Thursday 26th July

by Liam 10:48 0 comments

I was working yesterday morning but it was quiet enough so had a bit of time with the charts inbetween customers. What a day! Big, big moves but I wasn't in on any of it. Once the up move started there was no getting in, it was basically a bee line for the highs of the day. I don't really see any entries I'd have been too happy taking so i'm going to leave it at that. I could dissect it a bit more, but it covered so many old zones and made a couple of new ones on the way that I'm just going to leave it and move on to the next day. I'll just post some charts with some of the marked zones. My charts were a complete mess so i've tidied them up a little bit!

EUR/USD 15min Zoomed Out

EUR/USD 15min

Whilst I couldn't really see an entry on the volume charts, my point and figure charts did provide something interesting. I talked not too long ago about working with the volume zones on the pnf charts, to be honest I didn't really do a lot more after that post but yesterday this idea arose again.

Below is a 1hr pnf chart with drawings copied across from the 1hr volume chart. Some interesting stuff. I'll post both charts for comparison.

EUR/USD 1hr

The high volume 1hr zone on Wednesday provides the basis for this set up / idea. We have that huge volume zone with no weakness proven as we don't even break through the high. Whilst we're above the high we must look for longs. We bounce along it for a while before breaking out to the upside. There's no real VSA entry in my opinion but the PNF chart provides us with one of the 6 set ups I look for. A triple top break out.

EUR/USD 1hr PNF

Certainly something I need to look into a bit more. There was also a very similar PNF set up for the Cable chart as well. Almost identical, the only difference being the triple top breakout appeared at the 50% of the 1hr zone. 

GBP/USD 1hr PNF

Ok that's enough charts for now, onto today's charts, comments welcome as always!