No EUR trades today. None of the strategic criteria have been met and there is no synchronicity for EUR pairs.
Tellboy
3
- #44
- Edited 4:07am Apr 21, 2017 3:13am | Edited 4:07am
Today none of the two essential criteria for the successful execution of this scalping strategy for the London open (8 am UK time) were met. Here are the EUR charts for today to illustrate the example.
The 50 MAs are crossing the 100 and this suggests a pause at support for a return to rally next week or a possible reversal.
Notice the absence of clear directional signals at 6 and 7 am and the conflicting directions of the MAs as price moved sideways in indecision.
Checking these charts at 10 am shows a move down from the pivots, which is ok for the day trader, but not for the 8 am scalper.
The 50 MAs are crossing the 100 and this suggests a pause at support for a return to rally next week or a possible reversal.
Notice the absence of clear directional signals at 6 and 7 am and the conflicting directions of the MAs as price moved sideways in indecision.
Checking these charts at 10 am shows a move down from the pivots, which is ok for the day trader, but not for the 8 am scalper.
Tellboy
- #51
- Edited 6:29am Apr 24, 2017 2:19am | Edited 6:29am
Conflicting signals for the EUR this morning. Price gapped up over the weekend and began to retrace to fill the gap until 3 am when it showed its hammer bar.
At 6:30 the currency strength list showed the EUR at the bottom, which is an indicator to go short. Therefore there was conflict with the trend indicators on the 30 M chart. This conflict says 'stay out'.
The first chart shows four pairs on the 30 M time frame showing the gap-up and the EUR at the bottom of the list.
The second chart on a 15 M time frame shows the result of the conflict with the absence of a spike at 8 am. Price continues sideways pending the German news release at 9 am. Another reason to stay out.
At 6:30 the currency strength list showed the EUR at the bottom, which is an indicator to go short. Therefore there was conflict with the trend indicators on the 30 M chart. This conflict says 'stay out'.
The first chart shows four pairs on the 30 M time frame showing the gap-up and the EUR at the bottom of the list.
The second chart on a 15 M time frame shows the result of the conflict with the absence of a spike at 8 am. Price continues sideways pending the German news release at 9 am. Another reason to stay out.
Tellboy
- #54
- Edited 9:20am Apr 25, 2017 2:17am | Edited 9:20am
Here are two charts to illustrate price action on the EUR pairs this morning. The upper chart shows the major trend on the 30 M time frame with clear indicators for a continuing trend to the upside.
NZD pairs came bottom of the list (in yellow ) with GBP (green) at the top. Although I recommend staying out of trading if the EUR pairs (coloured blue) are not grouped together at the top of the leader board, it is useful to bear in mind that when GBP moves so does EUR. So I was confident enough to apply the entry strategy and the result is shown in the lower 15 M chart where you can see that I made a profit of 131.
NZD pairs came bottom of the list (in yellow ) with GBP (green) at the top. Although I recommend staying out of trading if the EUR pairs (coloured blue) are not grouped together at the top of the leader board, it is useful to bear in mind that when GBP moves so does EUR. So I was confident enough to apply the entry strategy and the result is shown in the lower 15 M chart where you can see that I made a profit of 131.
Tellboy
- #58
- Edited 12:31pm Apr 25, 2017 9:02am | Edited 12:31pm
{quote} Are you saying you set buy trades for the four EU pairs. I can understand you setting a buy trade for EUR/NZD & EUR/CAD they are in the top five. But I don't understand why you had EUR/USD & EUR/AUD Am I missing something. PS. It seems to be a great system, And I'm not criticising you, I just like to have things clear in my mind. Thank you.
You will notice in recent charts that I have placed EUR/JPY beneath EUR/USD, and EUR/NZD is beneath EUR/AUD. The reason for this is that USD and JPY have synchronicity when EUR moves against them, and likewise with AUD and NZD. When one moves so does the other. It may seam like watching paint dry to non believers, but watch them and you'll see what I mean.
Happy pairs watching.
Tellboy
Heads up you Guys. I have just taken a snap of the four pairs I traded this morning for the 8 am scalp. Now look at what happened over the course of the day. EUR is on a rally. Some say its because of the French presidential election. Whatever it is, its causing confidence in the EUR to rise rapidly.
I will admit that I was a little cautious this morning and exited all my trades with a good profit above the target of 100 pips. But these rallies are suggesting that it would be advantageous to exit one trade on each pair with a scalp profit and leave one position running with a target of 100 and a trailing stop of 25 pips. What do you say?
I will admit that I was a little cautious this morning and exited all my trades with a good profit above the target of 100 pips. But these rallies are suggesting that it would be advantageous to exit one trade on each pair with a scalp profit and leave one position running with a target of 100 and a trailing stop of 25 pips. What do you say?
Tellboy