EUR/USD Beginner Level trading
Good morning. Today i start by taking a Birdseye view of the market using a 1 Hour chart. Today i can see a downtrend
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 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
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.
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
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
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
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
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 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
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
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
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
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 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
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
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
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
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
