EUR/USD Beginner Level trading
The first 5 minute of the Pre-Franky session is still holding price up (see dotted line) and preventing price from falling downward past it & a break below it (the dotted line) will be a sell opportunity. For now price is still ranging around the Asian high.
Today there are option barriers around 400 which has caused price to range around there and is preventing price from falling below it. A break & close below the 400 level marked by the dotted line will be a sell signal for me.
Today I was short on the Frankfurt session but it only resulted in losses, at a point i even tried to change my bias to long but it still resulted in losses so I waited for the London session to start and shorted till price broke the Asian low then I went changed my bias and went long to catch the reversal to an upward trend.
Today I traded mostly bigger lot sizes than i used to ( i traded 0.05 lots) and i must say the emotion is different I was really nervous because my broker only allows 1:500 leverage so the margin required per trade is high.
The last trade i took where i went long at 1.13778 was the most profitable and I have closed it at 1.13967 for around 20 pips profit.
I also made losses but net net my trading today was a break even
Today I was short on the Frankfurt session but it only resulted in losses, at a point i even tried to change my bias to long but it still resulted in losses so I waited for the London session to start and shorted till price broke the Asian low then I went changed my bias and went long to catch the reversal to an upward trend.
Today I traded mostly bigger lot sizes than i used to ( i traded 0.05 lots) and i must say the emotion is different I was really nervous because my broker only allows 1:500 leverage so the margin required per trade is high.
The last trade i took where i went long at 1.13778 was the most profitable and I have closed it at 1.13967 for around 20 pips profit.
I also made losses but net net my trading today was a break even
@gloforex remember we had talked about this candle stick pattern, you can see the bullish hammer as spotted here which led to an uptrend
Price is beginning to depart from the range but when the actual Frankfurt session starts by 7 am we might see a reversal downwards so i will wait. Its also important to note that there are option orders stacked at 1.14000 which is below
I am short on the Frankfurt session now, with my stop slightly above the Pre-Franky high
I exit my short position with some profit because price seems to be unable to break the range (first 5 minute candle of pre-franky). So, i will wait for price to close below the range (grey dotted line) before entering another short
Price was able to close below the range (dotted line) but was pushed back up so i switch my bias to long.
I change my bias back to short as price action demands. I think price is going to break the Asian low (lower dotted line) , the option orders at 1400 are going to act as a price magnet
I exited my short with some profit before price reversed up, Now price is just ranging around the same place and there's nothing to do so i am done for the day as it is past my trading hours.
@gloforex remember we had talked about this candle stick pattern, you can see the bullish hammer as spotted here which led to an uptrend
Yes, I peep this! The bullish hammer was a solid reversal signal, and the uptrend followed nicely.
I have exited my short position because the first 5 minute of pre-franky is acting as support and price cannot break below it. I change bias and go long now as Franky is almost over then i exit the long with some profit. I am done for the day.
I have exited my short position because the first 5 minute of pre-franky is acting as support and price cannot break below it. I change bias and go long now as Franky is almost over then i exit the long with some profit. I am done for the day.
I made some losses today and some of them were because i cut losses early when i felt a position was not going to be profitable. After i went short on Franky i was away from the system and price went all the way down and reversed my profits at the support level formed by the 5m candle of pre-franky, by the time i returned only little profit was left.
I am short on the Frank today, but price has not been able to exit the asian low and is instead ranging around the asian low. Also note, there are option orders stacked around 500 which may be acting as a barrier to price falling further.
I am short on the Frank today, but price has not been able to exit the asian low and is instead ranging around the asian low. Also note, there are option orders stacked around 500 which may be acting as a barrier to price falling further.
I exit my short position with a small loss because the London session is about to start, i would wait to see how price acts during the London session then decide if to re-enter the market
The highest hit rates are when you are trading at the edges of the range i.e. when the pre, Franky or London test the edges.
When I see edges, I mean edges of the overnight range. But also if there is a prominent level that you see in that range, trade that. Don't trade when the price in nowhere in the middle.
See the attached chart (today) for example. Pre bounced from the overnight range low. The next edge is at 1556/60. If you want to be a seller, you will sell there.
London can reverse the Franky move, and given the news today, it is likely dollar bullish. Trade small on such days.
