Wednesday 7th March

by 18:08 0 comments
I work part time at the moment, that is, until I become a multi gazillionaire. Anywho, my manager has gone away for three weeks so i'll be working a lot of extra shifts over the coming weeks. Today was such a day, working the morning shift. 

Due to working and a hell of a lot of this... 

....i didn't get a lot of chart time today.

I did have my charts on the screen in front of me using LogMeIn and was around long enough to see there was a great short opportunity on EU. At first it bothered me a little that i'd missed it / not been home when I usually would be. But I soon got past this and an old cliché came to mind - "the market will be there tomorrow". True, it will be. Plus, it's another set of screenshots to dump into the "my strategy works nicely" folder.

Anywho! Here's a blatant copy and paste from the VSA forum that i'm an admin on.

Took my fib and my entry from the 5min chart so i'll post that one first. We approach some previous fibs and get a nice widespread on the highest volume at the time, two down bars confirming some supply. We also get a ND here but whilst we were resting on the 50% of this 5min zone I don't think I would have taken that. Using the fib that's coming in from the past may have given the confidence to take it. We push down through the 50% with a trap up move type bar and then two bars later print a ND upthrust type bar. Perfect entry and even with a stop on the high of the volume zone it was nice and tight (around 15 pips).

EUR/USD 5min

I'm also posting a 15min chart to show where it bounced from and why the 5min volume came in where it did. The higher green circle is the corresponding 15min bar, it hits the low of a 15min area from Monday as well as the high of a zone from yesterday. Subsequent bars were down confirming supply had entered the market and if you missed the 5min entry you were even given another chance on the 15min with a ND further down.

EUR/USD 15min



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


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