This is a trade of EUR/USD on 30 min TF. As you can see in the picture i tried entering the trade using BBands,pivots S/R and Fibs. I have entered Long just above the close of the Bullish candle i.e above the 1.34250 level. As the preceeding candle was above the pivot line and has crossed the 61.8 Fib level and also it was heading up on the upper bollinger band and also if u place a trend line you can see that the line was broken. As soon as i have entered the long position the Price went down and formed two bearish candles. I could not understand why this has happened. Am i missing something ? I want to know what my mistake was…
Looks to me like the eu is in a range (witch I know to be true awaiting news later) you entered at the very top of that range. Bolinger bands work in a range but not the way you used them. I would have shorted at the top of the range (well I would not have got in at all but…) If you wanted to g long I would have waited for a breakout to the topside and a pullback to retest the high of the range. Then I would have looked for a long entry. You would have probably got your long signal later today depending on what comes out of Europe. They way you use bollinger bands does work but that is for a trending market and the E/U is not trending right now. In a range price will always want to go back to its happy place in the middle of the range. So good strat but bad timing.
You mean to say once the range line becomes support level ? like the Conservative way ( pullback and then goin higher ) ?
if the entry is explanable, the SL is on a safe place and if tp is bigger than SL then yes is a good trade… no matter if you win or lose 