EUR/USD Beginner Level trading

Good Afternoon Guys!

Today is Monday 2nd September 2024 12 18 pm

I am looking at the 1 Hour EUR/USD chart

I notice price hasnt been able to trade above the low of friday

HEAD & SHOULDERS PATTERN SPOTTED

I spot a Head & Shoulders candlestick Pattern in an uptrend meaning some downward move may be coming

So i place a sell order to benefit from the fall in price

I have entered the market with a SELL ORDER

So i hope price keeps falling i will now place my Stop Loss

i place my Stop Loss at the right "SHOULDER"

I see some more downward movement which is good.

Let me say this: Head & Shoulder Patterns don't always look perfect like we see in the test books.

A lot of it is subjective when you are trading live.

So yeah, my H&S pattern may not look like you expect it to

Good Morning today Wednesday 4th September 2024

Today i looked at the 1 Hour EUR/USD chart and noticed the market is in an uptrend

Its easy to get confused because when you look at the 5 minute chart you see a downward trend but it just represents a single red candle in the 1 hour chart which means buyers are taking profits.

So, its always important to look at the 1 Hour chart first so you know the overall trend

I enter with a Buy Order.

Now all i have to do is set a Stop Loss and keep an eye on the market for signs of a trend reversal so i can exit manually

I place my Stop Loss at the bottom wick of the red candle because sellers pushed the price down to that price level before buyers pushed it back up

I set my Take profit

My Stop Loss was hit when I went out and left my system

A Hammer Head Candle showed up and if i was on my system i would have seen it and exited manually.

Note: not all Hammer Head Patterns mean a trend reversal but when you spot one in an upward or downward trend it means somethin may be about to happen and instead of waiting to find out you better exit with your profit :)

I think I have to download the Mobile App at this point guys so I can monitor my trades even when I'm away.

New Trade Coming

For the New Trade i identify another area of value and mark it with an Orange Support Line

Why did i Pick this Area of Value?

I used the green candle to your right (this candle has no lower wick) as my reference point for drawing the orange support line

The absence of a lower wick means both buyers & sellers were comfortable with that price during that time frame and so the sellers didnt make much attempt to push price down hence no lower wick.

My Strategy

They say you gotta have a strategy right? Well thats true.

My strategy is that if price falls below the orange support line, I will sell but if price reverses and bounces upward after testing the support, I will Buy

A Closer Look

Lets take a closer look at our support line by switching to the 5 Minute Time Frame.

Looks good doesn't it? ✅

Now all we have to do is wait

Support Line has Been Breached & Price is heading downward

I enter a short buy will quickly exit if i see price make any attempt to move upwards

I Invoke the volume indicators which tell me to hand in there. Although price has gone up, i expect it to come down. Once it does i will exit with any profit i make because i have to go off

Good Morning

Today I look at the 1 Hour EUR/USD chart and mark out the Asian session that began by 12 am today.

The Asian session has ended and we are now in the London session

Next I mark the lowest price during the Asian session by drawing a support line for reference

I come down to the 15 Minute chart to get a closer view at the market