Over the past few weeks I’ve become more cognizant of the necessity of better taking into account increasing volume and “momentum” in the market due to the fact that it’s been a legitimate cause in some trades that I’ve lost in the past And as I wrote recently it’s very important to learn all that you can from the trades that you lose Granted picking up on higher market volume can be difficult given that you only have part of a candle to reach this awareness But if a particular candlestick is moving at a good clip or whose basic size has clearly superseded that of the recent preceding candles the market is simply receiving an influx of orders This can dent hopes of capitalizing on potential trade set-ups given the fact that some will simply not hold up very well while more volume is entering the market I did recognize this
and stayed out of this particular trade set-up photo Screenshot204-07-30at207AM_zps653d369png It
wasn’t until a few hours into my trading session that I actually made my first (and only) winning trade for the day There was some sensitivity shown to the pivot level but the market did break pivot at 4:30AM EST and began inching higher The move wasn’t very energetic at all In fact it basically hit the brakes about halfway between the pivot point resistance channel It wasn’t until the 5:20 candle where the official oomph behind the move to resistance actually occurred Price touched and rejected the level on the 5:25 candle Based on what I said earlier this also seems Binadroid like an appropriate place to stay out of the market due to the increased volatility But on the same token it’s also necessary to consider what happens following Sometimes these are just mini spikes rather than indicative of a trend In this case based on evidence gathered on the 5:30 candle it leaned in favor of the former In order to get a better resolution of the underlying movement going down to a smaller time compression – such as the one-minute chart – can prove useful Based on the action occurring I did feel confident enough of resistance
holding to take a put option photo Screenshot204-07-30at2037AM_zpsdf6bc677png I also felt confident in the sense that there was clearly a reasonable amount of selling influence in today’s market The market was nearly pushed down to support early in the day Price remained stuck in the vicinity of the pivot level for about an hour right before this And as aforementioned the move up from the pivot wasn’t very spirited outside of perhaps just the 5:25 candle Hence the fact that there was enough selling influence in the market to keep the market below resistance was not surprising and this produced a solid winning trade Rating: 505 ( vote cast) EURUSD Trading for July 29 204 (2 ITM) 50 out of 5 based on.

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