And it seems to be so choppy i.e indecisive…
I DOnt like to trade mondays. Not saying I wont trade them but I will cut risk down as low as a can on monday.
I second that emotion, I don’t get up early on Monday mornings and basically don’t look for intraday setups, they just don’t play out as reliably in my experience. It’s a long old week, no need to rush out of the traps!
I’m waiting for the EU to go down, to enter long at a cheap.But probably price will return to 1.3200 and break it. so its maybe better to stay out.
Agreed I checked the charts last night but nothing really impressed me so I didnt wake up for LO decided sleep was worth more than any trade that may have formed. Now I am at work so no trading till tonight. Hoping to see price go up a little higher on the cable or fiber (both preferably). That way it will set me up to go short at a better price either tonight or tomorrow night.
Simon the last I checked its a new week not an old one. Unless of course you can turn back time then that would make things interesting 
I third that! They are worst than fridays (except NFP).
I fourth that now. I’ll look to stay out of Monday markets during my practice in future
Hi bobmaninc any luck with the video yet…
Nikita, could you give us your step by step method of looking at the charts? As in, your steps every time you find a trade.
For example, do you have a decision tree?
I think I have the gist of it; look for correlation, draw major S/R lines at weekly TFs, zooming in to daily to check bias, then use hourly. That’s how I try to do it, is it along those lines that this method is used for?
Nikita,
I have a question regarding bias on EU for today’s Tuesday London open session…
Daily TF - Friday was a large bear candle, I don’t trade on Monday but Monday was a small up candle, so going into Tuesday my question is this…
Is Tuesday a buy because Monday was a buy or is Tuesday still a sell because Friday was down and Monday was sort of an up reversal candle (not a great reversal candle) but in any event if we are calling it a reversal candle, there was no confirmation candle…I would appreciate any feedback you could provide with this and correlation on GU was basically the same as EU and I also use the USDX for correlation as well and that was the same (just inverted)
As I was watching price action on the 1-hour TF at London Open, PA moved below the daily open and I went long on a lower low after the 1-hour reversal candlestick (hammer) closed right at London open at an SR line, my fill was 3180
I was wondering if you could provide some feedback as to what your take on bias, price action and entry would be
Thanks
In regards to the above post, I ended up getting stopped out at -20 but prior to the down move that stopped me out, was that a valid entry signal that just did not work out or was it an incorrect trade to take as bias should have still been short…
Actually yes we have gotten somewhere. I have been have software issues (or operator issues) but I ran a test video last night and it worked. Soooo I was hoping the drop in the EU last night would have held on to today so I could post that trade setup. However it didnt so we will see what turns up tonight. You can expect something soon I promise lol
I dont have charts to look at right now but regarding you last post you entry sounds good just didnt work out for you. Hammer on an area of support good valid entry. There are bigger things playing out on the charts though as to why you trade didnt go so well. Look at the weekly TF you will see both the cable and fiber both have bearish reversal patterns for last week. But Hope your MM was sound and you will be ok. There are going to be days like this. However if the weekly charts playout then there are going to be a lot of bearish days coming that will go with directional bias. All in all like already stated you entry seems sound according to this strategy. Hopefully Nikita can chime in with a chart. Or if you could post your trade it will give a clearer picture of your entry.
Bob,
Thanks for the reply, I didn’t mention it in the previous posts but I was aware of the bearish engulfing candles on the EU and GU on the weekly. I worked my way down through the TF’s from W1 to D1 to H4 to H1 noting the candle patterns & the SR each are reacting off of. My only other comment on the W1 was that it was clearly an uptrend prior to last weeks bearish engulfing reversal candle but it still was a strong reversal candle and it still was a reversal candle without a confirmation candle. I believe the rules would apply on all TF’s as candle patterns & SR is universal to any TF. My MM is in check and I cut risk in 1/2 due to the W1 reversal candle and not being 100% clear on bias going into the Tuesday London Open session since Friday was a strong bear candle and Monday was a weak bull candle. So I watched the H1 chart for indications of where price would go during the session.
I will try to post some charts this afternoon, so I can clearly show what I was looking at. Appreciate the reply, I’m just trying to gauge whether I went through the process correctly and if the entry was valid and bias etc…I’m not worried about the loss, more the process of correctly approaching the market.
Well let me ask you this then. What confirmation candle were you looking for on the weekly? A bearish candle to confirm the reversal I suppose. Thats fine and great but what if that candle forms this week that has not closed yet? Would price not have to reverse in order to make that candle on the weekly for confirmation.
Another thing you said you bias was not clear going into LO. If this was the case why did you enter? What has Nikita preached so many times on this thread? Dont think about what direction the market will go. You either know direction or you have no entry. All in all I still think your entry was valid. Just timing was wrong. You will see a few pages back the reversal I traded last week. I had very clear bias going into that trade. I cut risk way down because it was against the momentum of the market and thus a risky trade. Has I not had very clear bias of that reversal I would not have got in the market at any risk level.
thanks bob I am waiting for your video, no rush do it when you ready.
Can anyone explain to me what an LO trade is?
London open.
PS. I just accidentally reported your question. I hit the wrong button on my cell haha. Sorry about that
LMAO
yes it is London Open. The time the market tends to move the most. About 2am EST
LO is technically 8am UK time which corresponds to 3am EST for almost all of the year. You’ll see action and positioning before that time as traders get ready for the day but 8am is the official LO time.