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Scalping the EUR at the European open

  • #341
  • Jun 1, 2018 12:28pm Jun 1, 2018 12:28pm
Quoting whatfx
{quote} hi tellboy, thanks for your response. my questions are: 1. you mention in your post, that you enter trades at 7am london time (?). on igindex (i have an igindex account too). but you look at the 6.45am candle to determine the direction to trade. that is a 15m candle. but i thought you look at the 30m candle as the truth candle, which i assume is the 6.30am candle. so why now 15m candle ? 2. if you enter trade at 7.00 am in the direction of strength but the trade goes against you , would you then enter trade again at 7.30 am in the original...
Here is the end of week chart for EUR/USD on a 30 m time frame. Whether you use the 30 m or 15 m time frame for your direction to trade is a matter of personal choice. You have to make your own decisions on the information presented in the format that suits you best.

When you have opened a trade it is a mistake to change direction. If there is indecision don't trade. Never change your mind when in a trade except to get out fast and limit your loss.

In the IG platform go to the Display tab on the main menu and select Lists. Add the pairs to the list to suit your own choices.

Sorry about the big black arrow. I can't get rid of it. It means nothing but it conceals a sell signal.

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Tellboy
  • #342
  • Jun 2, 2018 8:58am Jun 2, 2018 8:58am
Quoting tellboy
{quote} Here is the end of week chart for EUR/USD on a 30 m time frame. Whether you use the 30 m or 15 m time frame for your direction to trade is a matter of personal choice. You have to make your own decisions on the information presented in the format that suits you best. When you have opened a trade it is a mistake to change direction. If there is indecision don't trade. Never change your mind when in a trade except to get out fast and limit your loss. In the IG platform go to the Display tab on the main menu and select Lists. Add the pairs...

thanks tellboy !

which pairs do i add to the list on my IG platform ?
  • #343
  • Jun 2, 2018 4:35pm Jun 2, 2018 4:35pm
Quoting tellboy
Wednesday 30th May and EUR pairs touched a new low yesterday, which suggested the possibility of a bit of a retracement this morning. We can see on today's charts below that there was a bull candle at 7:45 on all charts. A move as strong as this (see the length of that candle) against the trend is a pretty good indicator that price will move to the upside from 7 am and give us our 25 pip target on all pairs. {image}
That was at 6.45am GMT and do you mean you placed a buy order for the 8am candle and was that order above a 15min candle before 8am e.g. 7.30am or 745am? So you watch for 1hr before deciding the trade?
  • #344
  • Jun 3, 2018 2:57am Jun 3, 2018 2:57am
Quoting whatfx
{quote} thanks tellboy ! which pairs do i add to the list on my IG platform ?
You can see the pairs I choose to list on the charts I have posted. This gives a good comparison between all the major currency pairs, but it is up to you which pairs to choose.
Tellboy
  • #345
  • Jun 3, 2018 3:00am Jun 3, 2018 3:00am
Quoting Emerald2112
{quote} That was at 6.45am GMT and do you mean you placed a buy order for the 8am candle and was that order above a 15min candle before 8am e.g. 7.30am or 745am? So you watch for 1hr before deciding the trade?
When there is a very strong move on all pairs against the trend it is a very strong signal to go in the direction of that signal. Then it is up to you how and when to place your trade. You could use a buy stop entry order with a pull back or go for it straight away. It is entirely up to you to make the decision.
Tellboy
  • #346
  • Edited 4:57am Jun 3, 2018 4:41am | Edited 4:57am
Quoting tellboy
{quote} When there is a very strong move on all pairs against the trend it is a very strong signal to go in the direction of that signal. Then it is up to you how and when to place your trade. You could use a buy stop entry order with a pull back or go for it straight away. It is entirely up to you to make the decision.
I think he is confused with the times? The 6.45am candle (15 min chart) is 6.45am UK time, right? so the very next candle (7.00am UK time) which was coincidently the opening of the Frankfurt session was/is ideal to open a trade once it had tested support/resistance which it usually always does.

