EUR/USD Beginner Level trading
Took a long trade on Franky.
What pattern influenced your decision
What pattern influenced your decision
@gloforex, I entered on 15- minute time frame, once i saw that price went below the first 15-minute candle that formed at 6 am, i took it as a sign to short. To make it clearer, only enter a trade at the start of a session.
So, London session starts by 6 am so wait for the first 15-minute candle to form then after that wait for the next candle to move below or above it. If the next candle moves below it, you sell; if the next candle moves above it, you buy.
However, if you are on a 5-minute timeframe, these rejection candles can serve as a sign to sell. Alternatively, you can use the bearish engulfing candlestick pattern beside the rejection candles as a sign to sell.
I took a long trade but I had to close it before 7 am because the Bank of England is about to release its inflation (CPI) report by 7am
The Bank of England has released its inflation report (CPI) and it has affected eurusd price action. I am not trading again, because volatility is high. I am done for the day.
@gloforex, I entered on 15- minute time frame, once i saw that price went below the first 15-minute candle that formed at 6 am, i took it as a sign to short. To make it clearer, only enter a trade at the start of a session.
So, London session starts by 6 am so wait for the first 15-minute candle to form then after that wait for the next candle to move below or above it. If the next candle moves below it, you sell; if the next candle moves above it, you buy.
so what you are saying is to use time sessions to determine the trend or rather direction that the trade is headed to
so what you are saying is to use time sessions to determine the trend or rather direction that the trade is headed to
@glo-forex what I mean is that you should always trade at the start of sessions not in the middle of a session; you will tend to get better results.
I close the short position with 10 pips profit. I am up around 8 pips today because i was stopped out on the first long trade i took during pre-franky as i thought pre wouldn't interfere with the trade. I am done for the day.
I was stopped out on my long trade which targeted the 650 barriers. Liquidity was really low in the market this morning. Not the outcome i expected but i am done for the day; it has been a good week in general.
EUR/USD price just rallied 100 pips upwards after U.S. Federal Reserve Chair Jerome Powell said the U.S. is going to cut interest rates.
I am down 4 pips today. I took five trades and while two were profitable, the other three were not.
The first two trades were long trades during pre-franky and i exited them prematurely because i entered the market with a short bias. If i had not exited them too early, they would have been profitable.
The third trade was a long during the start of franky (after price rose above the first 15M candle of franky, but price suddenly reversed downwards and it was a loss.
The last two trades were short trades at the start of London, and they were profitable and satisfied my short bias.
I am done for the day.
