EUR/USD Beginner Level trading
Good morning, today is a public holiday in the United States so banks over there are gonna be closed and this will affect price movement especially during the New York session. However, this is a snapshot of the market at the moment.
I am long on Franky
I exit the trades at breakeven because the market is just ranging in the same place and there seems to be indecision maybe due to the public holidays in the US
I was also long eurusd here because of the fakeout i saw during franky, but i had to kill the trade early because it price started falling aggressively and it wasn't what i expected price action to do.
The same thing happened to me yesterday, but instead of closing the losing position early i left it to hit my stop loss.
I am done for the week, it hasnt been a good week but i hope next week will be better.
Today, there is an option barrier at 770 which has caused price to range around it during pre-franky. There is also another option barrier below at 750 so if price cannot close above 770 we may see price fall towards the 750 barrier.
There is also an option barrier at 800 so if price is able to close above the 770 barrier, then we may see price rising towards the 800 level.
Price is stuck in the middle, just ranging around the 770-option barrier level
I was short on franky today and the reason i went short was that franky tested the prefranky high (which was a fakeout) and then reversed and started falling. I waited for a break of the Asian low before entering my short position.
I exited the trade with profit when it was approaching the option barrier around 750 level.
I am up with about 4 pips profit, but i dont intend to trade again because today is a Monday and price may just keep ranging around 750 till end of franky.
I was short on franky today and the reason i went short was that franky tested the prefranky high (which was a fakeout) and then reversed and started falling. I waited for a break of the Asian low before entering my short position.
I exited the trade with profit when it was approaching the option barrier around 750 level.
I am up with about 4 pips profit, but i dont intend to trade again because today is a Monday and price may just keep ranging around 750 till end of franky.
Market snapshot for today as seen from a 1-hour chart. There are option barriers at 700 so price may fall towards 700-level this morning. Also note I have marked out last week's closing price, so if price is able to close below it, then it would be a sell opportunity.
I am long on Franky after Pre-Franky low was tested unsuccessfully
Was stopped out on my first long trade but i re-entered and closed with small profit because the market was just ranging in the same place.
Today my P&L is just a breakeven no profit and no loss.
I didnt trade today but here is what i noticed. At the start of Franky, price kept trying to test the Pre-Franky low zone/first 5M candle of pre-franky, but couldnt close below it. That would have been a buy signal for me with around 10 pip stop loss and i would have exited after the gravestone doji was spotted at the top.
I am short on Franky with 7 pip stop loss. Reason for this trade was that Franky tested the Pre-Franky high twice before falling. Initially i thought the direction of the market was up but i got stopped out and then i changed direction to short
For most of the week the market had been trading within the Monday range, but price has been able to close below the Monday range.
The frankfurt session has started (from 7 am) so i mark out the prefranky high (which coincides with the monday low range) and the prefranky low. Let us see how price reacts to these levels for the next 10 to 15 minutes
After the prefranky low was tested unsuccessfully, I went long with 10 pip stop loss, my take profit is at the 700 option barrier level.
For one hour, price has been ranging between the prefranky high (pf high) and prefranky low (PF low). My trade was still in around 2.5 pip profit when i closed it. Its past my trading hours now