EURUSD
London reversed quickly from the Asian low of 460. I was short during Franky after it broke below 70.
Honestly for most of the Franky hour, it did look like it will not be able to break 467. It did it in the last 5M.
And looking at how quickly it has faded the down move, I think I was lucky on my exit on the short. I normally would have ran it till first opposite bar signal, which in this case would have taken my stop or be at BE if I exited manually.
Still the London has not cleared the Franky & pre-Franky high, so it could still as easily go down again from here. I'm out now.
London reversed quickly from the Asian low of 460. I was short during Franky after it broke below 70.
Honestly for most of the Franky hour, it did look like it will not be able to break 467. It did it in the last 5M.
And looking at how quickly it has faded the down move, I think I was lucky on my exit on the short. I normally would have ran it till first opposite bar signal, which in this case would have taken my stop or be at BE if I exited manually.
Still the London has not cleared the Franky & pre-Franky high, so it could still as easily go down again from here. I'm out now.
As of posting it, London is holding the high. Normally the trend of Franky is the trend (not always). So, the RR if you longed at the high is not good.
I would have shorted the high if I was not really conservative today in preserving the profit. The risk was really low.
Don't short or long it before a break on either side of this range in the attached chart.
I've closed my long. The reason for long: in Asian session, I was waiting for a pullback today on pre-Franky open to 485 something. 4H first attached chart.
My trigger was the break of pre-Franky high.
500 break was really important, and for the most part my entries were at BE. I was adding as it was going up, so my average was at around 96.
Honestly, it was quite close to stopping me out, my stop was at 90 (I did not place it below the pre-Franky low, a higher low is better, because otherwise normally, not always, it would indicate the low is breaking, it is better to be stopped out early).
I am up about 12 pips, so I'm done for the day. I still have a small partial entry there at BE. I'll let it run, if the trend of the day is up, then the London low should hold. If not, then I'll be stopped out.
I've closed my long. The reason for long: in Asian session, I was waiting for a pullback today on pre-Franky open to 485 something. 4H first attached chart.
My trigger was the break of pre-Franky high.
500 break was really important, and for the most part my entries were at BE. I was adding as it was going up, so my average was at around 96.
Honestly, it was quite close to stopping me out, my stop was at 90 (I did not place it below the pre-Franky low, a higher low is better, because otherwise normally, not always, it would indicate the low is breaking, it is better to be stopped out early).
I am up about 12 pips, so I'm done for the day. I still have a small partial entry there at BE. I'll let it run, if the trend of the day is up, then the London low should hold. If not, then I'll be stopped out.
Update: I am now stopped out at BE on that trade I was running. It could still go up as long as the pre Franky low holds. But I'm out now.
In hindsight, I think I should have kept the stop for this at 90, below the London low.
Yesterday as well it was spiking both sides, I find it is really hard to find a low risk entry in such situations, unless it is at an edge. Because you could easily be stopped out a few then times & get one right, still be negative.
Update: I am now stopped out at BE on that trade I was running. It could still go up as long as the pre Franky low holds. But I'm out now.
In hindsight, I think I should have kept the stop for this at 90, below the London low.
Yesterday as well it was spiking both sides, I find it is really hard to find a low risk entry in such situations, unless it is at an edge. Because you could easily be stopped out a few then times & get one right, still be negative.
For EUR/USD I noticed price has been within the Asian high and lows. Please which candle did you go long on?
For EUR/USD I noticed price has been within the Asian high and lows. Please which candle did you go long on?
The Franky/London session is a fade or a follow move of the Asian session. See the attached 30M chart from today.
a. The blue background is the Asian session move. It was a down trend.
Now, the London could either fade it or continue the move.
b. The green background candles are the pre-Franky. That is the hour before the Frankfurt opens.
Normally you would get the fake out (false break) of Asian highs or lows as you did today, at the start of Frankfurt or pre-Frankfurt.
If you noticed, it was sort of a fake, meaning it broke the Asian low & then came back inside it. So, I entered at the start of Frankfurt. Once it started to look like a false break.
So, I was essentially fading the Asian session trend.
If I was wrong, the stop would ideally go below the pre-Franky low, it was still a small SL. And you would target till the Asian high or the first opposite signal, or your own profit based targets, whatever your exit strategy it.
In case it was a continuation of the Asian move, the low would just break, and it would continue to move down, I would be stopped out, and would likely take the opposite trade in that situation. Every session follows or fades the previous session's trend.
Note that today, the London was really weak, there was no follow through today. Don't ignore the major options barriers. They act as important levels that price magnets towards. Today, it was really close to 500, so it could easily have gone down, and I would have been stopped out.
Just mark the highs & lows, you will see it.
