Wednesday 30th May

by 10:30 0 comments
Two charts to post from yesterday, firstly a 15min Eddie chart. 

EUR/USD 15min

We had a slow grind down at the start of the day with lowering volume and we got a huge shakeout on the highest volume bar. I'm not sure what news report was tied to this and to be honest I don't really care as it gave me my starting point. On first glance it's a widespread up bar closing in the middle to low and on huge volume - weakness. The next two bars were up, maybe not weakness. The third bar was an upthrust / trap up move type bar which brought us back below the 50%. We then printed the No Demand which would serve as the entry. 

I decided not to take it based on a couple of factors, 1. I thought we were too close to the low, 2. We had the low of the high volume zone below which could provided support and a further bounce if we got there and 3. I was going out for the evening so wouldn't be able to monitor it too well. It turns out if I had set the order, it wouldn't have triggered within two periods, so it would've been a no trade for me and the order would've been cancelled. With all this in mind, it still went down, so my overall "weak" analysis was correct. High volume zones still working nicely!

The second chart I have is for Oil 5min.

Oil 5min

To be honest this is pretty much a carbon copy of the Euro set up above, just on a 5min chart, this time the No Demand is confirmed and we would have been taken into the trade for a very nice ride down. I don't have a lot more to add for this chart. Any questions, just fire away.





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


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