Can’t make much of it at all today at the mo, anyone else?
Yeah, EU too close to the center of the range…
Missed the ND on the 15m at GU, though…
That’s major high volume on down moves on the GU off the back of that News, so I think I’ll be looking for a long on the GU, might be a bit of a wait though.
Yep, but that was pretty aggressive selling…good follow through on the 5 mins. Will have to get closer to last weeks low and show proper buying/lack of selling, then I’ll consider it.
how would you gauge a ‘good follow through’?
Bearish reactions to bearish bars after the initial high volume, further progress of price in that direction.
Heads up on a/u strength. 1hr not ideal but the vol increase is there off the low, and the 5 min sure is pretty.
…so do we buy on NS confirmation?
the push through/effort to rise failed on high vol, and now news…not as good at the moment.
The long on the pound could be on, worth looking out for maybe, but it’s starting to get late.
Sure glad I took today off.
Agreed, should’ve taken the day off…
But you never know until the fat lady sings, and there were entries on the GBP, I didn’t though.
I saw the multiple short entries throughout the London morning, just didn’t think they were plausible considering the drop it had already endured after I missed the first entry. Looking back, they looked like nice setups considering GU’s ongoing weakness this week on the 1h…
Hello
There are checklists for longs&shorts in The Master the Markets book. Is anyone having their own checklist and do not mind to share? A more forex friendly one?
Here is mine:
I draw a daily Fib to see important lvls _ Then I look hourly, Fib area, most recent top or bottom and their volume _ Volume at important lvls, Fib,Pivot _ Phase formations on 15 and 5 min _ NS-ND
Cheers
Hello all,
first post on this thread. I appreciate all the help the more experienced traders are lending us beginners. I hope in the future to be able to give back what i have received.
If you could help me analyze the attached chart and comment on what i post that would be awesome!
At point A, we see a high volume down bar followed by the next bar closing up. However the up move after that bar runs out of steam. As you can see i have placed a line covering the top of the reaction off point A. Is it accurate to have that line as a place of interest? Reason for it being that if there were buying at Point A, wasn’t enough since supply came back. That area i now have as an area of supply.
Point B and C is now my area of support (supply).
Point C - We come back into my area of supply with a lot of volume. Next bar closes up. I am not looking at the supply in that area is now being absorbed by the buyers.
Point D - Same as C. Back into the area of supply on high volume. The selling taken place in my supply area is being absorbed by the buyers.
Later on we have a low volume test of that area. The reaction however is not immediate. My question is that since the price still drifted down for the next 20 hours or so, would a buy order above that no supply still be valid. Or are tests only valid if they react immediately?
Nothing wrong with that analysis I’d say, the test is valid only at the point of the test, what you need after is an entry, i.e. an NS.
See the difference between the high volume on the GBP yesterday after the news, now compare it today’s EUR, no follow through, candles closing off their highs, much higher chance of it going short than the GBP going long yesterday.
What is this sorcery on EU right now? False breake out I’m thinking…