EUR/USD Beginner Level trading

Generally, late in the session, the fade of the session move are counter trend trades. I would say, 7 out of 10 times, counter trend trades get pushed back in the direction of the trend.

The London session is down.

Not that it cannot just reverse the entire down move to all the way up to 850, but it usually does not happen this late in the session.

So, it is always best that if you are trading the opposite side of the session trend, to first see it as a counter trend bounce till the nearest level & then see the reaction.

If you are trading too close to the next session opening (NY), then they can continue or fade the previous session, depending on where they open.

Yes, my take profit was hit at 10 pips and I have exited the market.

Today Ii noticed a breakout of the Asian session so I suspected it might be a fake and waited for it to reverse.

I confirmed the reversal was genuined by the signting of a bullish candle that closed at the same level as the breakout candle (marked with yellow circle)

This was my trigger to enter a buy order abd now price is going up. I adjusted my stop loss to match my entry so now I will hold the trade till it reaches the high of the Asian session then I might think of closing.

Today, EURUSD has broken out of the Asian session high but I am expecting the price to reverse so I am waiting for it to come back below the asian high because there are alot of orders stacked up around the 800 price level

Generally, on the days after a major news event, one should not try to fade the move, it can last for the entire day.

The volatility is very high, and one can easily get stopped out pretty quickly on a 10 pip stop (average 1M is 10 pips today).

Franky is a fade or follow of the pre-Franky. But even with that true, how will you find a low risk entry.

Or you just lower the position size. I was trading 1/3 the usual lot size today. It was profitable so I'm out now & done for the day.

But to your point, waiting for a pullback on days like this & being patient with your entries pays off most of the time.

Take for example, London open, it just faded the Franky high, almost down to the Franky open (it is common on days like this). This is almost 50 pips.

Anyone who bought it at the high or a small pullback hoping for a quick trade would have gotten his/her stop blown really quickly.

And then if you can't take that loss, the day just spirals out of control. So,

a. Trade small on days like this, if you don't have appetite for risk. Some traders love volatile days, but it is not for everyone. I prefer controlled moves.

b. Patiently wait for your entry point, whatever it may be.

c. And don't try to push back if you lose on that trade.

I believe that is your point, and I agree with it.

Today we see the classic fake breakout that sometimes happens during the London session so for me I short the market after the fake breakout.

Price is still falling after shorting the market, there are some option orders around 050 so I am going to exit with profit when price nears that level

Today at the start of the London session, price has broken the Asian high but has refused to go further upwards and now seems to be consolidating sideways. After a consolidation I expect an upward or downwards trend to begin. I willl trade either trend that follows.

Today I traded the Pre-NY session and i targeted the first 15 Minute candle of Pre-Ny which was at 1:15 PM Nigerian time.

My first entry was flawed as i shorted the market immeduately after the 1:15PM candle without waiting for price to breakout albeit falsely.

I had to exit the trade because price was going up instead of down.

I entered the second trade after I noticed the upward break was a fake, and price had reversed downward and retested the breakout line.

I held the trade till my profit target was met before exiting.

The 1:15 Pm candle close marked the point where we drew the yellow dotted line. After price broke through the line, it was a fake and reversed back down. there was a green bullish candle that retested the yellow dotted line and after that a bearish white candle formed next to it.

After the bearish white candle broke the low of the bullish candle it served as a trigger sign to short the market.

Today, the London session is still moving within the Asian session range and has not yet broken it. My strategy is to wait for a break of the Asian session high or low (upper and lower yellow dotted lines) then trade the break.

I am anticipating a false break above the Asian high followed by a reversal then a down trend.

As predicted there was a fake breakout above which reversed and price started falling. I was able to short the market and exit after my profit target of 30 pips was achieved.

To give you mor clarity, look at the yellow circles in the image.

1. Circle 1 shows the first reversal pattern

2. Circle 2 shows the second reversal pattern where a bearish candle broke the low of the preceeding bullish candle and this is usually a sign that the reversal is fake and that you should short the market.

I want to trade the Pre-NewYork session which has already started by 1:00 pm.

My strategy is to wait for the first 15 minute candle to form at 1:15 PM then trade the direction of the candle

first 15 minute candle has formed at 1:15 pm

Price has breached the low of the first 15 candle of the pre-ny session so i wait for a retest before shorting

While expecting a retest of the 15 minute candle low, price suddenly breaks above it but does not close above the 15 minute breakout candle high

Price reaches the 15 minute breakout candle high so i take this as a signal to buy. I open a buy order and place ny stop loss below the support line

I got stopped out as price has broken the support and is trending ownwards. I am done for the day.