Tuesday 24th and Wednesday 25th July

by 23:25 0 comments
I'm posting Tuesday's update a bit late and i'm going to post Wednesday's update a bit early!

This week i'm working 47.5 hours at my part time job. It's the last week of staff being away so next week will hopefully be normal service resumed. Whilst the extra money has been great, i'm looking forward to getting stuck into a few charts again.

If you want to stop reading now, I haven't taken any trades for the last two days. If you want to hear my story, please keep reading!

I was in work Tuesday morning so I was watching the charts from there as often as I could between deliveries and what not. Anywho, the 15min chart below has the zones for Tuesday and for Wednesday that I was keeping an eye on.

EUR/USD 15min - Tue & Wed

Sometimes, it's just as important to stay out of a trade. On Tuesday I was watching the highest volume zone from Monday (bottom left) and the highest volume in the morning (middle of chart) which turned out to be the highest volume of the day. Now here's the problem. Monday's zone was strength, everyone can see that. Temporary or not, it was strength, so I had to keep an eye on this fact. Tuesday morning's zone, whilst being a down bar on high volume, has weakness written all over it, an attempt to push up before crashing onto the lows with the next bar down. This coupled with the low of Tuesday's zone being at exactly the high of Monday's zone. Volume at volume. Again. Anywho, there was clearly a fight going on between the low of Tuesday's zone and 50% of Monday's zone. 

EUR/USD 5min - Tuesday

There were two opportunities to short before it started bouncing between these two zones. I even had the order set on the second ND, but decided to cancel it before it triggered. Reason being, that I zoomed out and looked at the bigger picture as I mentioned in a previous post, I thought there's a good chance we'll reach the 50% of Monday but we'll struggle to get lower - where my target happened to be. I deleted the order and was content with my decision for the most part as there was a lot of to-ing and fro-ing that I wouldn't have been happy to sit through to be honest. Ok, it got there in the end but it sure has hell took a long time. I'm personally happy that I decided not to go with the trade.

On to today - Wednesday. Being honest I did feck all. My girlfriend stayed last night and I looked over a few things in the morning, once the market started pushing up after this big wide spread high volume I decided then and there it wasn't going to be my day. And I was right. I don't see any set ups I would have taken to be honest. So I got dragged shopping for a couple of hours before heading to work in the evening!

EUR/USD 5min - Wednesday

I haven't marked a lot, just the zones that were in play for the day. It's worth noting and looking at how prices moves in and around the highs, lows and 50% areas. It really is fascinating to watch. Even if there isn't the perfect set up that I like to get it often bounces.

I've often thought about an EA that just scalps 10 pips or so every time the market touches a predetermined zone. It would need a bit more work than just an idea in my head though!

That'll do for now, working again tomorrow morning and evening so my next update will probably be Friday morning some stage.





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


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