Thursday 26th January

by 18:36 0 comments
I didn't get around to posting yesterday but I didn't have a great deal to add really, no trades taken anyway. Missed a fantastic sell at the start of the day but that's in the past now and anyone who was short got screwed by FOMC.

No trades today either but just wanted to post this chart which I find interesting. It's a 5min EUR/USD chart and i'm going to stick my neck out and say that it looks to me like it's being distributed. I don't often concern myself with "future" calls. I'm more willing to trade what's in front of me.

Nonetheless, this interested me.

If you look at the chart i've marked three high volume bars. Each of these was followed by a sell off and 3170 has proved hard to break to the upside all day. On the other hand we have the yellow area which has been stubborn support all day. This needs to break first but ultimately I think we're going down. It just so happens this area is the low of the highest volume up bar on EU 15min.

As I type a 5min bar is probing downwards, maybe this is the break i've been looking for! 

EUR/USD 5min

I'll continue this post tomorrow having a look at what happened.



28. Forex. Trading. Music. Beer. Food. Travel.


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