First day back after a Holiday break - so will need today and tomorrow to get back into my trading zone etc etc
I don't think I have really missed a lot whilst I have been away - as with the Bank Holidays and with many going away FX volumes etc are down - and there as been lots of pairs in tight ranges for most parts of the day - just awaiting excuses ( or news items) to move then.
I will do a quick Key Fx pairs review and update - and will mention whilst i am typing this I am already in a scalp on the GU - and not the way I favour in terms of intraday direction
Thats the beauty of scalping and intraday short term trading - you can trade both ways most trading days on any FX pairs that have some movements - the trouble is though - you do need lots of practice - a lot of experience with many difficult qualities - such as patience - focus - and of course - jut not listening to all and sundry - but actually using your eyes and brain in unison ;-)
Have a good trading day - I might be a bit rusty today and tomorrow - but I know for 95% certain - I will catch some profit - at the very least ;-)
OK - Lets review and comment on a few pairs I plan to trade today
7 07 am UK time and already on my second scalp - and this one is in the direction i hope to see the largest moves on.
At 6 40 am - 1 mins after the end of the half hr time window - I bought the GU at 6785 - with an open target of 5 -10 pips
By 6 56 am - in the hr time window I am out the scalp buy with a net 3.5 pips - as I can see we will not get over 6791 - the current interim high - and instead - will post a LH
So 7 00 am UK time and start of EO - looks like time for a scalp sell - within the 9 min time window
Enter at 67882 and within approx 3 mins - get my 5 pips - net after spread of 0 6 of a pip
Good start of the day - as although not a 10 pips after 2 scalps -( 8 5 pips net) - I have had 2 correct trades - and my actual pip risk on both trades was less than 3 pips.
I ideally want to get a NPGT on the GU as a sell under 6800 - as I think the GU is still OB at present and needs larger pullbacks ( falls) - even though we are still in an up ( bull) channel - and may still try 6900 or 7000 sometime in the future
We need under 6780 and 75 to hold on longer with scalp sells for now - and back over 91 and 6800 to consider scalp buys
OK - lets look at the other key pairs in this hour
Price stuck in a tight range this week and waiting for reasons to move out of it
Currently at 3818 - with first range approx 50 pips - ie 3800 to 3850 and then a wider monthly range of say 3675 to 3900 .
So logic is for the larger moves - we need back over say 3910+ for rallies up higher - and under 3700 and 3670 for further bear falls down to 3500 or lower.
First though - today and tomorrow - will we get out of the present 50 pip first range - and if we do - how false will it be - as the EU is the most manipulated FX pair - as its the one traded the most - and were's theirs big bucks - there's bound to be behind the scenes "tricks" etc going on
Presently need above 3833 and 45 to be taking scalp buys or holding them for higher - and under 3807 and 3800 for scalp sell land
Otherwise ignore atm - until London kick in
Saying that not here at 8 00 am UK time for approx 20 mins or so - but back that hr
GU - in this half hr time window - now trying over 6790 - so late in scalp buy. - would hold above 91 atm - but only a scalp and will want to be scalp selling again - as this move is just trying to pull in more bulls for now
Would like to scalp sell under 60 if possible - the last 4 hrs or so we have been in rises - but only approx 20 -25 pips and from 58 -60 we do have both horizontal and dynamic resistances.
If we managed to get over 141 64 - then hold any scalp buys as we might try 70 then - another stronger interim R barrier
So for this next half hr looking at scalp selling GU - EJ and even EU - if none of them can overcome their next R areas