Today was another busy day with 24 trades being taken for +150 pips. Below is an examination of a few of the trades.
Pre-London gave a few potential entries on the Tiger time lanes but the price action didn’t reach any of them properly. Luka didn’t have a trade until into London open where he took 1 lot O2W short on EURJPY with EURUSD also being at resistance. He had to add 2 lots a bit higher up and ended up closing his first entry for -3, and took half from second entry for +7 until getting stopped out on the rest of his short position.
Finally some decent price action for Franjo’s London session today. With EURUSD making a higher high and at the same time USDCHF making a lower low Franjo was looking to get a safe entry on a pullback to 5 and 15 minute levels. USDCHF had a nicer pattern on the charts and more protection from higher timeframe levels so Franjo decided to take a short on USDCHF at the 15 minute levels. The idea was to add once at the 60 minute level just above the big number and have a combined stop loss of 15 pips from his first enntry. Shortly after Franjo entered the short USDCHF trade we saw the big number tested so Franjo added to his short position just above the big number as advised. Immediately USDCHF bounced to the downside and Franjo closed his first entry for -1 pips and half of his better entry for +9 pips. At his next target the 5 minute S1 level Franjo closed most of his position for +15 pips running the last bit for previous low which also got reached so Franjo closed last bit for +30 pips.
The next trade Franjo decided to take was a O2W set up on EURJPY when EURUSD and USDJPY were at decent resistance. EURJPY had 4 fib band shade levels across all 4 time frames so Franjo took a short entry with a 10 pip stop loss. The Time Lanes showed us once again a precise entry as Franjo was never down more then the spread on his trade before EURJPY bounced to the downside. Only a few minutes later Franjo was able to close half of his position at his first target for +9 pips and the second half at his next target for +14 pips.
The early New York session started briskly with Paul shorting EURJPY at a 2 column orange to white with the 60 minute R7 as help. Price moved slightly beyond his entry point but didn’t reach the first ading level so he remained only with his initial position. It eventually came back to give him +5 from the trade. Later cable cable rallied to near the days high. There was a two cloun resistance there which Paul shorted and this eventually earned him +12 pips.
The New York Session continued with Sam taking three profitable trades, the first being a 60 minute Bounce Trade on Eur/Usd. He quickly takes 7 pips on the first lot and 10 pips on the second, and is immediately scoping for new opportunities. The next trade shows itself as a Reversal Trade on Eur/Jpy, Sam jumps in short, and within three minutes takes 9 pips on the trade. As the session nears an end, Eur/Usd begins to hold resistance under a strong 5 minute level, Sam enters short and within a few minutes, he is taking 6 pips on the trade, however the trade works out for much more. All in all, a great day trading..
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