Unfortunately today the best short trade was not triggered and my overnight was stopped out at 1.2750. Exactly what was mentioned for not trading short occurred which was the strong buyer’s momentum which was relentless throughout the day.
Careful analysis of the M15 chart shows that it offered very weak trades with the 8SMA and 20 SMA holding with vigorous strength most of the time on M5. However in every case of a reversal setup on M15, a short was offered at 50% of the reversal candle, allowing a stop above the high, and a 50% extension below for 1:2 risk reward.
The idea to sell at 1.2800-1.2810 worked but only for around 25-35 pips.
I will do a more thorough set of learned lessons today, because it was a day that offered such strong upside force, but against the multi-info. It could be that multi-info gives oversold at a certain threshold and should be looking for the contrarian trade even more.
The first red box was a failed trade and offered only a loss to the short. The rest offered entry at or around 40-50% retrace of the reversal candle and then a 50-60% extension below it.
Careful management of these allow around 1:2 risk reward. But it’s really not ideal. I like to try to find 1:3, 1:5 or 1:8.
I will need time to look through the more detailed signals from the oscillator setups as I was not at desk today. But I will post for sure.