ginger

Trading Euro pairs. EURUSD, EURCAD, EURGBP, EURJPY, EURAUD, EURNZD.
I don't trade EURCHF.. SNB currency intervention.

I use 30 minute charts. An example of possible trade from today at 13:30 server time.

The Euro Index.
Price predominantly above it's moving average, moving average has moved higher to meet price.


The Gold/Euro.
Price also predominantly above it's moving average, moving average moved higher and price moved lower.


The Currency Strength Indicator.
Although the Euro has weakened, nothing else has particularly strengthened against it apart from the Pound.
CAD & USD are looking like the two weakest.


The Trade.
The pair is chosen, and the trade is placed at 13:30. The Take Profit is set at 2R. Stop Loss 1R.
R = the average true range of the 30 minute bar based on the last 25 periods.

Today, 10:30 server time (07:30, Coordinated Universal Time).

I like to wait for the markets to settle a bit after the volatility assosiated with the opening of the European stock markets. As a rule I don't place trades before 10:30 server time.


Euro Index - breaking below it's moving average.

Gold/Euro - no real trend, moving average sloping down.

Lack of strength in either the Euro or Gold suggests a "risk on" environment..

Looking at the Strength Indicator - GBP looking the strongest.

The Trade - is placed at 10:30 server time.

One problem with loading a chart with indicators and trading a mechanical system is all those indicators are using the same piece of data, in the case of the chart below, that data is where price has traded on the EURUSD.

In order to get a holistic feel for how the market is behaving (and likely to continue to behave), you need more than just one information source. When trying to trade one currency against another, a holistic market view is advantageous.

10:30 server time.

The Euro against the Basket.
Broke below it's moving average.


Euro/Gold.
Broken above it's moving average.


Strength Indicator.
Euro weak below "0", AUD and CAD strong.


The Trade.
Short EURAUD was placed at 10:30 server time. Trade still open.


I'm keeping my eye on the Euro Index chart. Other chat's I'm watching are Eurostoxx, Bund, and WTIC because as I've mentioned, I'm trying to get a holistic feel for the market and sentiment.

I often don't wait for stops to get hit. If the data sources are telling me sentiment is shifting, I'm getting the hell out of the trade whatever the price is.. But at the time of posting, I'm still comfortable with this trade and holding.

Yesterday's Trade..


Due to higher potential for power outages where I live due to Cyclone Debbie, I won't trade today.

Hi OldStoney, Hope you withstand the cyclone unscathed. I like the look of your journal. Look forward to seeing more.

Thanks mate. I'll be right, I'm up on a hill.

Euro Index.

Attached Image

XAUEUR.


Strength.


Trades.