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Volumes. Daytrading. Signals, trades and statements every day.
Good morning traders and chart lovers. Yesterday I was busy all day and unfortunately I didn't have time to trade and moreover to make a post. However, I closed trades which I opened on Monday in GBP. It turned out pretty good.
6E (EUR/USD)
At the beginning of the week I fixed a newly formed intraday balance on the EUR, within the bounds of which the EUR is moving up to this moment. I will not bore you with the details of my analysis, but I will tell you briefly that the situation is still complicated. The market is in the intraday balance, which in its turn is in the middle of the local balance. The intraday balance is not the easiest one either. The support is holding, the volume from the bottom is there, but the character of the reaction implies the absence of the buyers' obvious power.
If 1.1863 is not a buy, the reaction to the level is weak and the price consolidates above it, showing the absence of the buyers' initiative, you can sell on the next bounce from about 1.1868 with the target at 1.1842 and stop at 1.1878.
If there is buying at 1.1863, if there is some kind of a reversal structure, you can buy from 1.1863, with the target at 1.1889 and 1.1903.
I understand that it is difficult for many people to assess in the moment, whether the level is held or not. But I will surely write about it in the Telegram, if the situation is clear and I will enter the trades myself.
6B (GBP/USD)
Things are a bit clearer on the pound. The buying structure is more obvious there. We buy at 1.3914 with the target at 1.3950 and stop at 1.3897.
This is what I can give right away in the morning. All other potential deals should be monitored in the moment.
Have a great start to the week, traders and chart lovers.
If you remember, I opened a couple of adventurous trades out of the system I wrote about on Thursday. I ended up adding a trade on the pound, timed it right and closed it all at no loss. About new trades, which I have opened next, unfortunately, I have not had time to tell you, but I will show the results on the screenshot.
Beautiful fall on the euro was taken only partially, as for the pound, I think, has worked very well. Unfortunately, I was not able to give signals on these trades, as they were very systematic and had a high probability of success.
Regarding the current situation. Both on the euro and the pound, the price is in the phase of the balance at the phase of working out of its lower boundary. Here there are three classic scenarios: either the impulse begins and the price goes far beyond the balance boundary, or the price confidently turns inside the balance, or there is a rotation around the boundary, forming a mini balance on it.
In most cases the balance is not ready to enter the impulse stage and the reversal scenario occurs. However in this case we have the pressure of the global seller and the balance is not so fresh, so the probability of going further down is also present.
By the nature of the volatility today we will see which of these scenarios in this case is most likely to be realized. Therefore, in order to form ideas on deals, we need to wait for confirmation on the chart. We will watch carefully and when the situation becomes clearer, I will definitely write back.
In the meantime, let's sell the euro from 1.1776 and 1.1787, with a target at 1.1757 and 1.1743 and a stop at 1.1801.
Sell the pound at 1.3902 and 1.3913, with a target of 1.3880 and a stop at 1.3928.
Good morning traders and chart lovers. Yesterday there was no time at all to write a post, so let's sum up the results of the previous two days at once.
Even last weeks, when inside the day the market was trying to show the growth in every possible way, I wrote that the potential of the global seller is not exhausted yet. As a result, the fall within this global structure continues. On Monday, I wrote that I needed to wait for confirmations on the local balance sheet boundary to figure out what to do next. I have waited for confirmations, I have entered deals but unfortunately I have not had time to write about it neither on Telegram nor here. I am a beginner "blogger" for now, so there might be some slippage with posting, but I am working on myself, so the quantity and quality of posts will grow with time 🙂 I have managed to take a good distance.
Managed to take some good distances these days. Deals on euro and pound:
At the moment the market is in a downward impulse phase. There have been no signs of a reversal and fixes so far, which suggests that we are only looking at selling for now.
Euro
Although, there was a good volume on the Euro last night and the price is traded above it so far. Plus the price is close to the global support levels, namely near the lower boundary of the global balance. Therefore it should be very careful. I will not give any signals concerning the euro, but I will try to give my feedback via Тelegram.
Pound
Sell at 1.3842 with the target at 1.3806 and stop at 1.3863
Although, I acted a bit risky and sold it now.
The Euro, frankly speaking, is also worth selling now, but we are too low and rise for the retest of the resistance before the fall is very probable, so I will not sell at once.
