EUR/USD Beginner Level trading

Today price was ranging around the Pre-Franky low and then it rose to break the Asian high.

I took a long position at the bottom of the range then i took two short positions when i was anticipating a reversal but i got stopped out.

I dont think i should have taken the short trades, perhaps next time price is ranging during Franky, i will just take a long trade only.

In the last few weeks, Franky low has been the direction of the day on most days. It is setting the high & low of the day.

If that is a precedent, 1628 should hold. Of course, it does not mean it will definitely happen.

Today, currently it is ranging between PP & DMR1.

Today price is just consolidating after breaking last weeks opening price. There is an option barrier at 700 and a support i identified which is holding price up. I expect a big rally in the upward direction today

I took a short position during pre-franky because i thought price was ranging but i closed it for a loss. I took a long position towards the end of franky and closed with profit. Altogether it is just a break even today. I am done for the day as it is part my trading hours.

Price has finally broken out of the range in the upwards direction (towards the option barrier at 700).

It has hit DMR1, 1702. That was the Long target. It is possible that there is no follow through from here as well.

Also, combined with 1700 barrier.

Today it was a classic reversal & ranging trade. Franky started below the Asian high, then reversed it upward. However, price ranged at the Asian low for an hour before breaking out and going upward at the start of London.

Trade 1

I went short on franky after seeing the rejection candle at the pre-franky high, but that resulted in a loss as i was stopped out.

Trade 2

I went long on Franky because i didnt think price would go down below the Asian-low range. I held the trade just long enough to recoup most of the loss from the first trade.

Altogether its a breakeven today. I am done for the day as it is past my trading hours,

P&L today its a near-breakeven

I have traded EU for 14 years 7 years unprofitably. And the profits when they came was when i started noticing patterns in movement.

At the start of the year Pre was setting high lows. you could sell frankfurt when pre was selling and buy when it was buying.

I noticed in mid of year when volatility dies out frankfurt mostly goes fade, opposite of pre.
You can spot it if it happens for a few days the regime shifts from following pre to fading pre.

Ideally you always fade in frankfurt, just go opposite of asian move or if frankfurt pokes its head outside a range fade that bar, you can capture days high lows. Never trust frankfurt bars that are in the middle of the range. The fakeouts happen at the edges of a range not middle.

So since franky is fading pre, and we are nearly reaching dead slow markets in the middle of year, best to just mark a range and buy franky if it opens at lows sell if at highs, after you spot a range.

Example today i was hoping the frankfurt wouldn't fuck with my trade as i was up 6 pips in pre and hoping for a follow by frankfurt on 18 standard lots and seeing nearly 900 usd aiming for 1.1715. But trading is never easy you can be wrong so frankfurt did what it has been doing for the last 2 days faded the pre with pre lows at its back.it went up and i lost a trade that was in good profit. But with flexibility like you showed you can spot the move has tilted entered a long made more then i lost and got a profitable day.

You did well, BE's are a part of the game and when the market does move in your favor next time bank on it make money by running atleast 1/3 by setting it at breakeven.

Remember a good trader knows not a 1000 moves but 1000 iterations of 1 move. Some traders make money only during first half of the year some only on mondays.

Overall you are doing good. Increase lot size as you master a single setup.

Great advice

Thank you so much for your words of encouragement.

Today, I woke up to this. The price seems to be held up by the DMR support and Pre-Franky will likely end bearish

Frankfurt has started

your DMR1 is a little off. It should be higher.
It had confluence(multiple things lining up) with Today's open and Yesterday's High.

okay, noted

use 1230 am london time as the start of your calculation.

Today was a terrible day for me (i lost $5), I will explain. Meanwhile this is my last trade, and it is still active. I went long, with stop loss behind the Pivot Point. I had to reduce my lot size from 0.1 to 0.01 so that if this trade ends in a loss i would not have exceeded my daily loss limit.

Explain.
BTW my instincts say you should close the long.

Ok, so i was fooled by the first 5m candle of franky which pierced below the pre-franky low from on top. I thought it was a signal to fade pre-franky but i got stopped out.

By the time i realized the sell signal (when price pierced through the pre-franky low from below) price was far gone so i had to enter but made only a small profit.

Altogether i think i lost about $5 but I have one active trade left open so i hope it ends in profit.

I was short on Franky after seeing the bearish engulfing pattern, but got stopped out, I was away from my computer & by the time i came back i opened a long position and recouped some of the loss. I am done for the day, as it is past my trading hours.