The Forex Trade From Today 1/18

This first shot is the critical moment, were also looking at a 5min, chart here instead of the 15 minute because I'm trying to make a decision. Count back 14 bars here and that where I entered at the green dashed line.

The reason this candlestick at present is so critical is because since I entered we made a lower high swing, and are now about to potentially make a higher high. When your in short that's a NO NO!

However even if I was wrong about direction, (and I was.) I can still salvage the trade (to a degree.) as I did in the next picture...

After the higher high there was a doji candlestick. If the next candlestick went higher I would had to exit with a little loss of 20+ pips. As you can see the next candlestick didn't make a new high so even if price was going up there was a good chance it would come down to half way between the low and the high before moving up again. It did, and that's where I exited.

So I got in at 1.9532 and exited at 1.9540 for.

Some of you need to study the swings I'm talking about here. If you can get your hands around this it can save your butt. This is the swing tracking referred to in the manuals.

Lastly - There was also some divergence between price and the MACD on the chart right above this line. You can barely see the MACD, but there was significant bullish divergence. Had I noticed that early on I would have likely waited for another set-up.

Notice MACD was making higher lows, while price was making lower lows.

Hey You Have A Great Week-end !!

PS - I'm still in FMCN (Totally unlike me to do this.)