Reply To: Would you take this?

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Rich FittonRich Fitton

Hi Peter,

Sorry, don’t know why all that computer code appeared inside your post – did you try to paste directly from Word?

I’ve pasted your questions below and added my comments.

On Friday 12/6/15 I had AUDNZ marked as a possible long. Price stuck to the DOR for as long as I was watching and broke out while I was out around 2.15 BST which saved me concerning myself about it at the time.

Is this price action all too close to the Opening Range?
Do any of these candles look like clear enough signals to have taken the trade?
The candle I have highlighted on my screenshot of your chart comes after the market has made a push away from the DOR and held ground after a bit of selling activity – a good potential entry.

The breakout doesn’t really look like an engulfing pattern, (though it is more convincing on the thirty minute chart). The candle before the breakout does engulf the body of the previous candle but is pretty feeble and doesn’t go above the wick. The arrowed engulfing candle was at 3.45 BST which seems late in the week.

Would you enter a trade after midday on a Friday?
Yes, you can enter a trade after midday if the opportunity fulfils your criteria (it’s tactically sound and is in line with your battle plan for that market)

Do you aim to be flat over the weekend?
I would generally aim to be flat unless building a position for a far-out target

Would you have taken the trade if you had also had it pegged in the same direction and on which candle?
From the info on this chart the candlestick highlighted looks most viable.

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