EUR/USD Beginner Level trading

Just got stopped out for a small loss, and immediately after i got stopped out price started rising meaning i should have placed a wider stop loss

I noticed that your long is at the range high. Even if you are expecting follow through of the momentum, longing the highs in anticipation of a break has always been bad for me.

I was long near the low of the range, and added to it after the first 10M.

Notice the 1H chart. The price on open was still inside that 1H. So, ideally, the stop will have to go below the previous 1H i.e. below 1318, can be 1316.

If you are buying the high, there is always a risk that the price can fall back into the range, and you are getting a bigger SL hit.

So, it generally pays to let the first 10M of Franky form, and then sell/buy it's high or low, whatever your bias is.

That means, to be a seller today, you need a close below 1320. There is always a risk that London could also be up, and go till 1270. Same for a buyer, you want to be a buyer as long as the Franky low holds.

If you are fading the Asian move i.e. Franky fake or a seller in this case today, then you want to trade the break of the Franky low.

Or, you can trade the first opposite bar on 5M or 15M as your trigger. The trigger will be a break i.e. close below of the previous bar's low/high. See the attached 10M chart for example.

I did not short it because I was not infront of the screen, as I am already done for the day. But if this was my first entry, this would have been the trigger, with TP at the Franky low, because that could still hold.

okay i see it makes sense.

Today I was long at 327 but i have closed the position at 336 with some profit after a sudden reversal to a downward trend started. My trigger for the trade was a hammer head candlestick pattern sighted at the end of the Asian session.

P&L for this mornings trade, i was up several pips before a sudden reversal of trend left me scrambling to close the position with some profit. I am done for the day.

Quick trade to close the day. Long on eurusd after asian low support was retested. I have since closed the position and ended my trade for the day.

On session open, it can follow or fade the previous session. Same with any day as well.

So, on session opening, you try to visualize what has happened on the previous day & session, then try to enter in that direction of the higher trend, even when you are trading the Franky.

For example, today, I wanted to short, because the PA was indicating that it could likely reverse the yesterday's move & close below 1280. So, I was looking to short the Franky, not long it.

a. First chart is the Daily inverse chart of the EURUSD. The highlighted candle is yesterday's trading range. Now, if you think, what can the next day to, continue that move or reverse it.

Given that I had my levels at 1370s, and the price did react to it yesterday, it's close was weak, so I wanted to sell it.

b. The second chart is the 6H chart, most of the sessions are 6 hours, so you can get an idea of every session with it. The highlighted candle is the trading of Asian session or your overnight range.

Notice that it was an inside bar, meaning the rejection that happened from the high, the bounce off of the low was not that great, and the close of Asian is also not strongly bullish.

So, I was looking to enter a short as near the high of the Asian range as possible, looking for a break below 1280 in the London session. I exited it for 25 pips only, because of the HCOB data coming in, I did not want to wait for any break of the low. My entry was at 1337 & exit at 1312 on an average.

c. The third chart is 12H for another visualization. It is inverse. Notice the second 12H from yesterday, it's close is bearish (bullish on inverse). So, you would ideally want to see a follow through of that reaction till yesterday's low.

The point is, you try to see that day & session picture, and try to follow or fade the session depending on what you are seeing. There are clues to decide if you should follow or fade it.

A close below 1280 today will be really important, because otherwise, it will have failed above yesterday's low. Think of it simply as, if you want to see momentum, you want price to break highs & lows.

Today i am long eurusd, i opened the first trade below the asian high, then when price broke the asian high i added to the trade. My stop losses are below the asian high

I closed the first trade with a small profit and the second trade with a sall loss, its basically a break even.

The yellow dotted line represents the highest price reached in the last 2 weeks. A break below it will be important for a sell. But there are some option barriers around 300/345 so price might just range around there for a while.

I am done for the day/week. I took a couple of trades and i wont be trading again because its past my trading hours. See you next week.

This week on 21st May & 23rd May I noticed a price action pattern which may occur again next week.

1. A range during the Asian session led to the forming of a support level that was repeatedly tested during the London & New York session.

2. On Friday 23rd May, price also attempted to fall below the 2 week high but was oushed back up. This coming week, a solid break below the 2-week high (yellow dotted line) will be important for sellers

great the 6 hour chart is a good one but i dont have it on my TradingView

I think i can use the 3 hour chart too

Good Morning,

Today, price is ranging around 4057, and I am long eurusd. I expect a break of the Asian high & a retest of this 4057 range.

I close this trade for a small profit because price is not moving the way i want. I also open another short trade but i kill it early because it was delaying to yield profit.

I open another long trade and it is in profit.

I close the trade with profit at when it reaches the asian high. My reason is that i am anticipating a reversal to test the support line again. Lets see what happens

Price is falling towards the support so i am short