AUDUSD trade closed.
This was an intraday trade taken in H1 timeframe using the TOK_5H high-low as the breakout levels. As youi see on my chart below, this pair went no where for many hours, obviously there were fewer sellers. The price retracement is shallow, more probably caused by buyers taking profits exting their positions. Longer temr buyers will hold their positions for longer but I am sure they protect their open positions and these may get tighter next week. So I will follow the price action to see how and what the smart money will do at monday month-end last trading day.
In the original CHS thread, the 5-Method has the Tokyo channel trading. So for intraday traders using lower timeframes H1 and M15, that may help you to look for trades on daily basis during the European session - Frankfurt open, London open till London close.
The sun is shining where I am so i will go outside to rest and relax after a hectic trading week.
Then I will find time todauy and reply all the PMs backlog. Be patient with me here.
Have a Good Weekend Folks,
EMMANUEL
This was an intraday trade taken in H1 timeframe using the TOK_5H high-low as the breakout levels. As youi see on my chart below, this pair went no where for many hours, obviously there were fewer sellers. The price retracement is shallow, more probably caused by buyers taking profits exting their positions. Longer temr buyers will hold their positions for longer but I am sure they protect their open positions and these may get tighter next week. So I will follow the price action to see how and what the smart money will do at monday month-end last trading day.
In the original CHS thread, the 5-Method has the Tokyo channel trading. So for intraday traders using lower timeframes H1 and M15, that may help you to look for trades on daily basis during the European session - Frankfurt open, London open till London close.
The sun is shining where I am so i will go outside to rest and relax after a hectic trading week.
Then I will find time todauy and reply all the PMs backlog. Be patient with me here.
Have a Good Weekend Folks,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett