Monday, December 29, 2014

29 Dec 2014: Daytrade #2

I tried to trade this M5 range on the EURJPY. The salmon-coloured zones represent support / resistance zones. 

I saw that a range was forming, and went long after I saw price bounce off support. 

Price didn't move up as strong as I expected. When price reached halfway through the range, I moved my stop loss to breakeven. I expected price to go up or I was out. I was stopped out at breakeven.

After awhile, the bears gave up and price resumed moving upwards again. 

I thought this trade was okay. If price was having difficulty ping-ponging in a range, it's a sign that bears (or bulls) are gaining the upper-hand. 

(click to enlarge)

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