This looked like a very nice opportunity to Sell from a touch off the upper sideways resistance. Had I had more confidence, I could have simply entered on a blind entry as this was a high probability trade and would have given a potentially great R/R.
However, I am exercising caution at the moment so played it conservatively. Also many pairs have been breaking through established trend lines this week, so extra caution was needed.
Price moved lower fast, offering a good quick profit if I had entered on the touch. However, it made it difficult to get a good entry due to the size of the candle.
NFP was the following day. I was not present, but as you can see on this chart, price rallied off at NFP, but rejected support at 0.9800 and ended up closing where price opened and creating a bullish looking pinbar. I think given the bullish signal, better to close the position at break even and watch how events unfold.
However, I am exercising caution at the moment so played it conservatively. Also many pairs have been breaking through established trend lines this week, so extra caution was needed.
Price moved lower fast, offering a good quick profit if I had entered on the touch. However, it made it difficult to get a good entry due to the size of the candle.
NFP was the following day. I was not present, but as you can see on this chart, price rallied off at NFP, but rejected support at 0.9800 and ended up closing where price opened and creating a bullish looking pinbar. I think given the bullish signal, better to close the position at break even and watch how events unfold.
