Scalping the EUR at the European open

My apologies - I was missled by the title of your thread - I'll post my charts in our old thread "Islander and Medici trade the European Open".... Regards

Hi tellboy

Would you mind possibly telling me what was the low on your platform for EURJPY on 5th June? On mine (Tickmill) it is 127.792

The reason is that I had a TP at 127.803 which wasn't triggered - just interested to see if maybe something was manipulated - pretty sure it was actually. The spread is always around .8 pip so I'm not sure what happened, Thanks

Tues 19th June at 06:40 the JPY is right out of sync with the rest so I have substituted it with CAD. Now all EUR pairs are grouped together at the top of the table with a distinctly bullish direction of travel for all pairs. This provides us with our top two indicators. Now, if the 7 am candle moves in sync in the same direction all all pairs then we have our third signal to go long.



Discrepancy showed itself this morning with signals to go short on EUR/USD and EUR/CAD which went against the trend. Those of us who follow the rules to the letter will have put a buy stop above the pullbacks, the result being a successful trade on the Kiwi that reached its 25 pip target. Aussie caught us out with catching the buy stop order and then going south with USD and CAD. So, what have we learned this morning? Where there is conflict in the 7 am candle as it goes against the trend - stay out or put a buy stop order above the pull back. This will keep you safe. Risk takers will go with the short signals. However, if the 7 am candle points in the same direction as the trend then all pairs will show a good trade. This lower chart shows the outcome at just before 08:00:

Here is the daily chart for EUR/USD at 10:20 on Tuesday 19th June 2018 showing how the pair are in a serious bear move towards the previous low support level.

What's going to happen today? All EUR pairs are clustered in the lower quartile of the rank table suggest a continuation of the bear move initiated last Thursday, but inconsistency between USD and CAD suggest indecision with the market dominated with a strong AUD. These suggest being very cautious. The 7 am candle was inconsistent which further indicated indecision and staying out of the market. The lower chart shows the outcome.



Observers will notice that CAD was changed back to JPY on the lower set of charts. This helps to illustrate the sideways channeling of the market with JPY as the guide. This strategy works best when the EUR/JPY is trending up or down, but is not a lot of use when channeling sideways as it is at the moment. What we are waiting for is a synchronised breakout from the sideways channel - either up or down into a new trend. Then we can make some serious pips again.

Thursday 21st June at 06:35 sees JPY and USD out of sync with a strong USD. The EUR pairs (colored blue) are scattered through the strength table to the left of the charts, indicating lack of synchronicity, so our first two criteria for trading are missing. This strongly suggests that the market will be undecided and maintain its sideways channel. Let's see what happens at 7 am?



See what I mean? Sideways channeling at 08:40. Did anyone take a risk and win? The strategic rules say when there is no synchronicity - stay out and stay safe.

Friday 22nd June at 06:00 this is what the market looks like for four EUR pairs. EUR/USD and EUR/JPY are synchronised in a bullish direction whilst the Aussie and Kiwi are in a downtrend. But will they retrace in sync with USD and JPY? Pay particular attention to the horizontal lines that indicate major support and resistance.



Sometimes it pays to get up early and place stop orders to catch a move. See the charts below, taken at 07:15 for an example of where the early bird catches the worm. These stop orders were placed at 06:00 and profits taken well before 07:00.

End of week review. It looks like EUR/USD may be recovering from a double bottom on the daily chart, then on the 15 M time frame we can see how price moved well above the 11,600 resistance level.

Mon 25th June at 06:37. EUR pairs are scattered up and down the strenth table due to a strong USD and JPY showing EUR in bearish sentiment against a bullish sentiment against the weakness in AUD and NZD. Lack of synchronicity suggests to be cautious and stay out.



The outcome at 08:18 shows the conflicting messages at 07:00 for all pairs where there was no synchronicity at all and the EUR market remained undecided until it showed us a synchronized downward spike at 07:55. Risk takers may have caught it.

Tuesday 26th June at 06:60. All EUR pairs on the rise in the strength table and all synchronized in favour of a continuation of the up-trend. But....



....the 7 am candle gave conflicting messages on three of the four pairs. This suggested indecision in the market and gave us a good indication to stay out. This is the true value of this system. When there is conflict - STAY OUT OR GET BURNED. So, if you ignored the strategic rules today this is what happened .

Weds 27th June at 06:40. No synchronicity - stay out of this market. It is too unpredictable.



The EUR maintains its sideways channel. Keep out of this market until it decides to start trending again.

Thurs 28th June at 07:26. Market is dominated by a strong USD and a very weak NZD. There is no synchronicity in the market for the EUR as it touches its previous low. Will it bounce back or follow through? Indecision says keep out unless there is a strong move.



The lower charts show the indecision where EUR/USD and EUR/JPY broke through its previous support but AUD and NZD maintained support. Risk takers may have scored a few pips on the USD and JPY pairs with sell stop orders, but failed to reach targets. Aussie and Kiwi would have made a loss.

Fri 29th June. Does anyone know what caused that spike at 03:30? It was a decision taken by European leaders on immigration. Now, who knows what the market will do this morning when it sees that? I for one will just watch what happens.

Weds 4th July. There has been no synchronicity between EUR pairs for some time now, so I have not been posting for the past couple of days. Below is today's set of charts at 06:36 showing the lack of synchronicity again where it is too risky to try to trade with any degree of success. I shall watch and wait for synchronicity before I start to trade again with this system. Take care all and don't take risks.

Thursday 5th July. Sometimes it pays to get up early and catch the spike at 06:00. Here is an excellent example of where the spike reached its target at the resistance levels on all four pairs.

As I have said in the first post of this thread, the ideal set up with this strategy doesn't happen every day, but when it does bullseye, and today the lesson is, 'get up early'.

Can you share the strength indicators showing the hierarchy of fx pairs on the left side of the chart? Thanks

They are there on the left slightly obscured by the snagit capture button. EUR pairs are all in blue. This is a feature of the IG Index software. I can't share it with you if that's what you wanted. Does this answer your question?

Friday 6th July at 06:00. No synchronicity between Western pairs on the left and Oriental pairs on the right. This will cause indecision, so no trade for me this morning. Have a good day y'all.

End of week review on Friday 6th July and it looks encouraging to see the possibility of a EUR rally after the sideways channel. Have a good weekend.

Ok.....I have to figure out how to obtain it myself. Thanks for the info....