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Scalping

GOLD - 15 Min ( Best Buy Scalping Areaa ) watch out 🏳️ Pair Name : Gold 🗨Time Frame : 15 Chart / Close ➕Scale Type : Large Scale ------ 🗒 spreading knowledge among us and to clarify the most important points of entry, exit and entry with more than 5 reasons We seek to spread understanding rather than make money ✔️ Key Technical / Best Buy Area Type : Mid Term Swing ——————————— Great opportunity now Please check the drawing carefully and all the reasons for entry and exit are shown in the analysis If the analysis does not agree with you, please do not take it This is a personal vision that reflects my practical way good luck for everybody And we strive to provide the best opportunities and develop your money Please apply good capital management
TVC:GOLD
by Gentle_Gold
🕰️ The 4 Pillars of Trading Timeframes🔷Scalping: Scalping is a trading strategy that involves making multiple quick trades within a short time frame, typically holding positions for just a few minutes. Traders who employ this strategy are referred to as scalpers. The main objective of scalping is to capitalize on small price movements and accumulate small profits that can add up over time. When engaging in scalping, traders focus on short-term charts, such as 1m,5m,15m charts, to identify rapid price fluctuations. They often use technical analysis such as order flow and volume , to spot entry and exit points. The key is to identify highly liquid instruments with tight bid-ask spreads and sufficient volatility. Scalpers must closely monitor their trades and maintain discipline, as the rapid pace of trading can be mentally demanding. Risk management is crucial in scalping and it is advised towards experienced traders that backtest their strategy before taking on scalping. 🔷Day Trading: Day trading involves executing trades within a single trading day, with all positions closed before the market closes. Day traders aim to profit from intraday price fluctuations and take advantage of short-term trends. This style of trading requires active participation and constant monitoring of the market. Day traders typically use charts with shorter time frames, such as 15m,1h,4h to identify patterns and trends. 🔷Swing Trading: Swing trading is a medium-term trading strategy that aims to capture price movements over a few days to several weeks. Swing traders seek to profit from short-term price fluctuations within the context of a larger trend. This approach allows traders to participate in more significant market moves while avoiding the need for constant monitoring. Swing traders typically use 1H,5h or daily charts to identify potential trade setups. They focus on technical analysis tools, such as trendlines, chart patterns, and indicators like moving averages or the Relative Strength Index (RSI). The objective is to enter positions when there is a high probability of a trend reversal or continuation. 🔷Positional Trading: Positional trading, also known as long-term trading or investing, involves holding positions for weeks, months, or even years. Position traders aim to capture larger market trends and ride significant price movements. They often base their decisions on fundamental analysis, considering factors like macroeconomic data, company financials, and market trends. Position traders primarily use higher time frame charts, such as weekly or monthly charts, to identify long-term trends. They rely on fundamental indicators, news events, and market sentiment to make informed trading decisions. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
5
A Volatile Climax in PricePrice did a break and retest above our 1.0918 Daily S/R Zone during Asian trading today and has increased 58 pips since then. The Daily candle reached within 9 pips of the 1.0986 Daily resistance zone formed last week. This return back to the topside of what looks to be a range forming now. Top of the range being 1.0986 Daily resistance zone and 1.08908 Daily support Zone. The NY 4hr candle dipped back to around 1.094 Weekly resistance level where it found support. 1.09435 is also a 1Hr support Zone that was created with the New York session 1Hr candle. 2 4 Hour candles have closed above 1.0957 4hr Zone. Maybe I'm just trading what I think but I prefer selling at these prices. My thoughts are that we are towards to the topside of what could now be a range as previously mentioned on the 4hr timeframe .
