Hi folks,
Poor form on my part for starting a forum but not trading much this week, in the middle of a renovation.
Here’s a nice EURUSD breakout of the opening range that I wish I was around for.
Flat price action prior to frankfurt, No clean moves for the Frankfurt hour. London open, breakout below OR, first pullback below Support with No Demand, second pullback mid S&R with no demand.
I’d like to highlight the two candles I’ve marked “1” & “2”. Equal volumes, the first is a strong sign of selling, the second is a sign of stopping volume/buying coming in. Trying to show how you should read both the candle (with any associated wicks) as well as the volume. When I get a big volume, I like to look across the chart, find another volume that’s around the same figure, and see what effect that had on price.