It's a very nice liitle strategy tellboy and it's standing up to the test of time which usually makes or breaks any strategy! Well done
  • #347
  • Jun 3, 2018 6:27am Jun 3, 2018 6:27am
Quoting jmtini
{quote} I think he is confused with the times? The 6.45am candle (15 min chart) is 6.45am UK time, right? so the very next candle (7.00am UK time) which was coincidently the opening of the Frankfurt session was/is ideal to open a trade once it had tested support/resistance which it usually always does. It's a very nice liitle strategy tellboy and it's standing up to the test of time which usually makes or breaks any strategy! Well done
It is he 6.45am candle (see its been changed incorrectly to 7.45am) but anyway...Ill take it that any pull back after that and if all else lines up would be a place to enter.
  • #348
  • Jun 3, 2018 7:02am Jun 3, 2018 7:02am
cTrader platform looks to have a % column and can add you own watchlist so could be good for this.
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  • #349
  • Edited 1:47am Jun 4, 2018 12:49am | Edited 1:47am
Monday 4th June. Here are the charts at 06:30 this morning showing serious inconsistencies in the trends. EUR/USD and EUR/JPY are synchronized in a bullish move, whilst Aussie is very strong against EUR. NZD straddles its 100 MA. So, this is a scenario that suggests staying out of the market because none of our strategic rules are met. Let's see what unfolds.The lower chart was snatched at 07:43 showing the outcome. We can clearly see the value of the 07:00 candle on the 15 M charts where the direction of the move is indicated for all four pairs. Perfect for scalping.

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Tellboy
  • #350
  • Jun 4, 2018 2:31am Jun 4, 2018 2:31am
Quoting tellboy
Monday 4th June. Here are the charts at 06:30 this morning showing serious inconsistencies in the trends. EUR/USD and EUR/JPY are synchronized in a bullish move, whilst Aussie is very strong against EUR. NZD straddles its 100 MA. So, this is a scenario that suggests staying out of the market because none of our strategic rules are met. Let's see what unfolds.The lower chart was snatched at 07:43 showing the outcome. We can clearly see the value of the 07:00 candle on the 15 M charts where the direction of the move is indicated for all four pairs....

1. the arrows on your second charts. is that indicating the 7am candle ?

2. the first charts are showing the trend on the four pairs. but you are using the 15min time frame to check the trend. i thought you are meant to use the 30 min timeframe when checking the trend ?

3. as there is indecision in the trends of the 4 pairs, will you then not look at the 7.45 candle as the 'truth candle' to tell us the direction of the trend ?

4. your lower charts were snatched at 07.43. is that london time, or the time shown on your ig index platform ?

5. lastly, again you are using the 15 min TF to check the truth candle, but i thought it should be the 5 min TF ?


thanks
  • #351
  • Jun 4, 2018 4:17am Jun 4, 2018 4:17am
Excellent system for scaling Tellboy. I had tried before, making a box, and where the candle came out, pointing to the dam there.
With these indications provided, gives a better view where the dam runs.
Today, June 4 in M5, the pair AUD set a great strength, which showed in the emas that never crossed, and indeed the price at the start of the day in Frankfurt, went long.
I will be attentive to your comments, and good hunting for all.
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  • #352
  • Jun 4, 2018 4:31am Jun 4, 2018 4:31am
The AUD was strong at the start of Frankfurt and took the USD and JPY up as shown by the correlation in the charts.
Good contribution Tellboy
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  • #353
  • Edited 5:14am Jun 4, 2018 4:52am | Edited 5:14am
Quoting cesar8
The AUD was strong at the start of Frankfurt and took the USD and JPY up as shown by the correlation in the charts. Good contribution Tellboy {image}
Last night I looked at the EURAUD chart and thought my goodness this pair is going down, down, down!

A nice sell trade even at 7.00am but in terms of the rules here it was not very in sync with the other euro pairs

