daily chart - 6 am Malaysia
price bounced off minor trendline???
dragonfly candle??
explanation from http://candlesticker.com
The market is in a bullish mood characterized by an uptrend. Then we see a price action characterized by a sharp sell off when it opens. Prices move down going much lower than the opening price. Then we see a rally in the closing hours of the day, which closes the day at or very near the opening price. However this end-of- day rally signifies the potential for further sell offs. The long lower shadow shows how the market started the day with a sell off. If the market opens lower the next day, we may see a lot of longs eager to sell their positions.
UPDATE:
this is a swing trade... let see how far the beast will drop... :D
8.30 am: +180 pips, SL moved to +10
9.30 am: +140 pips
12.05 pm: +192 pips
5.30 pm: +110 pips, SL moved to +50
7.30 pm: +204 pips
9.00 pm: +238 pips
woke up next morning - SL hit... at least, i'm richer by 50 pips :-"
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