EUR/USD Beginner Level trading

I draw a yellow resistance line at the highest price reached today during the Asian session. This will mark a potential area of value.

I switch to the 5 Minute chart to look for a point where i will enter the market

On the 5 Minute chart I have spotted a green candle with no upper/lower wick meaning buyers were comfortable with this price.

I have drawn a new yellow resistance/support line to mark this level

Now notice how price interacts with this new résistance/support level

After price breached this line and moved downwards, it is having a problem breaking the line and going upwards so the line is acting as a resistance ceiling.

Notice that price tested the new resistance level but couldn't break through

I have found my entry point. Notice price is climbing up towards my resistance line so i place a buy order.

If price breaks through the resistance line then an uptrend may start

Price has broken through the resistance line and is moving upwards so its a good sign

More upward movement

Price is testing the resistance line

The resistance line is now acting as support as price could not break past it and instead reversed/bounced upwards

More upward movement towards the first resistance line we drew at the highest price reached during the Asian session

More upward movement.

STRATEGY

a) If price breaches the resistance line it will be a good time to buy if you haven't already done so

b) If price reverses after hitting the resistance line it will be a good time to short the market

Price hit the resistance line and reversed course so we can short the market quickly

More downward movement even testing the support line below

Good time to short the market

Downward pressure is string with big red candles and support line has been breached

This is a good time to short the market

Massive red candle

Best time to short the market

Massive downward movement

This is a major downward trend after price breached the support line

This underscores the importance of picking quality support/resistance levels

I'm calling it a day guys

Good morning guys. Today as usual, we need to take a look at the overall market trend.

To do this we switch to the EUR/USD 1 Hour Chart

What you are seeing in the black boc is the Asian session for today

Next we switch to thje 5 Minute timeframe to look for an entry point.

I also draw my horizontal lines to mark areas of value.

The Upper line is drawn at a big red candle with no wick

the lower line is drawn at the lowest price recorded during the Asian session

On the 5 minute chart i notice a big green candle with almost no upper & lower wicks so i mark it with another yellow horizontal line which i expect to act as resistance.

So far I have drawn 3 horizontal lines: 2 on the 1 hour timeframe & 1 on the 5 minute timeframe