I'm Still Alive

by Liam 11:51 0 comments

Busy busy busy. In the process of moving in to a new apartment so haven't been able to dedicate a lot of time to trading lately. Fortunately still have internet access at the old place so i'm using that at the moment.

I did put this chart together this morning though. Hourly EUR/USD from the last couple of days. Has been moving quite nicely actually.

EUR/USD 1hr

A - Massive spread and volume from Thursday two weeks ago, FOMC I think? Either way, definitely an area worth watching. After my post with the PNF chart and entry last week I mentioned this would be an area worth watching and so far this week it has played a huge role. We'll come back to this.

B - The high volume completing the double top that started the down move last week.

C - Further high volume that admittedly didn't look like weakness with the high close and the next bar up but this soon turned into weakness. This also played an important role.

C(i) - not marked, but some high volume comes in as we breach the high of A. The morning of the 20th.

D - Zone A comes back into play here where the 50% area stops any further down move, interestingly enough there wasn't any huge volume at this low. If anyone could expand on why that might be, to help me understand, that'd be great.

D(i) - I didn't mark this but just noticed it now, we get a bounce from the top of zone A before pushing up.

E - Zone C comes back into play here, with two attempts to break through this high volume zone. Interestingly there are two hourly bars that close right on the high only to be rejected. In between these two attempts to break through we have another bounce from the high of A.

F - Interesting bar, initially looked like some strength had come in, but this was temporary. We fell below the low and haven't been back above it since.

G - More high volume at the 50% of A. Knocked the market sideways before a small push up to the high of A.

H - High volume and selling at the high of A and the market has dropped off since. Any comments and other observations appreciated as always!