I've got other stuff that I need to take care of, so I'm going to paste the images a little prematurely and you guys can follow it from there.
I dont use many indicators in my trading, if I do use any, its just MACD and thats for looking out for divergence. I purely trade the price action.
Today, I looked at the Daily EURUSD chart and noticed it had fallan down and raised up quite a bit (% of its fall). Then I looked at the GBPUSD pair, and saw it had fallen down quite a bit as well, infact alot more then the EURUSD pair but it had not gone up as much as the EURUSD pair (in terms of % rise compared to its fall). We have some reversal candles on the Daily chart, some reversal consolidation on the H4 chart over the last week and a push towards the upside. I took my Long position on this pair (GBPUSD) yesterday. There was another long oppertunity today. The market was pointing towards the upside and the pair had made a very tight range on the hourly chart. If I had decided to take another trade, I would have taken a long trade had the market broken out towards the up side for an intra day play.
(I didn't take this trade, coz I already have 4 positions on the EURUSD pair and 1 on EURJPY and 1 on GBPUSD. 6 is the max # of trades I have on my this account at any given day, unless all 6 have their stop loss set to breakeven or better )
I'm swing trading this, but it was a nice little setup for a intra day trade.
I'm attaching the screen shots
P.S: My long entry is based of the H4 and Daily charts, thats why you see my SL a little far and my TP quite a bit out there (you can see them on the daily chart pic)
P.S: I currently positions on the EURUSD pair, I didn't want to reveal them that is why I'm using the EURUSD chart from a MIG demo account.
Hope this helps you guys see such setups for intra day trading in the future.
Saaedb
I dont use many indicators in my trading, if I do use any, its just MACD and thats for looking out for divergence. I purely trade the price action.
Today, I looked at the Daily EURUSD chart and noticed it had fallan down and raised up quite a bit (% of its fall). Then I looked at the GBPUSD pair, and saw it had fallen down quite a bit as well, infact alot more then the EURUSD pair but it had not gone up as much as the EURUSD pair (in terms of % rise compared to its fall). We have some reversal candles on the Daily chart, some reversal consolidation on the H4 chart over the last week and a push towards the upside. I took my Long position on this pair (GBPUSD) yesterday. There was another long oppertunity today. The market was pointing towards the upside and the pair had made a very tight range on the hourly chart. If I had decided to take another trade, I would have taken a long trade had the market broken out towards the up side for an intra day play.
(I didn't take this trade, coz I already have 4 positions on the EURUSD pair and 1 on EURJPY and 1 on GBPUSD. 6 is the max # of trades I have on my this account at any given day, unless all 6 have their stop loss set to breakeven or better )
I'm swing trading this, but it was a nice little setup for a intra day trade.
I'm attaching the screen shots
P.S: My long entry is based of the H4 and Daily charts, thats why you see my SL a little far and my TP quite a bit out there (you can see them on the daily chart pic)
P.S: I currently positions on the EURUSD pair, I didn't want to reveal them that is why I'm using the EURUSD chart from a MIG demo account.
Hope this helps you guys see such setups for intra day trading in the future.
Saaedb