Mike,
I think you placed your Buy Entry order at a precarious place. It looks to me like the 06:05 GMT candle triggered your Buy order, and then stopped you out almost immediately (unless you had more than a 30-pip SL). If the 06:05 GMT candle didn't trigger your Buy, then the 06:25 GMT candle did, for sure.
If you haven't been stopped out, then you're negative 15 or 20 pips at this point. I hope you're demo trading.
The problem with your Buy Entry price, as I see it, is the 17:25 GMT candle YESTERDAY (Thursday), which is where all that resistance came from at 06:05 GMT this morning.
And immediately above that resistance level, there is another one: the 12:30 GMT candle YESTERDAY when the NFP report caused that price spike. I tried to point those levels out on the chart I posted, but I guess I didn't make them obvious enough.
These resistance levels are the reason I placed my Buy Entry order at 1.6443 --- to get above all that potential trouble.
It's tempting to just focus on the 10-hour period we have isolated, pick the High and pick the Low, and jump in. But, we can't ignore support and resistance (which always originate from somewhere BEFORE our 10-hour period).
One other point: it appears that you took your High and Low off the same chart of Bid prices. If that's the case, then you failed to take the spread into consideration. Always remember that we buy at the Ask price, and sell at the Bid price.
Let me know what's going on.
Clint
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