Disliked{quote} I think that there's been a lot of Euro positive news flow today. That can change the picture in a hurryIgnored
Scalping the EUR at the European open
It looks like EUR may have touched a bottom and is on the rise again.
This morning showed strength coming back into the EUR. The 7 am candle showed its directional value on EUR/USD and EUR/JPY, but a strong NZD held that pair back.
Not much momentum in the market today, but 63 pips captured.
This morning showed strength coming back into the EUR. The 7 am candle showed its directional value on EUR/USD and EUR/JPY, but a strong NZD held that pair back.
Not much momentum in the market today, but 63 pips captured.
Tellboy
- #183
- Edited Jun 2, 2017 9:23am Jun 1, 2017 11:32am | Edited Jun 2, 2017 9:23am
Thursday 1st June 2017.
Not a good day for scalping the EUR today due to resistance levels on all pairs and bearish candles at 7 am on all pairs. Remember the essential criteria are that the 7 am candles should be synchronized with the direction of the main trend. Going short against the trend is always tricky and can take too long to gain any profit.
Not a good day for scalping the EUR today due to resistance levels on all pairs and bearish candles at 7 am on all pairs. Remember the essential criteria are that the 7 am candles should be synchronized with the direction of the main trend. Going short against the trend is always tricky and can take too long to gain any profit.
Tellboy
- #185
- Edited 9:21am Jun 2, 2017 5:29am | Edited 9:21am
{quote} Are you using any other indicators to determine the trend, The reason I'm asking is EUR/USD we started with a red candle at 7 o'clock, and apart from the green candle at 7:30 o'clock it carried on going down, The EUR/JPY just seem to go sideways till 1 o'clock and then we had a blip and now it's back sideways movement, I know the rules say these two pairs should be synchronised, but it's pretty hard to stay out of the trade. Anyway, thanks for your great work. I've learnt a lot from the synchronisation of these two pairs, hope you keep the...
Charts for Friday 2nd June 2017.
Tellboy
It has been a tricky week with lots of indecision in the market for EUR. Here is a snapshot of the week for EUR/USD showing the best opportunity on Wednesday for a 25 pip scalp.
It may also be useful to note the sharp retracement spike on Tuesday that signaled a strong bounce back to the upside. These sharp dips are always very useful to look out for.
Have a good weekend.
It may also be useful to note the sharp retracement spike on Tuesday that signaled a strong bounce back to the upside. These sharp dips are always very useful to look out for.
Have a good weekend.
Tellboy
Hi there, interesting thread. There was just a couple of things that I'm not sure about. I've read through the whole thread but it seems that the ruleset is a bit unclear. From what I can gather; - You are looking at the strength meter for EUR pairs to be high for bullish trades and low for bearish but this isn't too important if the 30 min trends are aligned. - You look at the 30 min and are looking for your 4 pairs to be trending in the same direction - You normally use 5 or more commonly 15 min charts for entry - You are looking for a 7am bar...
Today, Monday 5th June is a good example of where conflicting signals tell us to stay out of the market.
Tellboy
Although this thread is primarily focused on scalping the EUR pairs, the strategy works perfectly well for all other pairs. Today, Tuesday 6th June is a perfect example of the strategy working with NZD pairs. Notice how all NZD pairs are grouped together at the top of the currency strength list and how they are all synchronized. There was a pullback from 7:15 to 7:45 when the rally continued on all pairs. Earlier observations of how the NZD moves suggests that the rally will continue for the rest of the day. This is good for traders who like to run with their positions.
Tellboy
Wednesday 7th June. The day started with a bull news spike for AUD which paved the way for a serious move to the downside for all EUR pairs.
Look at the currency pairs strength list on the left of the charts below. It will clearly be seen that all AUD pairs are grouped together at the top of the list. This simple fact is a clear indication that the AUD is going to lead the market today. For traders who use MT4 or other platforms, the absence of this currency strength list is a distinct disadvantage, but follow this link for a good currency strength meter - http://www.currencynewstrading.com/c...eter-download/
Look at the currency pairs strength list on the left of the charts below. It will clearly be seen that all AUD pairs are grouped together at the top of the list. This simple fact is a clear indication that the AUD is going to lead the market today. For traders who use MT4 or other platforms, the absence of this currency strength list is a distinct disadvantage, but follow this link for a good currency strength meter - http://www.currencynewstrading.com/c...eter-download/
Tellboy
Thursday 8th June. Following yesterday's bear move for EUR pairs, today sees a consolidating sideways channel along the 11,250 support level for EUR/USD. Notice the conflicting 7 am candles that indicate indecision in the market. This is yet another very good example of when to remain out of the market and not take any risks.
Tellboy
Hi Terence! Great system you have here. I've been testing it for the last couple of weeks with great results. I usually check up to 6 EUR pairs and select the most promising ones (same trends, same 7am candles,etc) I usually end up working with just 4 pairs just like you, never more than that. But sometimes I get just 2 or 3 pairs with the right indications and leave the other ones out and it works. So I Wanted to ask you this: Why do you need 4 pairs to match (the trend, and 7 am candle) and not just trade 3 pairs for example if they meet the criteria?...
Tellboy
Hi Attached is this mornings trade which was successful, if i could grow a pair of balls and let them run a little longer it would have been even more successful. Not sure it would meet all your criteria but it does seem to be working.Morning routine as follows. 1 Check for any news release 2 Check which currency is strongest/weakest 3 look for similar patterns across chosen currency on 30m 4 wait for 30 min candle to agree with strength table 5 place stop orders on 5 min chart above/below pull back 20SL 25TP 6 Monitor trade. (Then lose your bottle...
Tellboy
- #200
- Jun 8, 2017 8:02am Jun 8, 2017 8:02am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
Hi Attached is this mornings trade which was successful, if i could grow a pair of balls and let them run a little longer it would have been even more successful. Not sure it would meet all your criteria but it does seem to be working.Morning routine as follows. 1 Check for any news release 2 Check which currency is strongest/weakest 3 look for similar patterns across chosen currency on 30m 4 wait for 30 min candle to agree with strength table 5 place stop orders on 5 min chart above/below pull back 20SL 25TP 6 Monitor trade. (Then lose your bottle...
Excellent!
I would like to add two things:
1/ Start early (if you're in Europe!) around 6.30am is good
2/ One can trade the pull backs by using an EA with SL, TS and TP set up so that you can't chicken out because it's all automated. I use it because I have the
same problem
I use this currency strength indi which is constantly on my chart and it works really well (attached)
