EUR/USD Beginner Level trading

I switch to the 5 Minute chart. The candles here form after every 5 minutes so i dont have to wait long for new candles to form

I pick a new support level based on the green candle i circled in blue. That candle has no upper & lower wick signifying buyers & sellers were okay with the price

So I draw a support line at that level and wait for price to break it so i can open a sell order or for price to bounce off the line & reverse so i can buy

Price has risen above the Asian High

The Asian high refers to the highest price reached between 12 am and 7 am today (which is called the Asian Session)

I open a Buy Trade because i think price breaking through the Asian High means price has enough momentum to keep rising for a while

Price has started climbing up which is good for me lets hope it continues I will set a Stop Loss now

Price is moving upward as predicted so i set my Stop Loss to secure my profits.

Even when pricr eventually falls, I will exit with some profits

Success

My Stop Loss has been hit but i exited with $42 Dollar profit. This is a Raw Account on Tickmill so commissions will mean a $7 deduction so i will be left with $35

Good Morning Guys,

Today We start from the 1 Hour Chart

Marking the lowest price during todays Asian session with the number "1"

and the highest pricr of todays Asian session with the number "2"

I switch to the 5 Minute Chart and notice that price is testing the upper line 2 but has not broken through it

Line 2 is acting as a resistance to price

Price has broken the resistance line 2 so i think it is a fake (frankfurt session has alot of fakes) so i place a sell order expecting price to fall back down

price rose up but is falling now

I Set Stop Loss & Take Profit

I expect the price to fall and hit my Take Profit

Price has started falling downward below the resistance line & towards my Take Profit (TP)

Price has hit my Take Profit so i make a $24 profit.

I am going off now but remember today the Nonfarm payroll is coming out by around 12 30 pm GMT so i don't expect markets to be very active from now till that time

i expect markets to trade within the resistance lines 1 & 2 drawn earlier when i started

However, after the Nonfarm payroll report is released by 12 30 you can expect massive market movement in the up or down direction

We are back again

The market is still trading between the Asian session range but NONFARM PAYROLL data will soon be out so lets see how the markets will react

I suspect once the NONFARM Payroll is released there will be a break outside the Asian session range

The August 2024 US Nonfarm Payroll data has been released and you can see that as i predicted the price has spiked upwards sharply.

this is called high volatility

Happy New Week Guys!!!

Today i start by marking out the highest & lowest price reached during todays Asian session (12 am till 7 am)

I have marked these out with two green horizontal lines on a 1 Hour chart

The 1 Hour chart is where i always start for the day so i get a bird'seye view of the market

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

I notice price has broken the support line and is trending downwards so i will look for a way to short

I enter with a short trade

The trend is my friend and right now the trend is downward that is why I am shorting the market

i dont want to trade against the overall trend

I spot an inverse hammer candle which means the price is about to start going up

This is dangerous for me

price actuall does go up a bit so i hope it does down and doesn't hit my Stop Loss