Disliked{quote} read the tread are just 4 pages here answer ... I think https://www.forexfactory.com/showthr...2#post10111332Ignored
yea correct. Thanks
Am i right that currently NZD is the weakest and it we should be looking for opportunity to long those pairs. {image}
Tellboy
- #177
- Edited 3:37am Nov 1, 2017 3:14am | Edited 3:37am
It has just gone 8:04 GMT and time to have a close look at today's scalping action for future reference. Below are three baskets: one for EUR pairs, one for JPY and the other for NZD. Remember, we are looking for synchronicity is the shape and direction of the trend, together with synchronicity with the 7 am candle.
First up is the EUR basket where we can see immediately that there is an absence of synchronicity between EUR/USD and EUR/JPY. There is some synchronicity with the AUD and NZD pairs, but they are in opposition with EUR/JPY. The 7 am candles are indicated with a buy signal or a sell signal, and we can see precisely where the discrepancy is. These indicators suggest that we stay out of the market for trading EUR pairs.
You should have noticed, at 6:30 this morning, that JPY was weak and NZD was strongest. A good trade would therefore be NZD/JPY. So let's look at these baskets starting with JPY where we can clearly see what is meant by synchronicity in the shape and direction of the trend. With this JPY basket let me draw your attention to the 6:30 and 6:45 candles. If a buy stop order is placed just above the retracement then the price move will trigger an entry to the upside and catch that 7 am candle.
Now let's look at the NZD basket and see what we can learn from it. The NZD pairs remained quiet until 7:15. when, after its little pullback, price picked up in the direction of the trend. Once again, the trick is to place a buy order just above the pullback and catch that up move early. There is a real need to be careful with these early morning scalps, especially with a pattern like this where price tends to be volatile as it edges upwards. Knowledge of how these patterns work is a definite advantage.
First up is the EUR basket where we can see immediately that there is an absence of synchronicity between EUR/USD and EUR/JPY. There is some synchronicity with the AUD and NZD pairs, but they are in opposition with EUR/JPY. The 7 am candles are indicated with a buy signal or a sell signal, and we can see precisely where the discrepancy is. These indicators suggest that we stay out of the market for trading EUR pairs.
You should have noticed, at 6:30 this morning, that JPY was weak and NZD was strongest. A good trade would therefore be NZD/JPY. So let's look at these baskets starting with JPY where we can clearly see what is meant by synchronicity in the shape and direction of the trend. With this JPY basket let me draw your attention to the 6:30 and 6:45 candles. If a buy stop order is placed just above the retracement then the price move will trigger an entry to the upside and catch that 7 am candle.
Now let's look at the NZD basket and see what we can learn from it. The NZD pairs remained quiet until 7:15. when, after its little pullback, price picked up in the direction of the trend. Once again, the trick is to place a buy order just above the pullback and catch that up move early. There is a real need to be careful with these early morning scalps, especially with a pattern like this where price tends to be volatile as it edges upwards. Knowledge of how these patterns work is a definite advantage.
Tellboy
