Yeah, I would have been stopped out on this one. I did not set a pending order for this one mainly because I'm having a look at using a support & resistance zone on the USD/CAD instead of defined scalp lines, since it seems that there's a range of where candles hit and reverse.
I'm sorry to hear that you lost out on this one. I'm looking at putting together Nick's S&R and scalp line trading that I've been doing and incorporating trend lines the way Phil has been doing. I'm seeing that some of the times that I've lost out on false breaks I could look back and see it was more of a S&R zone than a defined line that the false break stopped in, and other times where price has seemed to reverse for no particular reason I've been able to find a bounce along a trend on the 4hr charts. Hopefully a bit more visibility that way will help out, and I'm planning a few trial trades this week based upon this expanded method.
Did you get in on either of the scalp breaks on GBP/JPY last evening?
Cody
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