TRADES

Please how will you trade in this situation would you go ahead and short?

What of in a case like this, where price is already rallying and is closing above the 10-day SMA, will you have bought at the current price or would you wait for a pull-back? Please what do you think?

My reply in image.

Truthfully I'm in a loss on this week though. Not showing profits off.

We have entered a period where frankfurt bar is in fade mode so every time it opens it goes in the opposite direction.

I'll add to what PaTrader has mentioned.

Franky is going in the opposite direction of pre-Franky, and if this is a regime, it generally lasts for a few weeks to months.

For example, last few months, Franky was 7-8 out of 10 days going in the direction of pre-Franky. Generally these patterns last for few months.

I've noticed that you've entered the long at the break of pre-Franky high. If the idea is that the Franky is the opposite of the pre-Franky, then you would look to long near the low of pre-Franky. This will give you an entry with the lowest stop.

If you are wrong you get stopped out for a small loss.

Refer to the attached chart on how you could trade it.
a. You could either just enter opposite the pre-Franky on the open. Best if there is a fake below its high/low.

b. Or trade the break & pullback of the pre-Franky high/low.

Coming on point.
Frankfurt trade is purely based on context. The textbook frankfurt trade is that frankfurt always fakes and london breaks.

Picture an overnight range and well established trend on the day before. frankfurt opens and fakes out of range and price knocks in the opposite side and reinforces the trend.

In the current context, see attached image.

Will post more images next week in real time. But watching the current 8 for 8 best make money from it till it stops. btw it is currently frankfurt always faking..

Okay, this is very helpful thank you

Guys, what is wrong with this trade? What would you do differently?

I don't think there is anything wrong with a trade if you know what you are doing, have a risk limit & there is a repeatable process to it.

Franky was down on Thursday, London also opened down, but reversed on the last 30M. The issue I've with it is, how do you enter on this trade with very low risk, where would you place your stop, to be sure in your mind that you can accept that loss?

On Franky open, the outcome is very binary, if you are wrong on the direction, you are just wrong. But when you are trading few hours into London, if there is no repeatable pattern you trade during those hours (on most days the momentum has already faded, you get chop), you cannot do it every day.

Maybe you will be able to do it today, or another day. But you will be relying on your discretion for these trades, not a consistent pattern.

This will make it really hard to say with consistency at the end of the week or month, what is working or what is not.

For example, even if you were are buyer on the Franky open all year round, took 20 pips, with SL of 10 pips, maybe that even has an edge. You don't have to think or be emotional about it.

But what happens when you are doing something that you cannot repeat.

As always, if you can do within the risk control framework, that you walk away after certain loss limits being hit, you can still make it work.

I am long eurusd on the London session. Its price broker below the Asian session lowest price but climbed back up and is now trading with the Asian range.

I exit the trade with 7 pips profit as i sense a trend reversal with the doji candles sighted at the top.

I am currently long eurusd during the London session.

The first 5 minute candle of the Pre-Franky session (6:05 am) acted as a support level because price was not able to break below it and the only time price broke below it, price was pushed back up and that is when i went long after seeing the bullish reversal pattern i encircled in black.

I have closed the buy trade and was able to make 42 pips profit on a 0.01 lot size which is $4.2 USD profit

Today i looked at the 1-hour eurusd chart and applied fibonacci retracement to it. I noticed price was unable to close above the 38.2 fib level so at the beginning of the 9 am candle, i shorted 0.01 lot size of eurusd at 1.15153, placed stop loss at 1.15241 and Take profit at 1.15002

My take profit was hit and i exited with 15 pips profit.

I went short eurusd at 568 and exited at 561. Now i see i exited prematurely because price has kept falling.

After price pushed down to the hourly low, I waited for the first green candle and bought the reversal

Nice one amos, i also took the franky reversal long trade. here is a screenshot of possible trade entries (in yellow circles) I would have taken.