Yesterday was a weak day for me. I day traded and scalped a few setups but it was not too profitable for me. Let's just say I made $90.
My psychology and mental mindset has been very clustered and all over the place because my day job has been very demanding as of late. I am a trader with several strategies in my playbook.
In times like these when I have less...
EURUSD is oversold. Two indicators are very helpful in determining this. Stochastic and RSI. On all the higher time frames they are in oversold territory. Match this information up with the price action at the bottom of the demand zone. This is a very good opportunity also from a fundamental standpoint. The US will slow down because of rising rates. Other...
This is an example of a round number 1.2950 used as a "price magnet".
Consolidation pattern broke out and I took full advantage of the momentum.
To protect my risk I used only the 4H and D chart for my analysis. I also moved my stop loss to breakeven.
Markets have been very choppy so Id rather protect my capital and risk nothing once the momentum is true....
130.000 is a psychological whole number where price acts as a magnet. It's a significant number and it's an area where price where buyers and sellers are debating price. It is probable that price will reverse because it was heavily bought up at 127.500 (evidence: large wick). The 4H and D charts show more probable setups. It's difficult to make logical decisions...
This strategy takes advantage of economic data releases. You want to identify a chart consolidating where buyers and sellers are debating the price. Today, US CPI numbers came out and the expected outcome of peaking inflation numbers came out to be false. When an unexpected outcome is released, a lot of traders move with the momentum and price really takes off....
I pulled up the weekly because I see this as a great swing opportunity. The dollar remains strong and its broken the 0.7000 level. Price can go up back to the 0.7100 level but I think its likely to continue down. Weekly the bear bars consecutively have shown strong momentum to the downside. I don't see this reversing in a big way.
US interest rates will go up...
I pulled up the weekly because I see this as a great swing opportunity. The dollar remains strong and its broken the 0.7000 level. Price can go up back to the 0.7100 level but I think its likely to continue down. Weekly the bear bars consecutively have shown strong momentum to the downside. I don't see this reversing in a big way.
US interest rates will go up...
Today is a good example of why I use line charts. Line charts shut out the noise when the volatility is very high. Looking at the 15M chart you will find a 20 pip range of volatility that was stuck in a consolidation pattern.
This 1H chart shows that I entered at the bottom of that trading range at the worst time.
I was hoping that the price would hit 1.0500....
I made this trade around 6:50 AM PST and found a set up on the 1H chart. I use a technique called multi timeframe analysis which helps find the context by looking at multiple charts. The lower time frames today told me that the trend was lower. Therefore I had to go higher until I found a gap between two extreme levels.
I start from 5M and go up until I see a...
I looked at the price action after 7AM PST on USD/CAD and found a setup on the 15M chart.
I used a standard lot for a sell and made $165.30 USD.
I always try to make the set ups simple, only taking the highest probable outcomes. When you see extreme levels, on both ends of the chart you can find the range you want to look for.
I found the price to be...
