TP has been hit on all eu shorts. This morning I have picked up a long position at 1.2190, I wasn't going to trade any move back up but with a stop at 1.2160 I think the risk reward is worth a go.
I'm still short au, that pair should drop more next week, but later in the week should hit a significant support, probably around parity.
Joined Jun 2009
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Status: Psalm 84: 10-12
|842 Posts
I exited EU for +23 pips. EU seems to be in a range until it breaks out.
As AU approached its 5 x daily mid at 1.0184, it looked like after 80 pips up today that AU may resume its down trend. so I entered short at 1.0178 + 1.01766.
It makes sense to me , if AU is going to continue its down trend to 1.000 then a safe place to short is the 5 x daily mid, AU may go through this level but as long as the daily closes under here its good.
exited AU -3 + -5. the 1.0200 area looks best to try to short from viewing this range bar chart.
TP has been hit on all eu shorts. This morning I have picked up a long position at 1.2190, I wasn't going to trade any move back up but with a stop at 1.2160 I think the risk reward is worth a go.
Ignored
EU is above the weekly midpoint, that's the first step in a move back to 2778.
Joined Jun 2009
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Status: Psalm 84: 10-12
|842 Posts
I shorted AU at 1.0225. it gapped up on the open today after a rally in price on Friday. It still needs to break under the weekly mid point at 1.0200. also some interest on AU inside bars on 4hr charts near the daily open see the last three blue bars.
EU had an inside bar on H4 today near the daily open. 9am in Japan was the open time for this MT4.
for EU the 3pm Japan daily open is better, its the GMT 6am. today EU using 9am was good for the Asian session though.
9am Japan daily open is good for AU for trading an H4 inside bar.
I read a lot over the weekend and thinking about trading inside bars with the levels. just an idea.
I think an inside bar can help to identify good hooking structure in the PA. One of Franks books teaches about weekly hook I think.
Joined Jun 2009
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Status: Psalm 84: 10-12
|842 Posts
EU is above the weekly midpoint, that's the first step in a move back to 2778.
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Amy every time you post it makes a whole lot more sense to me from having read Franks book and understanding better.
you give enough hints to help stimulate thought process in the right direction. thankyou.
i.e. it could be one possible safer entry place too.
weekly mid forms the bias and defines the risk for the trade. (higher time frame mids even better and more robust)
maybe step 2 is a close over the monthly 50% lows at 1.2335.
step 3 close over monthly mid at 1.2564.
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I should not be short AU until below the weekly mid , if I want to be really safe with my short entry.
Joined Jun 2009
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Status: Psalm 84: 10-12
|842 Posts
Im still in my EU long. I entered on the big spike down nine 4hr candles ago at 1.2195, but EU is not even making it up to the the monthly 50% lows 1.2335. seems range bound. If EU can not break out of this 4hr trend line, then I may exit.
AU if it gets up to 1.0437 - 1.0450 area, then Im really interested in shorts there.
AU had a nice break and retest of this daily trend line, where I was trying to short earlier this week. But AU was above its weekly mid and 5 x daily mid at 1.0225 area so that didnt work out.
the three red lines coming up is where Im looking. 1.0472 area would be my stop for a short at 1.0437 - 1.0450 area.
ES sp500 mini futures is trading over its weekly highs at present and has monthly highs coming up . the two orange lines on this chart.
the possibility exists of this upper trend line holding if PA tests it around the monthly 61 % high, with AU possibly being in the correct area for shorting from my last chart.
Ian.. suggestion.. try.. put your pivot lines on chart.. put up 50.. 100.. 200.. SMA.. apply only to day.. 1 hr and 5 min charts.. if above buy.. if below.. sell.. regard less of chart..shape.. that is above or below.. pivots and mov avs.. i am long EU.. Cable and Gold.. also in my opnion.. Day on all three is hi side and day on USDX is down side .. not hard to see raw charts..All just my opnion of course.. and no gaurentees of set up..
