Sunday 18th November

by Liam 13:23 0 comments

I've been looking at the hourly charts a lot more lately, keeping background in mind and looking for key zones and probable reversal points around these areas. Here's a great 1 hour chart since the start of Nov. I understand it all looks great in retrospect but this is the sort of stuff I want and need to be looking for at the right edge. Identifying a zone and saying to myself that "this high / low / 50% is a target" mark it, remember it and look for reactions in and around that area.

EUR/USD 1hr

I spoke about the first reaction from Zone A on the 7th November. Some of the other ones i've marked happened during the night / Asian session so I'm going to move past those and on to the last three. 

The huge upthrust type bar has no set up in this area I just thought it was interesting when the FOMC news announcement spiked and it stopped dead at that area.

The second last reaction was last Thursday. This wasn't as clear a reaction as some of the other ones but what was important was the volume that came in at this area on the hourly and 15min charts. Annotated 15min chart below;

EUR/USD 15min (i)

The last reaction on the hourly chart occurred last Friday and again we had high volume and a good reaction in the right place.

EUR/USD 15min (ii)

This is the kind of stuff I need to be looking for on a regular basis. If an entry isn't presenting itself on the 15min chart I can always drill down the time frames and go to the 5min to find my entry. I am starting to lean more towards the 1hr and 15min combination, it seems to be working nicely.

Cheers,

Liam