London as just opened and we have already set a another low at for today and as I type only 5 pips off the new 2 yearly low of yesterday.
Most traders can see from their charts that the EU is oversold and so therefore will need pullbacks or retraces during the day. Most of the present pullbacks during the last 10 days have been very small with the largest approx 70 pips.
We are near the large psychological important price of 1.2200 which might be looked upon as very important. You can imagine 10-30 pips below that price a lot of "stops" that could trigger another rally. The bulls will be doing their best to keep price above 1.2190 whereas the bears do want under that - as they know the effect it would have.
Will we get there today or on the infamous Friday 13th ?
I remember from yesterday key price areas of 2261 - 71 and 85 needed to show any moves being tried as buys.
I am not keen to scalp buy yet - but would over 2224 - 37 and 45.
Meanwhile i hope you have caught some pips on this 3 hr fall of over 30 pips so far.
Will the low go now or not?
What's next then ?
10am - 3am NY - hr change - 2296 high 93 scalp sell and whilst we remain over 2276 we can then look for another scalp buy
2277 - 5 mins to half hr change - still in scalp sell cannot buy just yet - will take profit on sell if w ego back over 83
Under 2270 - I go back into short term down mode on EU with then supports as before, GU as been strongest with AU next - but in pullback modes atm
For 11am UK time and 6am NY - update, 2271 was the low on the pullback atm .Would need that to go then other supports at 56 - 47 etc for lower . Whilst above 2276 we will try up again with the resistances as before 82-85 - then 94-96. Another update in 30 mins next
11.30am UK ( 6,30am NY ) - For this update I will try and view it for different types of traders. For longer term position - you would still be in a sell holding for another break of low and for under 2200. If you are in from 3000 area like Sir Gissa you can afford pullbacks up to 2700 without too much concern.
For swing traders who are in sells and holding from say 2500 areas - you concerns would be over 2335 and then 2400 - that would should a change in the swing bias.
For Intra day - you need now to see either over 2300 for more buys or under 2235 and 30 for more sells.
For scalpers - under 70 and bias down towards 56 and 47 - over 76 need 83 and 88 to go for up bias and scalp buys
Hope this assists with the jigsaw / picture. Another update at UK midday
Coming up to midday UK time and I have shown you my tick chart with examples of scalp buys I have taken.
When we move in ForeXmosgate - I will show some more working charts and look forward to all inputs on how we can improve our trades and results.
For now we need the high to go of 2296 and for a break up into 2300 areas - which then might be followed by a fade out or pullbacks which are still up bias over 2284
GU and AU have been easier pairs today to trade than the EU - but that can be expected at times as EU as more traders buying and selling causing all the smaller waves etc
Coming up to 1pm UK lunch time and 8am NY breakfast - EU - did not achieve a HH and a break into the 2300 price area. Instead it posted a LH by 1 pip and at 84 became a scalp sell - with yet again supports of 70-71 to breach for next supports around 2256.
For scalpers under 70 is more scalp sells and over 2283 back to scalp buys. Notice important news during next hr that may be used - so be aware.
Have a great US session ;-)
Hi Elan - I hope you had a good day yesterday and similar this morning. Just looking at your chart and can see the BB's showed an OB situation on first attempt at 2300 - so hope you got as nice 20-30 pip sell there.
You are correct about the present up trend - I think we need under 56 and 2247 to let go before we then go back into more down bias.
Your blue band is showing the mid supports area - so lets see what happen after the news in 15 minutes.
bad luck peter .. today power shutdown whole day.. jus now opened the chart .... took one under 70 thats all....yesterday was good peter.. still need to improve a lot.. need to learn more abt bollinger
The range now as tightened up before any proper break takes place. The key now on the EU are the following prices - For higher and a crack at taking high and going into 2300 price area - we need resistances at 71 and 82 to be taken out.
Failure on those 2 prices leads then to supports holding or letting go at between 2247 -56 prices.
Traders need to be aware of false break either way as the market will encourage more trades to be taken by "teasing" bulls at over 70 and bears under 55. If a double whammy can be achieved by catching both sets of traders out - even better. The clues are there to spot - so try and read them and remain focused so even if you get caught - you can close quickly and then review again.