Short
by ShrewdCatfx
GOLD - 15 Min ( Best Scalping Buy & Sell Area's ) 🏳️ Pair Name : GOLD 🗨Time Frame : 15 Chart / Close ➕Scale Type : Large Scale ------ 🗒 spreading knowledge among us and to clarify the most important points of entry, exit and entry with more than 5 reasons We seek to spread understanding rather than make money ✔️ Key Technical / Type : Mid Term Swing ——————————— Bullish Break Area 1930 Bearish Reversal 1950 Area Reasons - Major Turn level - Visible Range HVn - Pattern Target - Choch Area —————- Bearish Break Area 1915 Bullish Reversal 1900 Area Reasons - Major Turn level / M - Pattern Target - Quarter's Area - Fibo Golden Zone
TVC:GOLD
by Gentle_Gold
2
What Is "Scalping" In ForexHello Traders, We thought that we'd make a little guide to those of you who are looking at scalping as a possible trading strategy. This educational idea will give you a few things to consider and we hope that it will inform you of what you can expect from being a scalper. Our Take: Personally for us scalping isn’t our style and we wouldn’t recommend it to anyone but some people absolutely love it and are drawn into this type of trading because of the huge profit potential which is why we thought that we’d make this educational guide so that if you want to become a scalper then you know what you’re getting yourself into. Scalping can be a great way to trade but if you want to break out of that 9-5 job and not sit at a computer all day then scalping definitely isn’t your style. The reward you get from being a scalper comes with an equal risk and this is something a lot of people overlook. A Message From Us: We hope that you liked our guide and be sure to look out for our next educational guide where we’ll go over more lessons in regards to trading. If you have anything you want us to cover then please do contact us and we’ll see what we can do. We’d love it if you could show your appreciation if you liked this post and we wish you the best. Stay Safe - The JPI Team Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
FOREXCOM:XAUUSDEducation
by jpeacockfx
4
News Speeches Stir the pot 🕊️// Eurusd We would like to see the Daily candle close above 1.0945 as this will confirm a breakout to the upside. The candle at that point will close above the daily resistance zone created by last friday's daily candle. The idea is that we have momentum leftover from last week and will see the curretn weekly candle push deeper into the Daily/Weekly zones above. Wild trading day for me but besides that Eurusd has seen a resurgence of bullish volume that we were anticipating after last weeks Weekly candle closure. We were anticipating a continuation of momentum this week and I mentnioned in my previous Eurusd publishing that we may pullback and conolisdate early in the week as the markets sets up. The market needs time to gather liquidity before it makes significant moves. It does that by causing alot of volatility and commotion in the short term in order to get traders on tilt and stir up the pot. Moving forward I'm looking towards a retest of the extreme 1Hr Zone 1.096 and eventually an increase to the next daily resistance level 1.0982 during the next london session.
Long
by ShrewdCatfx
2
5‌ ‌Best‌ Crypto‌ ‌Scalp‌ing ‌Trading‌ ‌Strategies‌Cryptocurrencies are known for their volatility. While that may put some traders off, it creates many potentially lucrative scalping opportunities for those with significant experience and who can react quickly. In this article, we’ll explore five top crypto scalping strategies and help you learn how to scalp crypto effectively with a simple framework. What Does Scalping Mean in Crypto? As in any other financial market, in cryptocurrency trading, scalping refers to a type of trading where traders aim to profit from short-term market movements. This approach involves entering and exiting trades within minutes, or even seconds, aiming to capitalise on small fluctuations in price. Scalpers typically use high leverage and execute many trades to accumulate small profits over time. The objective is to make seemingly insignificant gains that add up rather than seeking larger, less frequent returns. Scalping is particularly popular in crypto trading, as digital assets are inherently volatile and experience extreme daily price changes. How Easy is Scalping in the Cryptocurrency Market? Compared to longer-term trading styles like swing or position trading, scalping requires more discipline, stronger risk management skills, and a solid understanding of market mechanics. As such, scalping is a more advanced technique and can be considered more complex than other styles. However, through practice, scalping crypto can become easier. What Is the Best Time to Scalp Crypto? While crypto markets are open 24/7, volumes often pick up during regular trading hours for other markets. Generally, the London and New York sessions, particularly their overlaps, are the most active, with plenty of volume and volatility for scalpers to take advantage of. In terms of timeframes, scalping is usually done on the 1, 2, or 3-minute charts. 5-minute and 15-minute charts are often used to help set a directional bias. Pros and Cons of Scalp Trading Cryptocurrency Scalp trading in the cryptocurrency market has its advantages and disadvantages. Let’s examine some of the most notable pros and cons. Pros: - Frequent Opportunities: The volatility of crypto can present more scalping opportunities compared with other assets, boosting the potential profits a scalper can make. - Lower Risk: The frequent in-out nature of scalping means that scalpers have less exposure to adverse market events, like regulatory changes or macroeconomic events. - Psychologically Easier: For some traders, scalping is preferable since it allows them to bank small profits. This can be easier psychologically since there’s no anxious wait to see if a trade hits a longer-term target. Cons: - Risk of Significant Losses: As mentioned, scalping requires discipline. Given the need for high leverage, poor risk management can wipe out a scalper’s account within a few trades if they aren’t strict with their strategy. - Time-Consuming: Scalping requires constant monitoring of the market, which can be both time and energy-consuming. The ongoing need for quick decision-making may also be particularly draining for some traders. High Costs: The fees associated with frequent trading, like spreads and transaction costs, can eat into profits. 