EUR/USD Beginner Level trading

1:15 PM candle during Pre-NY has been marked on the 15 minute timeframe chart. I will now wait for price to make a clean break above or below it then i trade the direction of the break

Price has departed from the Pre NY 15M candle level, so i am short at 840 with stop at 140.

Today i faded the Pre-franky but it is not looking too good. Price didnt really move during the Franky and franky is ending in 3 minutes

As the London session started, i lowered y stop loss because the risk of a reversal of the status quo is higher. Now, myy stop loss has been hit and i exit with a 6 pip loss. A bad day at the office. I am done for the day.

I think the context matters, where you are coming from. You never sell the lows, if you want to sell, you should sell the break of the pre-Franky low i.e. close below 13.

Today is similar to yesterday, pre-Franky was falling off the overnight range high.

a. But yesterday, on 30M on pre, there was a bearish engulfing. It was dropping. I was a buyer at the low, fading the pre on Monday, but was stopped out for a small low very quickly.

b. Today was better context in the sense that you had pre 1H that was trying to close higher, unlike yesterday. So, there was more of a chance that Franky & London will go higher.

I was a buyer today at 17, the SL was really small, ideally I would have bought 14. I closed it at 35.

Third chart is the 10M on the Franky open. To be a seller, you should ideally wait for a close of next 10M below the first 10M. Today it never broke the low, yesterday, it did it immediately.

This is the 6H (set to London day closes) chart. It is pretty much a range from 1270 to 1350, and then to 1400.

We are just chopping around with lower highs. Looking at the 6H of the Asian/overnight range today, it was worth the try that the Asian momentum will continue till 50.

And there was a low risk buy entry at the pre's low. This matters, because if the risk was high, I would not have taken it.

If the Franky opened at 1350s, then you would have wanted to look for a sell, if the price was indicating it.

But let me add, no amount of overanalyzing helps. It is just a decision to buy or sell the Franky open based on simple rules, and some discretion from higher TF.

Take a low risk entry. If you are wrong, just take a small loss & get out. Come back the next day & repeat. That is your edge.

You need to know any trade can either win or lose. You took a side and did not work that happens.

Now let's assess what you did:

You think pre-frankfurt put a high and that high will not beat. It is a solid strategy and you will make money every now and then when that happens. But today it blew away.

See attached chart showing important support area from yesterday which could not break and the 5 min high after which the trade had failed.

When you trade you should have mechanical rules to enter and exit and judging by the 6 pip loss and exit you seem to have taken a small loss and walked away that is a good thing. you did well.

See my trades for the day, i lost a sell trade like you did and immediately took the other side when i got a signal to buy.

wow thank you for the analysis

Good Morning Guys,

I took two trades today- one was during the Asian session (experimental) and the other was during the pre-franky session (my usual time of trading).

Recorded an 8 pip loss on the Asian session trade due to unusual volatility, but made a 12 pip profit on the pre-franky trade.

I noticed the Asian session starting 10 minute candle created a support level that carrid over into this mornings prefranky trade.

I am done for the day.

Yes, pre-Franky was the trade today. I think on break of 50s, you could have held it, if it did not turn into a fake.

The pre today had already made all the move, there was not much to do on Franky. You could not buy the Franky because it was trading just at the high. Nor sell it because it was not near 75.

But still I had sold the break of first 10M Franky on small lot (as per my trigger), but was stopped out on it for -5 pips. I'm down for the day.

It looks like it should atleast test the high again, range there or break it. But there is no low risk entry here.

I was getting a low risk buy entry at 1355, right now, but did not take because it is not in the right hour (false break of 60, and test of London low). So, better to come back tomorrow, the loss is very small.

Most of my bigger losses have been after that London hour if you don't take a small loss, the focus to cut losses is lower, and the price is just chopping around. You are just trying to get in.

So, the day is done now.

First 5 minute pre franky candle at 455 is acting as support currently, so far price has not been able to close below it.

Good Morning, got stopped out of my buy trade due to franky fake for a small loss of 1 pip. I anticipated a reversal to upward direction but market suddenly started going down.

On hindsight, I should have waited for a 10 minute candle to form above Asian low before i bought.

I am done for the day and shutting down the system. I have a "one trade a day rule" which i stick to.

It was just a break day today instead of a fake. So, nothing wrong with taking a really small loss.

I was short today, on the pre itself, because last few days, the pre has been doing all the moves. And I added on the Franky open, because I was trading the break of the Asian/overnight low (not fake today).

I've closed it near the yesterday's low for about 16 pips on average, but the options barrier & weekly are at 1270.

a. The risk was small on the sell, the first 30 of pre was down, even though it had just hit the overnight range low.

I had entered on the point marked on the attached 5M chart. Even if was to go up, you would normally double test the low if the momentum is there, since first 30M of the pre was quite bearish.

b. It was also below the range on the sessions chart.

I'm done for the day. I'll most likely also not trade tomorrow, so closing it for the week.

Thanks for sharing

The London (every session for that matter), tries to fade or follow the previous move. You will see it quite visible, when you mark the Asian/overnight range on your chart.

You just try to position for that fake or break on Franky. And you are wrong, you take the hit & get out for a small loss.

okay

I am long on the Franky, with a tight stop loss around 2300. I expect Franky & London to stay above the Asian session today because price has bounced off and rejected the 2 week eurusd low.

I exit here with my profit because its almost 9 AM and it will soon be outside my trading hours.

I am done for the day/week. See you next week !!!