Charts - Wednesday 4th February

by 23:34 0 comments
Took one trade today, a short on EU that I closed out early before a full stop. Got in a bit early, before it did decided to move down in the afternoon. There was a better short entry for the afternoon move but I was out of the house so unfortunately wasn't around to take it.

On to the trade that I did take.

EURUSD 15min / 3min P&F
1. Yesterday's highest volume zone.

2. A another zone at the high of yesterday which bounced off the low of a previous zone from the 22nd January.

Price was hovering between these two zones when I got up this morning. I told myself that I didn't want to short into volume zone 1, this was the highest volume zone from yesterday and had the potential to hold up the price, which it in fact did, for a while. Price came back into the zone and I thought we'd cleared the high and were now heading down so I took a short signal that formed. I thought that all the criteria were met to take the trade but I shouldn't have been shorting in that area. I need to wait for it to break the 50% or low (0%) of a zone before looking to short. This leads me to I mentioned at the start of this post. There was a much nicer entry that came along in the afternoon/evening.

EURUSD 15min / 3min P&F

You'll notice a new fib zone on the chart. The black zone drawn on the ADP NFP bar. Price broke out of this zone, revisited the low and then broke the 50% of the previous day's zone. The green circled entry on the P&F chart was nice for a 15-20 pip trade now that price was clear of the 50% zone. This would've been an ideal entry to take.

I'll just have to add it to the "trades that fit my strategy" pile.

That's all for now,





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


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