I don't believe it

[efex]

Everything this morning said short cable with the start of a “C” wave decline.

Ok, so short looked the way to go. Going by my decisions over the last few trades I decided to go the other way and longed at 1.6400 with a 20 pip stop.

Just closed at 1.6450, taking 50 pips.

Maybe this is the way for me to trade, the opposite of what I see.

GL & GT

JT

[jase pryke]

i would not suggest using this method as it will fail in the long term.You in fact placed your long entry at a level of support and if you had your MACD on you would have noticed a cross upwards.9 and 18 EMA's were also converging & turning upwards.You got in a good price but this was a risky trade which went your way on this occasion.I woulod suggest waiting for confirmation in the future.This would be to wait for support to be broken and catch a fib bounce for your "short position" that you were thinking about or wait for resistance to be broken (last high) and catch a fib bounce upwards.It is my opinion that anytime now would be a safer place to go long on a fibbonacci bounce.I may be wrong by the way on this occasion but you will find this system more reliable than just doing the opposite to what you think.Hope this helps

[efex]

Thank you for the input.

When I wrote that message I was a little bit deflated and untrusting of my own judgement when placing trades. I am usually confident when trading but a few too many losses in a row had made me question my ability, interpretation, and judgement.

You are right of course, it was a risky trade and doing the opposite of what I see is not a good strategy.

GL & GT

JT

[baxter]

Scalpers use this method all the time, alternately trading both directions against the market (short term action)

We faded the knee jerk sell on cable after yesterdays number as soon as the bid started to hold around 1.6440, then used the opportunity to short v good levels 70. Took profit at 1.6290 and established longs this morning 1.6280 and 70 looking for correction back to1.6350.