EUR/USD Beginner Level trading

oh oh!!! Stop Loss has been hit because price has fallen below the support line and is now moving downward

However, this is a good time to short

Trade for Today 29th August 2024

I take a Birdseye view at the 1 hour chart & mark the Asian session high & low

I switch to the 5 Minute chart to look for an entry point

Notice Price is testing the Upper resistance Line but cant break past it

If price breaks past it, that may be an indication to buy

Market is in a down trend so i enter with a sell order

I set my Stop Loss & Take profit Then wait

My TP has been hit so i exit with $34 profit

For now im not seeing the kind of volatility i want so i would rather scalp

Price has broken the support line i drew and is now falling.

I actually missed out on this move because i was not on my system.

This massive downward move was preceded by a unique chart pattern called the round bottom

Good Morning Guys

Now what do we have here today?

The 1 Hour Chart

1 Hour chart shows price is trading within a range. I have marked the highest & lowest price attained during the Asian session with sky blue lines

15 Minute chart

15 Min chart shows price is also trading within a range

What is the strategy for today?

According to the US Dollar index reading of 101.40 today, the dollar isn't very strong

I'm looking for upward movement on the chart

So if the resistance line is broken, i will buy

I use the Bollinger Bands Indicator on the 1 Hour chart and it shows a squeeze.

The squeezing of the bands together means some major action may be coming so i stay tuned

Price is testing the resistance in the Frankfurt session

basically this is always a fake as price usually tests and reverses during the Frankfurt session

Price has tested the resistance line unsuccessfully

Price keeps trading within a range today with no serious upward or downward trend so theres nothing to do

Comedy has its own section right?

Comedy has its own section right?

Is this bad or good?

Yes it does

This is bad because buy trades are ideal in an upward moving market.

A sideways market may be good for scalpers but scalping is high risk

It is not good or bad in my opinion. Price Levels are important barriers. The price could just break through it, it is a possibility always.

But if you know the important levels where you want to take action, and what action you want to take, then you can have some edge.

Take for example, if I wanted to short EURUSD at 1100 during London session, then it matters what will be the price reaction at that level. It is not good or bad.

Based on how you look at support & resistance levels, these can be area of interest where you can enter or exit your position.