I haven't taken this trade - yet.
I hate trying to call the bottom. I like mechanical certainty.
But it isn't like that - I hear you cry.
It's just a quick scalp, after a sustained downward trend all day.
Yes. You're right. But Sam Wise, still had to decide when to call time and dive in. Why not make a move at 10:00am? There was a bounce then, as well.
In the end, it was a very quick dip. It was all over by the time the clock struck 4:00pm. Don't hang around. Take the bounce and go.
Could this pair be traded differently today? Tomorrow?
For sure. It's all about choice. A scalp trade makes more sense if the lot size is big. Dipping in an out, trading a fraction of my normal trade size is less appealing.
The times are wrong on the account screenshot, not sure why. The positions were opened at 1600 and closed soon after. The account shows differently. Perhaps my MT4 or the Forex Factory time lags slightly.
I could have bought earlier in the day but I like a clear overbought/oversold RSI. The more overbought/sold the RSI is, the more likely there will be a reversal. All day the RSI hovered around oversold. At 1600, the RSI took a dive and was clearly oversold - time for me to take a trade.
These USD exotic trades will always be quick but today's scenario was at the end of the day and a Monday, making the trade even more scalp like rather than holding on for a longer period of time.
These scalp trades are not for everyone's fancy but that is the great thing about offering a number of strategies; people can pick and choose what they prefer i.e the very mechanical trend following system or the discretionary news event trades.
I hope this helps @rabbitrun