Good morning to all. Yesterday I suggested to short the pound with the target 1.3806 and I opened the short by myself not from the level, but right away, about what I also wrote. In the end, the price went down and reached the target, from which it reversed. I closed the main lot right on target and decided to close a little bit later an additional deal with a smaller lot.
Everything would have been fine, but I was a bit reckless and for some reason I opened one more short with a normal lot on a small pullback, thinking that it would be a micro balance and I could take some extra points. This was not the way to do it, as it was not a systematic entry. Obviously, if the target was reached, the scenario was implemented, then we need to do a new analysis, build a new scenario.
Moreover, I put a formal stop somewhere far away in a random place just to be there, as I expected to follow the trade live. Next, I was punished for my irresponsibility. For some time I was distracted and at this moment some important news for the dollar was released, the news that had a red mark on the calendar and the price washed up heavily with volatility. As a result, I caught some stops, which exceeded my profits of the previous trades and added some losses.
I think this situation will add spice and some new vivid emotions to our story about public trading. I'm not a robot and I can afford a bit of mischief, even if it's rare. Especially, everything is under control, I haven't done anything critical, I have just lost a profit for the day and got a small minus, which does not change the overall situation much.
In fact this is a very interesting topic about obvious and stupid mistakes in trading, even for those who have a clear system and seem not to make them. I will deal with this topic in a separate article. It would be interesting to read about your situations and thoughts on the subject of discipline in trading. If anything, I would be very happy to discuss it in this thread ).
And about the scenarios for today, even though the price is still trading above all yesterday's volume and in particular above yesterday's maximum volume, I still went short from the top of the market, because I am counting on the fall towards yesterday's lows.
It's for just this reason that I decided that I needed to switch to 100% automated trading! I would do the paperwork, like you did brilliantly here, and then not follow it to the detail with discipline. I decided it was going to be easier and more pleasant to use just automation.
Right away I want to announce a post with an overview of our public trading with forecasts and trades for July, which I will post today or tomorrow. In the meantime, let's go over the current situation.
On Thursday I wrote that I shorted the pound, on Friday I closed it, yesterday I also shorted the pound. The results can be seen on the chart.
Detailed market analysis with breakdown, charts and signals will be tomorrow.
Unfortunately, it is extremely complicated to automate my trading system. But this is one of my goals and I hope I will do that at least partly in future.
Good morning, traders and chart lovers. Straight to the point.
6E (EUR/USD)
Since late June, the price has been moving down within the global balance. Last week, the market finally reached the lower boundary level where a reaction occurred. Let's take a little closer look at how it was (first screenshot). A nice volume was formed in the blue balance number 1, and then there was an attempt to position this volume as a buy volume, but it didn't happen. It indicated the absence of buying strength on this balance. A sell volume was formed in the red balance under the number 1, which has easily provoked a powerful impulse downwards to the lower boundary of the global balance (the green level).
The price rebounded upward at this level, but the volume and the size of the rotations at this level (blue balance #2) obviously were not enough to level out the power of the sellers accumulated above and their attempts to reverse were easily crushed by the selling volume (red balance #2) and led to the abrupt move down to the border.
As a result we have 2 factors: the first is the domination of the sellers' strength of the global and local scale and the second is the location of the price at a serious support level, where the reaction is logical. It means that there are 2 possible scenarios, either the balance will continue and the price will start to make a reversal structure or the price will go down.
But the important thing is that both scenarios will be realized through the intraday balance, which is already developing right now. It will be clear by the nature of that balance, which scenario will be realized next. And for now, taking into consideration the understanding that it will be the intraday balance to begin with, we buy from the lower boundary of the local balance, expecting at least a small reaction, especially because the POC of the previous day (the maximum volume of the day) was moved down the market.
I have already opened the buy trades from the POC level with the target at least at 1.1737.
Sell at 1.1760 and 1.1766 with the target at 1.1737 and stop at 1.1778.
The price may go down from 1.1773, but some factors should work, it is necessary to watch it in the moment. I will post in telegram if I am shorting.
6B (GBP/USD)
The situation with the pound is similar to the euro, only there the price is not on the lower boundary of the global balance, but on an intermediate, but quite strong support level. I have no time to describe the pound in details, but I can say that sellers' forces on it are larger than on the euro and it is dangerous to buy there. But I still took the risk to buy some with a small lot.
Let's sell at 1.3791 with a target at 1.3763 and stop at 1.3810.
We buy at 1.3672 with a target at 1.3710 and stop at 1.3652
Looking good, well done.