5 Cryptocurrency Scalping Strategies Let’s dive into particular strategies. Range Trading Range trading is a popular strategy among crypto scalers. It involves identifying a specific consolidation range that an asset is likely to fluctuate within. Scalpers aim to buy at the lower end of the range (support) and sell at the upper bound (resistance). To get started with range trading, traders first need to identify a ranging market on a low timeframe, like the 1 or 5-minute charts. Then, support and resistance levels near the highs and lows of the range are identified. These levels then serve as entry and exit points, with a trader entering at support looking to exit at resistance and vice versa. Some will look for reversal candlestick patterns, like hammers or shooting stars, at support or resistance, respectively, before entering with a market order. Others will simply set limit orders at their chosen entry point. Stop losses are typically placed beyond the range’s high or low, depending on the direction of trade. Scalpers usually use a 1:1 risk/reward ratio or don’t place stop-loss orders, but the latter is a highly risky approach. Breakout Trading Breakouts occur when a level of support/resistance is broken through, often indicating the start or continuation of a trend. There are several ways you can take advantage of breakouts, but it’s not uncommon for a false breakout to occur. We can use a filter to increase our chances of success. To start, we need to identify a support or resistance level. The easiest way is to look for relatively equal highs or lows forming, like in the chart above. When the level is broken with a strong impulsive move, we can enter on the close of the breakout candle. However, if the move isn’t particularly strong, like at a) and b), then we could wait for a pullback. Traders can place a stop order to enter as the pullback itself breaks out, as marked by the dotted lines. Profits can be taken at an opposing support or resistance level. However, some scalpers may prefer to attempt to ride the trend and trail their stop loss above or below swing points as the move progresses. Similarly, stop losses can be placed above or below the nearest swing points. Chart Patterns Chart patterns can be a powerful tool for scalping, helping traders to identify potential trend continuations and reversals. While there are many different chart patterns out there, it’s best to stick to just one or two to avoid confusion, at least until you master their use. We’ll use rising and falling wedges in this example, as they often lead to strong moves. There are two ways to enter: either on the breakout or on the retest of the broken trendline. As you can see in the example, entering retests might be a more accurate method, but it’ll mean you miss out on some trades. Conversely, entering on the breakout is riskier, as it could just as easily be a false breakout. Your profit target and stop loss will depend on the pattern you’re using. Given that wedges typically prompt a prolonged trend, you could look for significant areas of support/resistance to start taking profits. For a more conservative approach, you might take profit at the most extreme point of the pattern. Likewise, stop losses can be set at the most extreme opposing point. For example, you may set a profit target at the high of a bullish wedge and a stop loss beneath its low. Using the Relative Strength Index and Bollinger Bands Some scalpers rely heavily on technical indicators to help them determine entries and exits. One popular combination is the relative strength index (RSI) and Bollinger Bands. Relative Strength Index (RSI): The RSI measures the strength of price movements and can be used to identify overbought/oversold conditions and divergences. RSI can be particularly valuable for pinpointing short-term reversals. Bollinger Bands: Bollinger Bands help traders identify periods of high or low volatility and potential price reversals using standard deviations. Scalpers often look to short when price reaches the upper band and go long when it touches the lower band. When RSI crosses 70, indicating overbought conditions, or below 30, showing the asset is oversold, traders can look to confirm a reversal entry with Bollinger Bands. If an asset is overbought and crosses above the upper band, a short position can be considered. If the asset is oversold and price breaches the lower band, a long position could be entered. As for exit conditions, some scalpers may prefer to take profits at the midpoint of the Bollinger Bands or the opposing band. Others take profit when RSI crosses above or below 50, depending on the direction of trade. In terms of stop losses, above or below a nearby area of support or resistance is often suitable. Alternatively, you could choose a set distance for each trade. At FXOpen, we offer both of these indicators in our free TickTrader platform. There, you’ll also discover a whole host of additional indicators and tools ready to help you navigate the markets with confidence. Bid-Ask Spread The bid-ask spread refers to the gap between the maximum price a buyer can offer (bid) and the minimum price a seller can accept (ask) for a specific asset. Scalpers can take advantage of the bid-ask spread to generate quick profits. When spreads are wide, traders place buy orders and sell orders simultaneously. They buy at the bid price and sell at the ask price, capturing the spread as profit. This strategy can be particularly effective in less liquid cryptocurrencies where spreads are naturally wider. How to Create a Scalping Crypto Strategy Now, it’s time to create your own scalping trading strategy for crypto! While your strategy will ultimately be unique to you and your preferences, you can try these steps to begin developing a system. 