Wednesday 23rd May

by Liam 09:37 0 comments

I was working at my part time job this morning and with a few deliveries I didn't get as much time in front of the screen as i'd like, but that comes with the job. Some days i'll get time, like last Monday, other days I won't, like today.

That aside, there was another lovely entry today, two charts, 15min and 5min EU.

EUR/USD 15min

A. High volume zone from Tuesday.

B. High volume zone from Wednesday morning. I was actually looking for longs from this area but didn't find anything that really suited my strategy so I stayed out. There was definitely some strength there as it pushed up from the high volume bars then bounced from the 50% area before pushing through the high. This move was soon stopped though.

C. Increased volume upthrust as it attempted to push through the low and 50% of the high volume zone from Tuesday.

D. High volume zone Wednesday evening.

EUR/USD 5min

I've annotations on the 5min chart around the C area from the 15min chart, we pushed up on two increased volume bars, this was either absorbing and pushing through that Tuesday zone or it was further weakness - volume at volume - pushing into this zone. Weakness was confirmed with the subsequent bars down and pushing out of the zone. We then printed a tiny spread, low volume No Demand into the low of the Tuesday zone which proved a great entry. There was some expected support at the high of the next zone  @ 2647 where some further high volume came in, but not enough of a reaction to close the trade. After this it was a pretty easy ride down to the low. 

Another great set up to add to the collection!

Cheers,

Liam