My trading day starts a little before the Frankfurt Open - the dashed white time line on my chart. The London Open is the dashed blue line.
Frankies Hour is well know for reversals and today was no exception!
The aqua line is a 30 ema and shows the short term trend. The dark blue is a 300 ema and shows the hourly trend.
I use Price Action around levels - these are the smaller fractal with the MM indy set to period 15 as this avoids the clutter of the grey intermediate levels when using a 60 period. I have the larger fractals on my higher TF charts, but I trade off the 5 min.
I also use VSA to help clarify PA.
At #1 there was a higher low and the (almost) bullish engulfing candle confirmed the Buy.
At #2, the high candle stalled at the 4771 area with high volume - so plenty of supply and a good place to exit longs and start considering a short. The red doji was the ideal place to sell as it made a lower high.
The 4709 area is important and at #3 was a good area to TP.
The bounce held at #4 - into the fibo retrace zone and the very low volume doji was an alert signal that was confirmed as a sell by the wide range high volume engulfing red candle - also signalling more selling to come.....I exited that short at the 4694 level.....
Frankies Hour is well know for reversals and today was no exception!
The aqua line is a 30 ema and shows the short term trend. The dark blue is a 300 ema and shows the hourly trend.
I use Price Action around levels - these are the smaller fractal with the MM indy set to period 15 as this avoids the clutter of the grey intermediate levels when using a 60 period. I have the larger fractals on my higher TF charts, but I trade off the 5 min.
I also use VSA to help clarify PA.
At #1 there was a higher low and the (almost) bullish engulfing candle confirmed the Buy.
At #2, the high candle stalled at the 4771 area with high volume - so plenty of supply and a good place to exit longs and start considering a short. The red doji was the ideal place to sell as it made a lower high.
The 4709 area is important and at #3 was a good area to TP.
The bounce held at #4 - into the fibo retrace zone and the very low volume doji was an alert signal that was confirmed as a sell by the wide range high volume engulfing red candle - also signalling more selling to come.....I exited that short at the 4694 level.....
Attached Image (click to enlarge)
Trading Levels with WRBs
