish candle during the prior hour. Other than that I was really just going to be trading by the seat of my pants.

Bias: long
Conviction: weak

There was a recognisable up channel that encompassed the up move from 5:30 EDT onwards. I was hoping to get a long entry if price briefly breached the channel’s trend line (i.e. a channel false breakout). Instead price just brushed the channel trend line at 1.4167 nine minutes into the hour. I missed the train and price pushed up without me on board.

Time for plan B.

At 6:20 EDT I placed the first green entry, based on the brief spike at 6:17 EDT. The second green entry was based on another pullback from a new high. I was hoping to hold this for at least 5 or more pips, but when price stalled for 2+ minutes at 6:42 EDT I decided to play it safe and get out. There was only a momentary dip of my head as I rued my timing when price then continued to push down and would have allowed me to net a good few extra pips.

The trend line of the upward sloping channel had now been broken and I envisioned further short action so I was soon back in with the brown entry. Price was pretty choppy but I managed to exit with almost 4 pips on the test of the minor low at 1.4167 (where I had failed to get long).