AU short but GMT +8 morning, so V early Not from a wyckoff setup, but a healthy trend on the 1H, no opposing S&R on the daily, entry from the top of a range on the 5m chart on confirmed selling volume.
Actually V similar entry to Monday’s. If there’s nothing opposing on the 1h & 1D charts, I’ll look at the 5m. G/U about half an hour ago has done a bit of a wyckoff/selling climax entry long if you’re interested in checking out the chart (not to enter, it’s too late unfortunately)
A few big moves yesterday eh? I managed to make my bacon during the Asia session, unfortunately the EUR dropped early. With this in mind though, you’ve got to think “the USD has rocketed, a pullback could be on the cards?” ie: Long G/U, A/U or E/U. This is all about “overbought” & “oversold” or really just price having used up it’s juice for the day. I’m currently looking at price to fill it’s ADR(5) range as a marker of overbought/sold.
On with the show, I didn’t take this trade, but G/U’s been in a down channel / sloppy down range for a couple of weeks. Here’s the 1h chart and 5m chart. On the 5m chart, you can get a bit adventurous with the Automatic Rally, it’s better to be safe that sorry and wait for a clean swing high to form the AR, both are marked up.
Note the volume when price pushes through either AR marked, it’s relatively low. And as a bonus, all indis and chart stuff in this post is available in the first post of this thread!
Caught two great trades last night. E/U and E/J shorts.
All wyckoff push through’s. After US news. Anyone finding the EUR and GBP news trades too counter trend?
Here’s today’s Euro arm wrestling with the AR, a good exercise if you’re learning, go bar-by-bar and see what the volume is doing… remembering that “higher” volume = opposing the move, “lower” volume = free to drop.
If you take entries counter trend (or counter to the USD), i’d just be setting solid target areas for profit, and not expecting to trail you S/L for a bigger winner. But yeh for sure, they’re popping up
Previous Day’s High/Low, in a bit of chop (GU) and a nice bit of S&R on the daily chart, bombs away.
One thing I have most definitely noticed with VSA and wyckoff, being, I will watch a good 10 setups pass by me…all being profitable, too. Yet, these swings serve no purpose to me…they’re not of my patterned know how and could even be stop hunts and deliberate mark ups/downs. I have no problem watching them pass…I want only 1-3 good trades a day.
That was also my biggest pit fall…thinking I was missing out on good trades, where-as, quality over quantity re-asserted me.
As mentioned in a Steve Nison Book…“A Clever Hawk Hides It’s Claws.”…wait…test and attack.
Lots of odd movements going on this session, the USD not being the driver, pairs running their own race etc… Took a nice G/U short earlier but it got really choppy & came back & hit my trail. EU’s just popped right up on “nothing”…
Looking for U/C to test around yesterday’s low with a sign of strength
I can see within an hour or two…(ha…the patience of forex)…something should happen…could hit 61.8 fib on EJ and EU…hopefully. Should be more clear…130.430 on EJ and 1.09227 for EU.
the GU short during the EUro session was ok but I had a lower TP and didn’t trail the SL as tight, only ended up with around 2R but thought I was set for a much bigger pay day.