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Prior to the trade, I thought 44.40 on my chart was a good candidate for support (see the attachment). In any case, I do take profit on the trend extreme test. Scalping.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Pullback or reversal... that is the question.
You can't tell with 100% confidence, but there are signs.
I was watching the market earlier. There was a 2-legged PB to EMA...
Things to consider:
- it came late in the move
- price dipped below significant support and then bounced above it
- first reversal bar at EMA was very weak
- second bar tested support and didn't like it
Lot of signs that what was forming was a higher low, a reversal, or a transition into range... not a PB.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
