EURUSD

Nice trade

It is trading in a downtrend along these moving averages (for visual only, MAs are lagging actually), and it also broke the weekly low yesterday.

Right now it is weak (not a strong downtrend on 4H, but persistent), and trending lower along these EMAs. See attached chart.

But a close above 790s would technically be a false break of that weekly low that was holding till yesterday. That would be sign of strength. Not unless it just breaks lower of 740 today.

So, let's see the close at the end of the London session & NY.

This is the sessions chart of NY session. NY opened exactly at the high it opened yesterday at.

Normally, if its not able to break above, it means it will just go down. NY has been down the entire week.

As in my previous response, a close above 790s or 800 is important, if you are a buyer. A break above opens up 830 & then 860. Wait for a pullback & low risk trade.

I'm long from 849. I've closed most of it for +11 approx. at 96. I've left the rest, waiting to see if it breaks above 800.

It was a classic fake below the overnight range low. Also, it opened above yesterday's session. This on the 15M was the entry trigger, stop below that low was a small SL.

It was not able to break above 800. I was stopped out on my order that I had left. Still, it was a profitable day, not big but normal.

I'm done for the week now. See you next week. Rest up.

nice weekend

I had a small long on the pre-Franky low till the overnight range high, I've closed it now. It is not a usual trade, based purely on the PA, which was going up. First 15M of pre-Franky.

I'm waiting for the Franky open, it could fake or break.

The overnight range is nearly 80 pips, most of the global markets are still very volatile, so it would be best to lower the risk, and SLs would be bit higher than normal.

Update: I took a long it at the break & pullback of the overnight range on the Franky. I've closed it at the around 20, which was the first Franky 15M high.

The price was sustaining above the overnight range, so it was worth a try that it was a break. My initial stop was below 990 (I had moved it up after initial push).

If it were to turn into a fake, then there was going to be a chance to flip it. Normally, it pays to trade in the direction of pre-Franky on Franky open.

I'm now done for the day. It was a good day in terms of profit, but the market is really volatile right now. my normal 10 pips stop can easily be stopped out in 1M.

I'm trading about 70% of my lot size until this settles down to its normal volatility.

It was a Franky fake day.

a. I was initially long on the break of the overnight range.

I was not available at the Frank open, otherwise I would have entered long directly then at 962 till the overnight high.

Anyhow, I did enter the long after the break. But I stopped myself on this long trade on the pullback because it did not break the high of the break immediately. This is usually sign of a fakeout.

b. I sold it at 85 with stop at 92. It was a risk I was willing to take. It did work out in the end.

I have closed most of it near the pre-Franky low for about 28 pips (which I'm regretting now, after seeing all this move down till 20s, I closed it at 50s, this is 30 more pips).

I have very small lots still in on the sell at 85 (nothing to make a material difference) with take profit at 915 i.e. the overnight range low. The SL is now at 62.

It was a good day, but could have been great.

I was trading the London open today.

My initial entry was a trading mistake in hindsight. I took that trade because I thought that London will break or atleast spike the Franky low. It was middle of the range, really poor risk to the potential upside.

I was lucky that I made money on my long, it was also not a really good or precise entry. I'm done for the day. It was a good outcome but bad trading.

My mindset today was not right.

I'm short on the break of pre-NY, and adding if we break lower. Initial SL is now at BE.

I'm closing it for +35. Left some at BE.

For context, this was the break. Ideally, you would close it at 1252, but it is late in the session.

a. My first entry today was a pre-emptive fade of the overnight range high assuming a Franky fake. But I was stopped out of it very quickly.

b. I did make a lot more on the London open, and by adding to it as it was going down. It turned out okay.

I did not trade good today to be very honest, but I'm up about 25 pips at the start of the week. Good outcome but not really good trading.

I'm Long at 47, stop below 40.

I was stopped out on this trade. Did not update it here.

A clean break above pre-NY high & pullback will be buy. Very similar to yesterday. There is nothing to do here right now., it could break lower as well

There is no convincing trade here. Today's NY is just trading inside yesterday's NY range.

Yes, I had to close my laptop and not trade the NY session today because its really volatile especially after ECB news release on deposit rates. The more you look the less you see.

In the last 6 days, six out of six, the Franky has been the opposite of pre-Franky. It has paid quite well.

For example, today, pre was down, and Franky 1H was up. When it is at the edges of overnight range, the hit rate is very high.

Great observation, even today the franky was also opposite of the pre-franky

It was 8 for 8 today. I'm out now. Break above 359 is important, if London breaks it, 1400-1440 is the range high on the weekly.

The third chart is the inverse chart (2H). The marked blue zone is the the weekly open at London time.