The market turned at 9am but didn't break the 8-9 range. It's unlikely so to do unless there's news. Otherwise we will drift back up to the linear average I've put under my chart in yellow. It's a very clear and safe way to place swing trades, even with quite a close stop. Reversing the opening spike didn't really profit anything but selling the 5min bar break...
We are rather a precarious position at 9am...resting on the 7400 mark and refusing to go through and being forced down by the 7415 high of Fri during which y'all should have been selling because of all the articles Thurs night about the strong pound. I'm looking at the 12th and I think that a break up is most likely even though we never did close those gaps last week.
Had to wait till a bit after 9 to get our channel today. An extended move down for 50+ points cam in. Not sure why yet - I've been tuned out of the news for a while. Needless to say I have bought this oversell. There was a slow spike down this morn but it was an option. Selling the 5min bar breakout worked.
We may be likely to get a clean break down from the 8-9am bar. We also have a Pivot and Friday's gap drawing the price down to 7350. Opening spike was non existent and 5min opening bar break down was worked for 11 points.
We have a gap to close upwards but the volatility was so low 8-9am that we will likely get this position filled before the gap closes. I hate trading these because my gut always says why sell the lowest of the day? But these trades do have a high probability.
If we pick up a bit more negative movement then we will have a trending day.
I started these on the oanda chart because the prices are nearer the fxcm prices but I shall continue daily analysis on this chart now. London open scoped the range 20 points so we are targeting 20 on top of the high plus 2 points so 7497 ->7517 roughly.
typical. The 5min break down didn't reach before turning around to scope a channel trade. But even that is changing scope. Here's an example of the 1H break going up. Volatility is low so 7515 looks likely.
I'm going to start with a london open trade. A classic, the 5 min bar break. I'll also look at an 1hour break later on. 5min bar break - once the price moves beyond the range of the london open 5mins by 2 points, trade in that direction for the length of the opening 5 mins. Valid for 1 hour otherwise mmtm is too weak.