EUR/USD Beginner Level trading
Today, I am down around $1.4 mainly because when i tried to short Franky the first time, i was stopped out resulting in a loss of $4.2 out of which i was able to recover $1.8 when i reentered the short and i had made an earlier profit of $1 on buy trades i made during pre-franky.
The Frankfurt session today didn't move as i expected, it was unable to fall below the Asian high and just kept ranging there.
Today price the 1.1600 level (blue circle) is acting as support as price has not been able to close below it. A break & close below the 600 level will be a sell opportunity if not then its a buy opportunity
Today there are two option barriers spotted after the Asian session. A close above barrier 1 will signal a buy opportunity and a close below barrier 2 will signal a sell opportunity
Price was unable to close below option barrier 2 so i went long but i have exited the trade with profit because price started falling at option barrier 1. The Frankfurt session is starting by 7 am (in 5 minutes time) and it has the habit of reversing the Pre-Frankfurt session that we are in now. So that is another reason i exited the trade.
The Frankfurt session has started and like i said it has started going in the opposite direction of the session before it (the session before it was bullish now Frankfurt has started going bearish) so i open a short position.
Today, i noticed price was being held up by a support level and so i placed a buy order during Franky but i got stopped out because i didn't place my stop loss far enough from my entry. After I got stopped out, price started moving up and i was a bit upset but its okay, will try again tomorrow.
I want to discuss this trade right here, i didnt take it because i wasn't on my system at the time but it is a good trade.
The trade happened during the Franky session (7 o clock) so usually Frank gives a lot of fakeouts so the problem is always how to spot the fakeout.
In this trade, you see the blue circle? That was the beginning of Franky session and price started moving down by two red 5-minute candles but it was a fake move as price suddenly reversed and started going up.
If i was on my laptop i could have taken the trade after spotting the fake out and reversal.
Today, the first 15 Minute candle of Franky acted as a range for price throughout the Frankfurt session and the first 1 hour of the London session.
I was short on Franky but I closed the position with a small profit because of the Franky fake reversal which saw price start going upwards but eventually closing bearish.
There are also option barriers at 800 but that has not stopped price from breaking through it now and price is going upward.
Today a snapshot of the market shows option barriers at 775 and 800. Price will tend to move towards the closest barrier which is the 800
Today I marked the Pre-Franky high/low with the ash color lines. I lost the first long trade i took at the start of franky because i didnt locate the fake properly.
The fakeout was actually that of the Asian low, so price pretended to go up (ash coloured circle) only to start falling.
I then entered a second long trade and was able to recoup some of the losses.
I am done for the day.
Today there are several option orders around 800 and 750 levels and this has caused price to range around 750 during the pre-franky session.
Today there are several option orders around 800 and 750 levels and this has caused price to range around 750 during the pre-franky session.
Today i was short on Franky mainly because i felt the frank- fake occured around the 800-option barrier.
Trade 1: I was short franky but when price reached the pre-franky high it hesitated and started rising so i closed the trade for a small loss
Trade 2: I went short on Franky again but when price started ranging around 800 level i closed the trade again to secure some profit trying to offset the first loss.
Trade 3: At this point, I noticed price had closed below the pre-franky high, so i thought it was going downward from there, so i shorted the market. Unfortunately, price started ranging around 800 again and eventually started rising and i got stopped out. I actually saw price rising and wanted to cut the trade early but i felt i would be interfering with my strategy.
Today is going to be quite volatile because tomorrow is a public holiday in the United States which will affect their banks. Lots of the orders will be sent in today.
However, i am down like 10 pips today, its just a bad day at the office. I am done for the day.
