Hello Urantian,
Well, I posted clearly yesterday in my pre-opening post that I don't see Friday move as anything but position covering with chain reaction. This is usual for market and happens from time to time. Problem here is to identify and recognize whether the move was caused by position closing or position taking! Technical picture was/is quiet supportive for further south move + market was oversold + it happened on Friday, when even without oversold market retracement often occur.
Of course, technical picture may change, and therefore I wanted to see how market reacts on Monday before entering. It may still change and it may occur to be more than position covering in the end, but there are some things that are more likely and things that are less likely to happen. I am currently holding couple more positions in addition on what is posted here, and I think this may be THE play for now, but you never know for sure
Anyways, most of the risking trades which could occur to be different than what I thought, already have stops at breakeven, so if things happen to be the other way, I am not risking same losses anymore.
So, to sum up - yes, history is a strong indicator; very strong. But history alone is not all it takes - once you were there when "history" took place, it gives you
even better understanding than just looking at history - that is what we all call experience
, and it is really a help sometimes. Although sometimes it may play against you as well - depends on how one uses it.
Good Trading,
Rezo
Licensed Brokers
Linear Mode
