So I start off the evening waiting for the liquidity to hit the market. I generally always wait a while for hedge funds, firms, and banks to reposition near the EU open before starting to trade. There are only certain times during the day the biggest players like to reposition... 9-9:30AM in Brussels... End of EU session into US session too. I generally trade right through the transition from European to American session but change strategies and am more conservative around that time. Perfect setups only! I only trade Asian session if market conditions are high enough volatility.
If there is a big move during Asian, European, or American trading sessions do realize there will be a big repositioning around the start of the next EU or US session by large firms. Don't touch those danger time zones then for short term trading!
Anyway... Here is my commentary and trades for this evening. Your going to laugh at these trades... Started out trading the wrong direction tonight. LoL... But still made money.
1. I start out by checking momentum curve fitting. I don't use curve fitting for trading generally. I notice the 10m leading momentum curves are fitting but really don't think too much about it. Kinda annoyed my rules make me miss the first buy setup out of the open but whatever... I glance at trend readings... -1 pip per 50 minutes with a range of 20... Hmmm...
Oh well, might as well do a light long position on the retrace move even though I missed the initial upward play... So I watch price pop below D S0.25 and start to move upward a little and quickly jump on it. I then notice the pivot and am like... Hmmm... Lets just make this a two candle engulf hold. No uptrend momentum and high resistance! I take the trade off with ten pips and sit and wait for a better setup...
2. For some reason I didn't take the cycle two short setup off the pivot... I then watch the volume surge on the next 5m down cycle and am like... Hmmm... Took out the previous swing low stops on that move! Not much downtrend momentum. Lets try another long... I manage to get an order in just above D S0.5...
A 5m candle and a half later I am like... ??? Huh... Where is the bounce... Buyers should be here already! Oh wait... I forgot about the 10m momentum curve that is fitting right now. I cut the trade with a couple pips profit.
I sit and watch at this point...
I am then like... Damn... Damn... Nice drop... Probably could get another buy on the lows of candle four down but think better of it because the market has lost too much price strength... Not going to be any big up moves for a bit! Gonna wait for price strength to recover...
Missed too much of the down move to start taking any short trades!
If there is a big move during Asian, European, or American trading sessions do realize there will be a big repositioning around the start of the next EU or US session by large firms. Don't touch those danger time zones then for short term trading!
Anyway... Here is my commentary and trades for this evening. Your going to laugh at these trades... Started out trading the wrong direction tonight. LoL... But still made money.
1. I start out by checking momentum curve fitting. I don't use curve fitting for trading generally. I notice the 10m leading momentum curves are fitting but really don't think too much about it. Kinda annoyed my rules make me miss the first buy setup out of the open but whatever... I glance at trend readings... -1 pip per 50 minutes with a range of 20... Hmmm...
Oh well, might as well do a light long position on the retrace move even though I missed the initial upward play... So I watch price pop below D S0.25 and start to move upward a little and quickly jump on it. I then notice the pivot and am like... Hmmm... Lets just make this a two candle engulf hold. No uptrend momentum and high resistance! I take the trade off with ten pips and sit and wait for a better setup...
2. For some reason I didn't take the cycle two short setup off the pivot... I then watch the volume surge on the next 5m down cycle and am like... Hmmm... Took out the previous swing low stops on that move! Not much downtrend momentum. Lets try another long... I manage to get an order in just above D S0.5...
A 5m candle and a half later I am like... ??? Huh... Where is the bounce... Buyers should be here already! Oh wait... I forgot about the 10m momentum curve that is fitting right now. I cut the trade with a couple pips profit.
I sit and watch at this point...
I am then like... Damn... Damn... Nice drop... Probably could get another buy on the lows of candle four down but think better of it because the market has lost too much price strength... Not going to be any big up moves for a bit! Gonna wait for price strength to recover...
Missed too much of the down move to start taking any short trades!
Attached Image (click to enlarge)
