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This is from the EURUSD today, 5m chart:
The grey block is 10 pips high and i bought at the last bar. My spread is 0.9 pips.
I would like to know if it was reasonable to buy here.
The current leg up is "different" but that is not really a good justification.
Is there a more substantial argument to be made to see this leg up as a coming breakout?
Thanks
Sascha
On the 1h it also looks like a wedge-breakout.
I don't know which timeframe to trade and where to set the stop-loss though.
Is it not reasonable to choose the timeframe that offers the best patterns?
In that case i would set the SL much lower.
I don't know what to do anymore, this shit is ruining my whole life.
I would like to know if it was reasonable to buy here.
Nop, In your first chart you are buying the BO of a protracted TR, this means low probability, and you are high, so big risk. Instead, you need to learn to take the long at the bottom of the TR which is HP and low risk (compared with the trade you took).
Is there a more substantial argument to be made to see this leg up as a coming breakout?
The BO can't be foreseen and the probability is that the next one will fail as well.
I don't know which timeframe to trade and where to set the stop-loss though.
You just need to pick one chart and trade it accordingly... .
Is it not reasonable to choose the timeframe that offers the best patterns?
You can only decide what timeframe gave the best patterns after the fact. Instead, pick one and learn to see the trades it gives. If you go back and forth you will mess it all up instead of getting more clarity!