1. Choose a Timeframe: Select a short timeframe that suits your trading style, such as 1-, 3-, or 5-minute, to base your trades on. Try to balance choosing one that allows you to capitalise on short-term movements while giving you enough time to think through your decisions. 2. Identify Support and Resistance Levels: Use trendlines and horizontal levels to pinpoint potential entry and exit points. You can also look for psychological or dynamic levels if desired. Set a rule that you’ll only enter and exit at these levels to avoid impulsive decision-making. 3. Employ Indicators: Use indicators like moving averages, RSI and Bollinger Bands to confirm your entries and exits. You can set specific criteria to help filter out potential losing trades, like only trading a resistance level when RSI is overbought. 4. Develop a Risk Management Plan: Risk management is almost as important as your strategy itself. Use stop-loss orders, limit orders, and proper position sizing to manage potential losses and protect your capital. Set defined loss limits and rules for avoiding emotional decision-making. 5. Test and Refine: Continuously backtest and optimise your strategy using past price action, and make adjustments as needed to improve its performance. It’s a good idea to keep a trading journal to record your trades and analyse your decision-making process. Ready to Put Your Strategy to Work? Of course, these steps aren’t exclusive to the crypto market. While scalping crypto may be preferable for some traders, you can also apply a similar strategy to the forex, commodities, and stock markets – you may just need to adjust it slightly to suit these markets. Once you feel ready to deploy your strategy for real, you can open an FXOpen account to gain access to dozens of tradable assets in our advanced TickTrader platform. Or, if you want to practise before putting capital on the table, we also offer a free demo account that simulates live trading conditions. Happy trading! *At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
BEducation
by FXOpen
3
Night MovesIs it wise for retail traders to hold trade positions open overnight or over the weekend if the profit target has not been met by the end of the trading day? Even if you have a stop loss in place, unless you are a position/swing trader, intra-day traders and scalpers should not get into the habit of holding any positions open overnight during the trading week or over the weekend (regular or long). If your position has not hit your take profit target by the end of the trading day and you want to keep the position open until it does, you need to have decisive analysis indicating why that take profit target is likely to be hit when the market reopens after closing. Whenever the market closes and resumes on the next day and especially when it closes on a Friday and reopens after the weekend, market flow is disrupted and unless you have a wide stop loss in place, you may well end up with a loss because your previous analysis for that set up/trade idea may no longer be valid for the new market flow. An open position held overnight can easily get stopped out if on the next trading day there is a geopolitical event that causes a gap on open, printing a big move. Geopolitical events unfortunately are not scheduled on any economic or news calendar in advance and indeed sometimes, bad news is deliberately released by governments over the weekend and can blindside novice traders with open positions. Another way that you might have your SL tripped is if an institutional algo activates a huge sell order, for example, without clear rhyme or reason on market open or soon after, creating a cascade of sells and printing a flash crash before the necessary correction. Some retail traders will even hold positions open overnight without a stop loss with the intention of “tracking” the move using dynamic support and resistance and will consequently wait to see how those MAs move on the following trading day. This can play havoc with your psychology as you will be processing bias in favour of your open position whilst trying to analyse the market as objectively as possible. Also bear in mind that you may see eye watering swap charges incurred for holding trades overnight especially with larger lot sizes and this needs to be factored into your risk to reward for the trade. At the time of writing this post, it is triple witching Friday. Any temptation to open and hold a trade just before market close today will run into another problem related to volume. This coming Monday is a U.S. federal holiday when the NYSE, Nasdaq and bond markets will be closed. Due to the thinner volume on Monday as a result, any open positions from today that get sucked into drawdown on this holiday will be that much more difficult to roll out of successfully during the day. The only exception to that might occur if the lack of volume creates an exaggerated move with a price spike due to heightened volatility. However, you’d need have your eyes on the chart at the time, have a quick trigger finger to exit and close out the trade and of course, the move has to be in your favour in terms of the direction for the exit in the first place. Always close out a position before the end of the trading day and come back to the market in the new trading day with peace of mind and a relaxed attitude. An open position in drawdown on a new trading day will only create stress and interfere with your focus not just on dealing with that open position but also with regard to entering any other set up opportunities. Remember, whenever you go to market, please be careful out there.
