I made a long trade yesterday with the EURUSD on the 1H chart. As you see on the attached chart, I made the trade at the red arrow. At the time I took the trade the green candlestick was formed and that was for me a buy signal. It was also at a supportline and it closed above the middle bollinger band. So I had 3 signals to go long.
Was this a good or a bad trade setup? My entry was 1,4390, stop was at 1,4370
The only bad thing I can see is that the green candlestick has an upper shadow.. so the bear where still there... what do you think?
I appreciate your comments

Hellow Yellow,

I can only express my personal opinion, and that is with the benefit of hindsight
I don't think that this was a particularly bad trade set up, although I doubt that i would have taken it (hindsight is very useful )
Take a look at the chart that you have posted, the price had shown a lot of reaction to your support line. Certainly it has been acting as a very strong support and so it is quite reasonable to expect it to bounce up from it again.
I have to ask you though, did you note the 2 recent highs that effectively formed a double top? Did you see the relationship of these 2 highs with the MACD? The second closing high was slightly higher than the first, but the MACD was much lower. This divergence with the MACD should have suggested that you look for a shorting opportunity and a break of the well established support line.
Also, if you take a look at the H4 chart at the time of your trade, there were a lot of indecisive candles previous to your entry.

Good luck

Keith

Thx Keith.

I did see the double top but I didn´t looked at the MACD. And indead that was a bearish signal. The daily and the weekly are down so perhaps it was not a good idea to trade against those timeframes as wel .
Thx for your opinion, it really helps

You're welcome Yellow, If you find some of my comments useful, then that makes me a happy bunny
As you know, Vahid's main strategy so far is trading S/R breakouts. Personally, I will trade bounces off of support and resistance, but only in ranging markets, Ie with horizontal support and resistance levels.

Yes it is helpfull

I know that Vahid is using the breakout res/supp strategy and it looks so easy and it is ... if you see it after the analys of Vahid, but to find the trades yourself is mutch harder, for me although
Anyway it is a profitable system so I will learn it and try to analyse some pairs before I read Vahids report in the weekend ...

Well, If I take a look at the same trade setup NOW... I would not take the long signal ... Now I see that it has formed a double top and most important it had formed an MACD convergence. SO I am really learning from the video´s