EUR/USD Beginner Level trading

Vicky, please see the image below. The bearish hammer candle with a long wick which dipped below the support but couldnt close below the breakout candle low showed me they were trying to trigger stop losses of those who had bought at the top of the breakout candle and set stop loss just below their entry. Most times, before the market goes up, it goes down so as to trigger stop losses.

This bearish hammer was followed by a bullish green candlestick which also could not close below the high of the breakout candle.

So a combination of these two candlestick patterns gave me comfort to buy and place my stop loss below the breakout candle low.

Another buy signal would have been this bullish engulfing candle which completely engulfed the bearish candle peceeding it. And note how both bearish and bullish engulfing candles could not breach the high of the breakout candle.

I would have entered at the sight of this but i wasnt on my computer so i had to enter using the earlier trigger i showed you.

Upward trend line has been breached so i exit my buy position and close out with profit

The entire day London range was inside the previous day. It was a classic Franky fake day. Broke the overnight low, and it turned into a fakeout.

This is the NY levels, the entire trading has been inside the Friday range.

Today is easter and eur/usd spreads are very high. The Londin session has started and price has brokern below the asian low and reversed upwards in a fake break.

Now the candlestick of interest is the bullish green reversal 5 minute candle because price doesnt seem to be able to break below it. So, i open a buy order and place my stop loss below the candlestick of interest.

Price is moving upwards as the NY session has started. My TP has been hit. I am exitig the market for today because the spreads are really high and liquidity is thin because of the easter holiday.

NY Session Strategy

1. Locate 1:15 PM Candle before the start of the NY session

2. Mark the high and low of the 1:15 PM candle

3. Wait for price to retest the high (for a bear run) or the low (for a bull run) after retest confirmation, trade accordingly.

I made around 50 pips profit today

Today on the EURUSD there was a classic fake at the top, with price breaching the asian high but quickly reversing and retesting it the continuing in a downward fall. I did short the market at 1.1584 (with stop loss at BE) and exited at 1.14593 (23 pips profit) because i sighted an inverse bearish hammer signalling possible reversal

Pre-New York session today gave me a fake breakout causing me to get stopped out.

London session today has brokern above the asian high and i spotted an inverse hammer candle pattern signalling reversal so i shorted the market. The breakout was obviously a fake as price is now falling backwards.

I exit my short position with my profit after spotting the bullish hammerhead candestick

Today eurusd is trading inside the london session range, i fear this might continue into the NY session just like it happened on wednesday where it only broker the london session low around 11 pm in the night.

Take Note of EURUSD Pre-Franky Fade Patterns

For 4 out of 5 days of last week, we spotted a pattern where the Frankfurt session 1-hour candle always faded the Pre-Franky 1-hour candle.

So, if the Pre-Franky 1-hour candle was bullish, then the Franky 1-hour candle that follows will be bearish.

It was only on Monday last week where the Pre-Franky was bullish and the Franky was also bullish which negated our pattern, but on Tuesday, Wednesday, Thursday and Friday; the Franky constantly faded the Pre-Franky 1-hour candle.

The trade idea you can take advantage of is: if Pre-Franky is bullish, you can short the Franky while placing your stop loss above the Pre-Franky 1-hour candle. This is because you expect the Franky to be bearish.

On the flipside, if Pre-Franky is bearish, you can long the Franky with stop loss placed at the low of the Pre-Franky 1-hour candle.

A Massive EUR/USD Upward Trend Kicked off The Week Monday

On the first day of the week (Monday) the Asian session was in a steady upward trend through out with no single bear candle in sight. It was only when the London session started that we saw a break of this Asian session rally.

We observed the reason for this was that the previous days (Wednesday, Thursday & Friday), eurusd price had been consolidating signaling a big break was coming.

Take Note of EURUSD Range Trading Patterns

On Wednesday and Friday last week, eurusd was unable to break above/below the Asian session high (blue box in image) for most part of the trading day.

In fact, on Wednesday the London session started with an upward trend and the NY session changed it to a downward trend all within the Asian session range. Although we did see a little break below the Asian low at the twilight hours of the NY session but it was already too late in the day to trade.

The S&P Global PMI news release on Wednesday April 23rd around 2:45pm also caused the NY session to witness a long drop in price but it was still unable to break the Asian session range.

The strategy for trading on Wednesday and Friday would have been range trading where you look for an upward and downward range and short when price is at the upward range and long when price is at the downward range.

This coming week Nonfarm payroll data is going to be released on Friday so expect some volatility once it is released.

The Asian Session High on Thursday Influenced the NY Session Range on Friday.

During the London session on Friday, price found it hard to go above the Asian high of the previous day (Thursday) but at the middle of the NY session (around 5 pm) price was able to break the Thursday Asian high and sustain above it albeit still trading within the Friday Asian range.

The possible trading idea would have been to long after the break and retest of the Thursday Asian high, then setting Take Profit as the Friday Asian high.

Take Note of EUR/USD Asian Session Pattern

Last week we noticed that whenever the eurusd price was unable to break past the Asian session low then the next day the Asian session will start with a downtrend.

Conversely, whenever the eurusd price was able to break past and close below the Asian low, then the next day the Asian session started with an uptrend.

Going by this observation, we should expect the eurusd Asian session to start with a downtrend on Monday.

What To Expect This Week

1. Franky 1-hour candle expected to fade Pre-Franky 1-hour candle

2. Expect eurusd Asian session to start with a downtrend on Monday

3. Friday Volatility due to Nonfarm Payroll Release (NY session)

4. General Upward Trend because eurusd price has breached a resistance which restrained it for the past 3 years and has reached a 3-year high

Let me explain point 4 about eurusd reaching a 3-year high. Please look at the image which shows a monthly chart of eurusd