For EUR/USD I noticed price has been within the Asian high and lows. Please which candle did you go long on?
Also, I want to add, you are marking the incorrect start & end. I've corrected this on your chart, this here will be your starting range based on UTC time.
Because it marks the start of next day i.e. 12AM in London. Pre-Franky is 1 hour before the Frankfurt opens.
The London has now put a lower low, and it has broken the Asian low. Trading the NY on EURUSD is really similar to it. It will either fade the London move, or follow it.
1PM UTC is like pre-NY open similar to pre-Franky. The NY opens at 2PM UTC.
I did not trade during London today because it was not at the edges. I don't trade when it is not at or near the edges, the SL is too wide (you have to accept that you can lose any trade you take).
During the start of the NY, I was looking to short the Asian high (487), but it happened quickly, so I was not able to enter it. I was expecting some false break.
I'm flat right now. See you tomorrow, let's see if something sets up.
I've closed my short. I had shorted just before the Franky open at 409, because it was trending down.
It is unable to break below the 400 low fast. It is also the overnight range low. So, I'm taking profit here.
It might still break below it (the session is down), but I was looking for a fast & clean break during Franky. At this point it's just looking like a range above 400, so it could resolve to either side.
I've closed my short. I had shorted just before the Franky open at 409, because it was trending down.
It is unable to break below the 400 low fast. It is also the overnight range low. So, I'm taking profit here.
It might still break below it (the session is down), but I was looking for a fast & clean break during Franky. At this point it's just looking like a range above 400, so it could resolve to either side.
It has broken below now. In hindsight, maybe I could have waited for London hour also. I'm done for this session now.
It has broken below now. In hindsight, maybe I could have waited for London hour also. I'm done for this session now.
I also noticed the break. But please when does the Frankfurt session start exactly?
I also noticed the break. But please when does the Frankfurt session start exactly?
Frankfurt is 1 hour before the London. London opened about 40 minutes ago. Frankfurt open was the hour before it.
You don't wait for a break. You position during Frankfurt on the side you think the session will be based on the overnight range & the pre-Franky trend.
Pre-Franky was down. The overnight range was between 422 & 400 (see attached chart). But if you noticed, it was trending down before Frankfurt open.
The nearest point in that case would be test of the 400 low. It could break or hold.
Today it broke down, but it could easily have held the 400 low.
I also noticed the break. But please when does the Frankfurt session start exactly?
On your chart, 9:00 is the Frankfurt open. See the attached chart.
When you are too close to one side of the edge, and the pips at risk is high (place stop behind pre-Franky), don't go around shorting the low, or longing the high.
The yearly PP is at 0633, normally you will get some reaction, if not a major one, until it breaks to the upside.
Already there was some reaction at 630s. Let us see where Franky opens tomorrow.
Tuesday was a losing day for me, I was stopped out for -8 pips on my fade trade at the overnight range high during Franky.
Short at 639, stop at 46.
Stopped out after showing 8 pips. Over these past few days, fading the pre-Franky has been really unprofitable.
Stopped out after showing 8 pips. Over these past few days, fading the pre-Franky has been really unprofitable.
Update: I did not post this before, I'm BE for the day. I took a counter trend trade about 3 hours ago based on 15M, on half lot size.
On these 2 extreme trending days, I did not make much from the Euro. I was positioned for fade today of the yearly PP.
Once you are positioned wrong, it is really hard to get in after that with a low risk entry on a highly trending day, even a small pullback can take you out & still go in your direction.
If you are wrong, its always best to just not be infront of the screen. It was really annoying to see every 15M go up, knowing that you took the wrong trigger. It was clearly above the overnight range, but I was still looking for a fade trade today based on yearly PP at 630s.
Update: I did not post this before, I'm BE for the day. I took a counter trend trade about 3 hours ago based on 15M, on half lot size.
On these 2 extreme trending days, I did not make much from the Euro. I was positioned for fade today of the yearly PP.
Once you are positioned wrong, it is really hard to get in after that with a low risk entry on a highly trending day, even a small pullback can take you out & still go in your direction.
If you are wrong, its always best to just not be infront of the screen. It was really annoying to see every 15M go up, knowing that you took the wrong trigger. It was clearly above the overnight range, but I was still looking for a fade trade today based on yearly PP at 630s.
This was the overnight range (attached chart) & the pre-Franky gave a very clear pullback.
It was clearly visible to me, and I would take the buy trigger on pullback on 9 out of 10 days.
But I did not want to buy against the yearly PP. So, I took the first counter/fade trigger. And it did not work out, after being in positive for 8 pips.
I was also stopped out at BE on my Long DAX trade, before going up.