Education
by BluetonaFX
4
My Take On DXY 15th June '23When figuring price out one of the things we consider is what price might want to fill and after it has filled that, what might stop price and reverse it. So for DXY we see that it's currently filling a void that was made during the bullish move. It's also at a gap that might be filled. After that I think price might drop a bit lower to take out the old low where liquidity lies and either reverse at the FVG or the bullish order block below it. However, this depends on the bearish impulse on today's candle. The gap above would be a very good take profit point and we know that this move will play out in the opposite direction on XXUSD in case it goes according to my idea
CAPITALCOM:DXYLong
by JayForexAcademy
Buyers are we Stretching the Luck? 🫢- Weekly Candle is Bullish and has pushed past the previous week's high creating a nice breakout of 77 pips - The 3 Daily candles this week have been Bullish - The Previous Daily candle increased by 70 pips in total ( 31 Pip Body and 40 Pips top wick ) - The previous daily candle's top wick was larger than the body of the candle itself. - The 4hr timeframe has closed two large engulfing bear candles in the time since Interest rates - The Market has punished late buyers with Interest rates data ( I called this out check previous post) - The market has seen a change of character and this has known to be a frequent occurrence with interest rate releases. - I don't think a randomness bias is associated with this Short Idea after we have seen 3 Bullish daily candles in a row ( The evidence above ) - The Market is Beast and representation of the psychology of all of it's participants. Follow your understanding of the price behavior and execute with only good Risk/Reward Ideas.
Short
by ShrewdCatfx
Creating Your Trading Strategy: Simple Steps and Common PitfallsWhen it comes to using technical analysis for making trading decisions, a solid, simple, yet robust trading strategy is an essential foundation for traders to achieve consistent profits. However, constructing that strategy can be a challenge, especially for those new to trading, as there is an overwhelming amount of information out there. There are nearly countless books written on the subject of trading strategies. We want to simplify the process so that you can develop your own approach and get started. Step 1: Determine your market, timeframe, and trading methodology The overall first step in constructing a trading strategy is to determine: the market, trading methodology, and time frames you wish to take on. This will help you choose the appropriate indicators and approach to your trades. There are several markets to choose from, but it is highly recommended that you pick one when you first start trading. It is easy to look at all of the opportunities present in the market and potentially overplay your hand by trading too many, which can lead to devastating losses. As an example, if you wanted to scalp the forex market, it would be best to pick one or two currency pairs to trade rather than trying to monitor all major currency pairs for opportunities. Defining your trading methodology is another aspect of this step. Are you intending to hold stock or ETFs long-term? Do you want to swing trade or day trade cryptocurrencies? Maybe you believe you want to scalp the forex market. Doing your own research into these varying methodologies is a paramount step in formulating your strategy. Research all of them to better understand what they are and how they may fit your overall goals and risk tolerance. Your trading style can help determine what overall time frames you are looking at. A long-term holder will typically rely on higher time frames such as the daily or weekly timeframe. While a trader who predominantly scalps may rely more heavily on the 1-minute or 5-minute timeframes. Choosing the appropriate time frames and sticking with them for your trading decisions will help you achieve discipline and consistency. Step 2: Choose your indicators When choosing indicators for your trading strategy, it is important to know that there are several broad indicator categories to choose from. Included in these categories are: trend-following indicators, momentum indicators, volatility indicators, and volume indicators. Trend-following indicators help traders identify the direction of the trend, while momentum indicators measure the overall strength of a trend. Volatility indicators help traders identify the level of price volatility in the market, and volume indicators measure the amount of trading activity taking place. Traders commonly pick a combination of these to be included in their strategy to help give a clearer overall picture of the potential market direction. It is crucial to keep your strategy simple, so we recommend using 2-4 indicators at most. Choosing the right indicator combinations can be difficult, but is crucial to the success of your trading strategy. While it may be tempting to use multiple indicators in the hope of finding the perfect combination, having too many indicators can do more harm than good. When you have too many indicators, it becomes difficult to make clear decisions. You may end up with conflicting signals that can cause confusion and lead to losses or missed opportunities. It's important to choose only a few indicators that complement each