It's great to see a bit of discussion going on! I trade the Asian session infrequently. If there's a really big move that appears unsustainable I'll usually try to fade it before the London open, I'm often out during the day though given I live in Australia! For the purpose of trading it's incredibly tempting to move to Europe so I don't have to keep trading late into the night. One day perhaps I will...
Onto today's analysis...
I'm skipping to the 4-Hourly as the Daily chart hasn't really changed since yesterday. We're still quite high in the channel, as such my preference will remain on short trades until the upper restraint is broken. Price action did end up being a bit indecisive after the early down move.
Hourly
I should have set up this uptrend channel array on Friday or yesterday but simply didn't see it. I've got it in there now and it should help to guide any long entries should the price drop further. Once again my preference is short trades as we're near the top of that bearish channel.
15-Minute
The bear array has now been broken, so I'll be waiting until I can drawn some fresh channels before I base any more trades off the 15-minute chart. An exception is that I would definitely take a short trade from a re-touch of the lowest ascending (green) trend line. Confluence with the 1.0925 level would certainly be desirable.
5-Minute
Here's a great one for if I'd been trading the Asian session today. Really nice 5-minute channel array from about 8am this morning (around the Sydney open). I still prefer the 15-minute channel at 1.0925 at the moment, but this could also guide some counter-trend shorts. If nothing else, it describes today's price action really accurately. Just notice that drawing this one would've been difficult and not possible until after 12:50 on the chart.
From a fundamental perspective things are looking pretty light for the coming session; no high-impact news coming our way just yet. Everything is still about China at the moment...
Mike
Onto today's analysis...
I'm skipping to the 4-Hourly as the Daily chart hasn't really changed since yesterday. We're still quite high in the channel, as such my preference will remain on short trades until the upper restraint is broken. Price action did end up being a bit indecisive after the early down move.
Hourly
I should have set up this uptrend channel array on Friday or yesterday but simply didn't see it. I've got it in there now and it should help to guide any long entries should the price drop further. Once again my preference is short trades as we're near the top of that bearish channel.
15-Minute
The bear array has now been broken, so I'll be waiting until I can drawn some fresh channels before I base any more trades off the 15-minute chart. An exception is that I would definitely take a short trade from a re-touch of the lowest ascending (green) trend line. Confluence with the 1.0925 level would certainly be desirable.
5-Minute
Here's a great one for if I'd been trading the Asian session today. Really nice 5-minute channel array from about 8am this morning (around the Sydney open). I still prefer the 15-minute channel at 1.0925 at the moment, but this could also guide some counter-trend shorts. If nothing else, it describes today's price action really accurately. Just notice that drawing this one would've been difficult and not possible until after 12:50 on the chart.
From a fundamental perspective things are looking pretty light for the coming session; no high-impact news coming our way just yet. Everything is still about China at the moment...
Mike
Understanding yourself is synonymous with understanding the markets.