I trade every day except for the major public holidays. The FOMC release is usually at 4.30am local time so I'm safely tucked in bed.
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A good set of trades to get the session under way. Price was approaching last week's highs and the multi week highs. The question I asked was why is price going to break this level on Monday with zero new news. Price would be relying on technicals to go higher and I felt it was worthwhile attempting a short here.
4 hour chart:
On the pip range chart I divided my trade into two entries. I split the risk in half to allow for the two trades. I saw a reasonable setup around 1.6571 area and ideally wanted to wait for 1.6585 area which was hit shortly after. I entered again at 1.65817 and took a split exit at 1.6560 and 1.6556 which is where the last bullish pinbars appear.
4 hour chart:
On the pip range chart I divided my trade into two entries. I split the risk in half to allow for the two trades. I saw a reasonable setup around 1.6571 area and ideally wanted to wait for 1.6585 area which was hit shortly after. I entered again at 1.65817 and took a split exit at 1.6560 and 1.6556 which is where the last bullish pinbars appear.
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It's been a case of being patient and waiting for price to make a decision as most pairs are proving rather lacklustre thus far. The Euro has had a small rise during the early part of the UK session which in turn caused EURAUD to rally higher. A brief look at a 4 hour chart will show just how congested 1.4140-1.4160 is. During such quiet periods, these are the areas to focus on.
Looking at the pip range chart, price made a new high (at the time of entering the trade) and then closed with a bearish pinbar. It kicked a little higher but soon started to drift off. I targeted 1.4127 as that was just above the last known level on the pip range chart as evidenced by price on the left on the chart with the black line showing multiple touches.
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Looking at the pip range chart, price made a new high (at the time of entering the trade) and then closed with a bearish pinbar. It kicked a little higher but soon started to drift off. I targeted 1.4127 as that was just above the last known level on the pip range chart as evidenced by price on the left on the chart with the black line showing multiple touches.
https://flipfloptrader.com
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Well it took a while but eventually got a result on EURAUD. There was just nothing during the UK session with price just bouncing around and not forming anything worthwhile looking at. I ended up staying up into the US session and around midnight found a decent looking setup. Price was coming close to session highs and I had no reason to believe price was going to continue higher. +18.
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Second trade of the night on EURAUD. I took my first entry after a quick drop post UK open and quickly found out I hadn't picked the best of entries. So, what can I learn from the first entry? Firstly, the more examples I collect, the more I can learn from the entries. I'll have to have a in-depth review but my gut instinct says taking trades where the divergence is quite far apart isn't always optimal. Note how the 2nd trade was over a shorter distance...
I took a 2nd entry at 1.4022 as price began to form a double bottom and it also correlates to support on the time based charts. My target was the top of the Senkou Span and managed +7 and +18 respectively.
I took a 2nd entry at 1.4022 as price began to form a double bottom and it also correlates to support on the time based charts. My target was the top of the Senkou Span and managed +7 and +18 respectively.
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