EURUSD

For the last few days now, the combined London & Frankfurt hours have been the range of the session & we end the session without closing below it.

All the up move have been in the NY session, so my guess is that any down move also would require trend change in NY session.

Attached is the 2H chart of the London session. If it closes like this, it does look a bit bearish, but I'm waiting for a test of the high or the 1150 level again to take any action. I'm waiting on the sideline.

We closed below the London low in NY. I did not enter the short because the price did not reach the 1150 level, I was waiting for a reaction around that high.

I'll not take any position at the moment & wait for the London tomorrow.

I did not take any trade today, the Franky high & London low did not break as I was waiting. The low did break now late in the session. This break could work, or it could go back in the range again & form bigger range.

I don't have a clear trade here as per what I trade, and I don't trust the late session moves, so I'm on the side.

I did add a sell trade here, with stop above the range low, I indicated in my last reply. The position is lower than my average trade size, and if we don't break the low in next 30 minutes, I'll be out of this position.

Also, if if it breaks higher of 77 & my stop hits.

I'm moving my stop to BE, because if it comes back, it will likely be a range here.

EUR is currently ranging in this session any price action bars are unreliable. Lots of choppiness. meaning you can't trust any candlesticks that are forming as it is too noisy.

I have marked the important lines 1.1160 1.1150 they are both supports, and the london session looks like it will go for the support before making any big move.

The session is sideways to bearish meaning that buy orders are less likely to succeed. Don't buy in the middle and absolutely wait for price to reach proper support areas described above and then trade the break of a 10 min bar higher.

As traders we should beware that anything can happen, so if we are buying we should only consider that above 1.1172 that is the london high. But you have to be careful as that goes against the buy low sell high philosophy, keep the stops tight and don't get caught if the candle fall back in the range kill the trade and walk away..

I took a scalp trade based on my range thesis but it appears, i made the right call by closing the trade quickly as price barely hit the last low and bounce again. Meaning this is a worthless day where you should trade off the edges or wait for the break of them.

Good day guys.

Chart:

The price is nearly getting there.

We've closed the day below 1100, which is important. If the Franky open below it, then 1.103x will be important level to watch.

On the high if we get a Franky break above 1100 (I mean a good close, it is possible that we get a fakeout till 1110), then 1.113x & 1.116x are important.

See attached chart that includes only London & NY. I'm going to be trading these edges during London, if not then I'll wait, and not do much.

I did not go short during London today, because it was not at the 1100 level during London, as I pointed out yesterday.

I was waiting during Franky for it to be at 1100, but it got to 1095 after of the end of London opening hour. So, I did not take any position today, even though there was a minor trigger on 5M (see attached chart). I don't take entries at that time.

Today is the end of August month, so the close today will be important.

These levels I mentioned last week are important I think, 1100 which broke to the downside & 103x. I'm going to watch these if these come into play during London & Franky.

Right now, we are quite close to the 103x level. Let us see where the Asian will close at.

I had entered Long today during London at the breakout pullback of the Asian range at 573, during London. I could not update it here in real time (I don't normally post it after the fact, if you follow this thread you know it).

My trigger was this attached bullish bar on the 5M, I had stop inside of the range.

PS. I'm already out of the trade at 681, just below the Franky high.

NY at open is trading inside of the London session. I don't trade the NY session, but if you are then you should wait for the break of the session or wait for the edges (055 Franky & 077 London session high approx.).

Because during NY if the day is ranging, then you can test the edges before a break to either side. You would generally have to place your SLs outside of the range, if you are trading in-between, which would mean your SL would be wider.

EU is had a big drop from the 1.1200 1.1100 Big area.

Given the price action on the weekly we do see that that trend has been up but we seem to be pulling back heavily now.I am cautious with the longs till is see a london session open around the lows and starting to move higher

I am seeing 2 resistance levels 1.1070 but most importantly 1.1100. Do they become resistance, because the bullish reaction from the current pullback is not that good, until we break the high at 1.1070 we can't know for sure that buyers have returned, even if that happens a session will have to open above 1.1100 for strong buying to continue

So levels i am watching for this week 1.1070-1.1100 on the upside for break and on the down side 1.1032 support that will be very important and it should not break decisively if EURUSD wants to remain in a strong uptrend.

We got the ISM numbers coming out of the US that will shape the week before the NFP number that will conclude the week. This will be main driver in this week.

Update: It hit the 103x level today during London that I updated here yesterday. We are still stuck above it, so it is important.

NY is not closing below this level, and if that happens, it would be important tomorrow during London.

I did not do anything today, I was waiting for the 1070 level to hit before taking short during London. But the price dropped from middle of the Asian range. It is not uncommon, but it is best to always wait for the edges in terms of RR.

I'm currently short from the high of the London session after the break during NY & then the consolidation.

See the attached chart for context. the blue box is the London session range high.

The basis is the important price levels I've been indicating since last week.

110x on the EURUSD, to a range between 103x. Until there is a clear break (close above/below) on either side, I think we will range here.

Range bound session, that is slightly bearish.
I am looking at 1.1118 for shorts, they will be voided if the high breaks. Possible target 1.1092.
The support zones are marked.

Update:
Holding entry, let's see if 1.1108 cracks and becomes resistance.

These important levels which I highlighted last week for this week were all hit & are still in play.

But I certainly did not make much from being right on these levels in this week. This tells a lot about the nature of trading, it is really not the levels or a strategy, it is mostly a mental thing.

You can get all the levels right, but still lose money. That has happened to me a lot, less often now.

In this week most of the move happened fast in the NY session. I am never in right frame of mind to trade NY, and the moves itself are fast & wild on NFP day, that either way, even if you are right on level, and you try to trade it, you will still lose money.

It only screws up with your psychology even more, and can affect your next trades.