Charts - Tuesday 6th January

by Liam 21:34 0 comments EURUSD

I was working the morning shift today so I didn't get to spend as much time looking at the charts as I would have liked. I did still manage to take a trade and record another loss. I also had a few other pending orders that didn't fill but any who, on to the trade I did take.

EURUSD 15min

1. Yesterday's high and pretty much the highest volume of the day. I've marked this as we got a nice reaction  this morning in the green box.

2. Another high volume zone. Both important areas to watch today.

3. High volume this morning, I really wanted to get a trade from this zone but I unfortunately didn't get an entry where I wanted to see one.

4. Highest volume today, right slap bang in the middle of zone number 2 from yesterday.

EURUSD 3min P&F

1. The green rectangleI mentioned from the 15min chart, this was probably the best trade of the day but it was right on top of the MA and I hesitated a little, before I knew it, down it went. Would've been nice to hit my target for the day before 8am!

2. This is the entry I ended up taking. Basically, i'd missed the boat by a long way and was far to eager to catch a falling knife. Up it went. Although it did come back down, i'm not happy with this entry at all. As I said yesterday. Discipline.

3. Set an order on this one, glad it didn't open the trade. In retrospect, it was right on the MA and I was playing with fire a bit. Luckily didn't get burned.

There were some entries on the up move but I wasn't really seeing it as strength with the massive volume that had come in from the previous chart. We didn't eventually clear the top of the zone before coming back into it on a sell at number 4.

Very up and down day, looking forward to tomorrow.

Cheers,

Liam