BTW if you use renko then you don't need to worry whether it's 15 min, 30 min or whatever chart!
  • #354
  • Jun 4, 2018 6:45am Jun 4, 2018 6:45am
Quoting whatfx
{quote} 1. the arrows on your second charts. is that indicating the 7am candle ? 2. the first charts are showing the trend on the four pairs. but you are using the 15min time frame to check the trend. i thought you are meant to use the 30 min timeframe when checking the trend ? 3. as there is indecision in the trends of the 4 pairs, will you then not look at the 7.45 candle as the 'truth candle' to tell us the direction of the trend ? 4. your lower charts were snatched at 07.43. is that london time, or the time shown on your ig index platform ?...
Yes whatfx, those arrows show the direction of the 7 am candle and the time is the same on my machine as the actual time in London. Why would they be different? I use the 15 M time frame as the most practical for me, but at the end of the week I check the 30 M time frame to fit a whole week into the review. The 30 M time frame is ok for the trend, but not for pinpointing the direction of a move or an entry point. This all comes with experience, so I suggest you use paper trade to get the picture before you risk any real cash. You need to know what you are doing. I hope this helps. Take care.
Tellboy
  • #355
  • Jun 4, 2018 8:57am Jun 4, 2018 8:57am
Quoting tellboy
{quote} Yes whatfx, those arrows show the direction of the 7 am candle and the time is the same on my machine as the actual time in London. Why would they be different? I use the 15 M time frame as the most practical for me, but at the end of the week I check the 30 M time frame to fit a whole week into the review. The 30 M time frame is ok for the trend, but not for pinpointing the direction of a move or an entry point. This all comes with experience, so I suggest you use paper trade to get the picture before you risk any real cash. You need to...

perhaps i did not make myself clear.

what i meant was, in your first charts, you are looking at the trend on the 4 pairs ? the overnight trend ? and you are using the 15 min timeframe to check the trend. but in your previous posts you stated to use the 30 min chart to check the OVERNIGHT trend ?

and aslo to use the 5 min TF to pinpoint the entry, instead of the 15 min TF like you have done. so which one is more accurate for the entry the 5 min or the 15 min TF ? or is it a matter of personal choice.

looks like the bullish spike on eurusd this morning did not occur until well after 8am.

i had opened a buy swing trade on the eurusd at level 11683. will leave it open and see how it pans out.


thanks for your time
  • #356
  • Jun 4, 2018 9:00am Jun 4, 2018 9:00am
Quoting tellboy
{quote} Yes whatfx, those arrows show the direction of the 7 am candle and the time is the same on my machine as the actual time in London. Why would they be different? I use the 15 M time frame as the most practical for me, but at the end of the week I check the 30 M time frame to fit a whole week into the review. The 30 M time frame is ok for the trend, but not for pinpointing the direction of a move or an entry point. This all comes with experience, so I suggest you use paper trade to get the picture before you risk any real cash. You need to...


also, where there is indecision in the synchronity of the pairs and the overall trend, do you not use the 7.45 candle as the 'trurh candlle' ?
  • #357
  • Edited 2:52am Jun 5, 2018 12:37am | Edited 2:52am
Tuesday 5th June at 06:30 sees no synchronicity between EUR/USD and EUR/JPY. Markets are dominated by a strong USD and a weak AUD. These are indications to stay out of the market, but for risk takers let's see what the 7 am candle tells us. The lower charts show the outcome. See the reason to stay out of the market when there is a lack of synchronicity. This results in indecision and no clear direction.

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Tellboy
  • #358
  • Jun 5, 2018 12:40am Jun 5, 2018 12:40am
Quoting whatfx
{quote} also, where there is indecision in the synchronity of the pairs and the overall trend, do you not use the 7.45 candle as the 'trurh candlle' ?
I use the 7 am candle on a 15 m chart as my truth candle only if the direction and momentum are the same on all four charts. If there is indecision this is a message to keep out of the market and to not trade. That is how I use it. How you use it is up to you. I hope this helps.
Tellboy
  • #359
  • Jun 5, 2018 2:47am Jun 5, 2018 2:47am
Hi tellboy

Yes it will be nice when the EURJPY recovery is over! Perhaps by tomorrow
  • #360
  • Edited 4:47am Jun 6, 2018 12:49am | Edited 4:47am
Weds 6th June (D Day). EUR/USD is moving in sync with EUR/JPY, and the Aussie is synchronised with the Kiwi, but these two sets of pairs are polarized with each other. So, the trend for the left-side pairs is up and the trend for the right-side pairs is down. There is no synchronicity on all four pairs, so it will be interesting to see what the 07:00 candle says. Happy trading to all.

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Below is the result of the 7 am bullish sentiment on all four pairs: It is also interesting to compare this move with what happened only two days ago on Monday where the 7 am candle went bearish. For me this illustrates the value of the 7 am bar on the 15 M chart when market sentiment can go either way. What is most important is that the direction of this candle is uniform on all pairs.

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Tellboy
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