Woah! $990, that’s a bit steep.
I really hate that there isn’t a good indi available for metatrader.
990 compared with other MP solutions is cheap. Try to take a look at competition.
As for Metatrader - if you hate that there is no indicator, you can go ahead and program one. If you can do the development and programming and will be able to put 990 USD price tag on it I think you can make success.
Before you do it I will give you a friendly advice - Metatrader does not provide objective information on volume. MP (as well as other tools from Market Profit Pack) are based on volume, so it is nonsense do create MP for Metatrader.
EURUSD - Market created Neutral type of day yesterday, in line with my expectations. There were few opportunities to trade agresivelly to long side from 1,3600 support or based on signals formed after test of the same support.
Important macro news will be released in Europe in about 20 minutes. If they will be significantly away from expectations we may witness strong price move even before Thurday´s ECB.
We are in very low volatility environment for 7 trading days. Breakout from this low volatility could bring strong move. I will want to trade with direction of such breakout, if it occurs.
EURUSD - Market showed no breakout from recent Value Area (VA) yesterday. However price tested important low at 1,3586 and there was decent buying reaction.
After 12:00 there was buying initiative from nice Pin bar on 4h. Price tested all the way into volume VAH from Monday (see picture). Reactive sellers entered into the market there. I took a scalp short from dVAH and later I tried to take long trade on pullback into 1,3620 with expectation that buyers will be active again. Price made 10 tick move but I was playing for dVAH and when price retraced to the entry point I closed that trade.
Today there is minimum volume in the market. I expect rotation around significant price level (value) within the current trading range. I suspect that the “big boys” are waiting for tomorrow´s ECB.
I took a short term long trade few minutes ago. I do not plan to do much else today. I will wait for reaction to tomorrows ECB and trade with direction of breakout from the current trading range.
EURUSD - Yesterday morning played out as expected and I took a quick profit on my long trade.
In the afternoon I missed a good short entry when price tested into Tuesday´s VAH. From there price retraced into key price level I have highlighted in yesterday´s post.
I do not plan to do anything until ECB press conference is over. I have prepared scenarios for long trades, if there is no action from ECB and correction to the upside should start, as well as for short trades if ECB loosens monetary policy.
EURUSD - Market was pretty wild yesterday. Additionally the volume traded in 6E futures was way above average (highest daily volume from November 2013 ECB meeting - BTW similar scenario yesterday = rates down - price moved down significantly but retraced the whole move before session end).
Since longer term time frames were active yesterday I merged profiles from May ECB press conference (another key macro news event) since today.
I have highlighted important resistence levels which I consider good for swing trades (even long term).
My short term bias in EURUSD is bullish. Retracements into supports will provide good opportunities for short term long trades.
However my long term bias is bearish and I will wait for short opportunities in key resistance levels.
EURUSD - On Friday price tested above Thurday´s high. There was nice reaction of sellers there and then price tested all the way towards daily low. I took few scalp short trades during the move.
For today I expect sideways price movement mostly in Friday´s Value Area (VA), since there is minimum macro news and bank holidays in some European countries.
EURUSD - Yesterday´s development has surprised me. We had a directional (down) day. Price moved all the way to 1,3590 area where it spent the whole US session (and traded the highest volume there).
Today price test lower continues. It already tested the VAL of last week. I would expect reaction of buyers in this area. There is good potential for price to start testing higher into POC area of 2 previous weeks.
EURUSD - No reaction of buyers at wVAL mentioned in my last post. Market created second day of b shape profile signaling liquidation of old long positions.
Now I am waiting for new initiative in the market since it could provide clues about next move. If price breaks below 1,3490 door is open to further downside move. If buyers initiate new longs I would expect move at least into 1,3590 and I do not rule out test of last weeks high.
EURUSD - Market moved in narrow range yesterday. There was buying initiative before start of US session but after US open it was quickly neutralized. For the rest of US session it was sideways move in very narrow range.
Today price tested below yesterday´s low and there was quite a nice buying reaction.
If buing momentum remains price could test all the way to yesterday´s high. If price breaks below today´s low I would expect test below low of Thurday last week. If price gets there it will be crucial what happens.