Thursday 19th July

by 09:39 0 comments
I was working yesterday morning so didn't get a lot of chart time, it can be hit or miss when i'm working. Some days are quiet and I get plenty of screen time, other days we're busy with customers of deliveries so it's just not possible. Next week is the last week of these extra hours anyway, everyone will be back from holidays then!

EUR/USD 15min

Anywho, charts were a little messy yesterday I feel. In yesterday's blog I spoke about the strength in the 15min and 1hr zones below us. Despite this, the weakness was evident in the charts yesterday morning. A and B on the 15min chart are high volume up bars, both produced a healthy move down. There's no entry for the first leg down from A but once B comes back into the zone we get further weakness - volume at volume.

EUR/USD 5min

The best entry I can see is on the 5min chart with a ND bar into the low of A. You'd have to consider that we hadn't broken the 50% of B but that the underlying market was weak at the time. It revisits this low of A area on a further two occasions so it may also have taken a bit of balls to stay in the trade but the reward was there in the end!

Then, lo and behold, where does the market stop falling? That's right, the 50% of that hourly area. Clockwork. C on the 15min chart is the highest volume of the day, appearing at that hourly 50%. Perfect!


As for this morning, (Friday), i'm not too sure where we're going, i'm very aware of the strength in the hourly chart but we seem to be having real trouble breaking that high, having rejected it on a couple of occasions now. 



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


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