other and provide valuable information about the market conditions. This will allow you to make more informed decisions and stick to your trading plan with greater confidence. Step 3: Define your entry and exit rules Once you have chosen your indicators, the next step is to define your entry and exit rules. This will help you determine when to open and close trades. For entries, you are taking the signals generated by the indicators you have chosen in step two and making a clear and definable set of rules for entering a trade. There can be other factors, such as market structure that play a role, but from an indicator standpoint, it is good to make these rules easy to follow. Your chosen technical indicators can also be used to exit trades. For example, traders may incorporate moving averages into their strategies, and moving averages can be used for both entries and exits. Other exit conditions include having hard set take profit or stop losses. We covered this topic in our stop loss article a few weeks back (and we highly recommend you check it out). No matter how you decide to make your entry and exit rules, please ensure you implement proper risk mitigation techniques to protect your account, and in turn, help you grow. Step 4: Backtest your strategy and practice, practice, practice Before putting your strategy into action it is essential to backtest it using historical data. This will help you determine if your strategy is profitable and identify any areas that need improvement. Note that while backtesting is an important part of determining if your strategy is successful, past results are not indicative of future success. Another aspect of this step is putting your strategy into practice. We never recommend diving straight into the deep end with your money before practicing. There are many free demo account options out there to get started. It is recommended that you find one that fits your needs based on the market you will be trading. The key part of this step is patience and carrying over that patience for when you are ready to go live with your strategy. Common pitfalls to avoid: When constructing a trading strategy, it is important to avoid common pitfalls that can lead to losses or missed trading opportunities. Some common pitfalls include: Overcomplicating your strategy: Using too many indicators or rules can make your strategy overly complex and difficult to follow. Failing to backtest and practice: Backtesting is essential to ensure your strategy is profitable and identify areas that need improvement. Ignoring risk management: Proper risk management is essential to minimize losses and maximize profits. Losing patience and jumping right in: It is easy for anyone to find a hot new indicator they believe is their edge in the market and to subsequently jump right into trading. Don’t fall into this trap as the outcome is seldom good! Take your time and become a student of the market you are trading, and a student of your strategy In conclusion, constructing a robust yet simple trading strategy using indicators requires careful consideration of your market and timeframe, choosing the appropriate indicators defining your entry and exit rules, and backtesting your strategy. There are other aspects of technical analysis that could be tied in between the steps listed above such as market structure and patterns. However, the goal of this article was to make the process as simple as possible to help traders get on the right path. By avoiding common pitfalls such as overcomplicating your strategy, failing to backtest, ignoring risk management, and chasing after losses, traders can increase their chances of success in the markets.
NASDAQ:AAPLEducation
by LeafAlgo
5
Ongoing Range above Key level 🎴We can observe the Ongoing Range above our Key Level ( Weekly Level 1.066 ) Monday Asian Session -> Bearish Monday London Session -> Bearish Monday NY Session -> Bullish Tuesday Asian Session -> Range, and at best slightly Bullish Tuesday London Session -> Bearish Tuesday NY Session -> Bullish Both London Session's this week have been Bearish thus far. As we approach unemployment claims data on Thursday NY Session, I can observe a Bullish London Session and increase overall on Eurusd until then. Price is not quite having the effect it once had when we initially dipped into our Weekly level last week 1.06636. The reactions off the Weekly level are becoming smaller and less pronounced. We are still holding steady however and price has not dipped below our weekly level since the initial touch. Short Sellers are happy that the Daily candle is closing bearish and they would prefer a close below Daily support at 1.06885. Buyers are happy that the decrease over the last 4 weeks on Eurusd has come to a halt as the Daily timeframe ranges above our weekly level through 1 week and 2 days into the next week. The manufacturing data yesterday was bullish for Eurusd and caused an increase in the price. Consequently, this increase was corrected down to the price of EU prior to any manufacturing data. However, NY session has been bullish for the 2nd day in a row as EU holds steady above our weekly key level. Today I had a very good trading day taking buys at lower prices near what was a 1Hr Zone at the time 1.067. The Level has since turned into a 4Hr Zone as New York has successfully rejected those lower prices.
Long
by ShrewdCatfx
2