I already closed my trades; trading during these holidays are really boring; better to avoid!
Iām so new I have never traded through the US holiday season. But youāre right. Itās slow and dangerous times!
I believe we might see some upward reaction at 0.6750 and at 0.6740 but it looks like 0.6730 might be the turning point.
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It is currently sitting at an area of support, weāll see if it breaks back down after the retrace.
On the other hand, manipulation is easy in this type of trading session because of low volume!
Between the area of resistance and Fib retracement level of 61.8%, itās not looking good. But Iām still gonna hold unless I see otherwise.
Does anyone else use the IG Client Sentiment from DailyFX? According to them, quite a few people think this is the bottom and are going long.
Hey @zrrsys, I use an indicator that is not available on the MT4/5 platforms. Do you think you can build the same on MT4/5? This indicator is great for swing trading and can also be very effectively used for scalping. Itās very newbie friendly too. It should take you about 1 hour to build. Please PM me if you think you can help and Iāll provide the required details. Thanks!
I see now we are in a range; and these types of horizontal ranges are my favorite to play with.
Is it really possible to have an indicator work for scalping and be just as effective for swing trades? Doesnāt seem right considering the timeframes are so different.
It is. Iāve used it successfully for both. Works like a charm once you know how to use it properly.
Yeah I look at this now and again. What Iāve found is, the market does the opposite to retail client positions. So in this case you cant know how long the market will trend lower while everyone thinks it is the bottom. It even sometimes spikes lower to shake out weak hands. If you go long youād need a wide stop loss and may be tied into position for a while.
Figures. Big players taking everyoneās money.
Not sure if I missed it - did you end up holding or closing?
Hey ponponwei,
I ended up holding and was fine until China data that was better than expected came out and caused me to be stopped out. At this point though I moved my stop into profit so I didnāt lose anything but still. No profit and no loss. Always gotta watch the news!
Here is a photo of my position. I entered short at the first arrow and stopped out at the second arrow.
Phew! Smart move there moving your stop! My weakness has always been watching the news. Since my trades are open for 3-5 days sometimes I feel like I can skip watching the news which of course is wrong lol.
Good job!!! You have open trades now? Iām just scanning charts now.
In the USA - Insider trading with information about what a company is going to do before the public knows in the equity market is against the law. But in Forex, anything goes. Thatās why trading the lower timeframes, you run the risk of being rolled over by the big players. With that being said I was in the Daily timeframe and I still got stopped out.
Iām currently scanning the charts and scalping AUD/JPY on my demo account in the 5min time frame. Though not very well. I donāt think it fits my personality.
Oof donāt think I can emotionally handle that short of a time frame. 
No holiday trading, and nothing new on Fridays for me.