The Telegraph
GOOD EVENING STEEMIT!
Back down the forex wormhole we go!
Today’s blog isn’t really a trade setup, but more a hindsight look at how price can react around weekly opens, especially if we’ve gapped down.
Bring up your EUR/USD charts and join me? :)
I’m going to do things in reverse today, starting with an intraday chart and then zooming out. Starting with the 15 minute:
EUR/USD 15 Minute
To the left, we’ve got last week’s huge FOMC driven drop, or USD rally as they signalled their hawkish continuation towards monetary policy normalisation (buy Bitcoin). This then runs straight into the gap down that we opened up with for the week to the right.
What I wanted to highlight in this blog was the way that price gaps tend to act with an almost magical magnetic pull. Look how price rallied as soon as the market opened, all the way to the gap.
It missed the fill by a couple of pips, but there’s no doubting that magnetic pull!
Now working backward, let’s zoom out to a higher time frame chart just for context:
EUR/USD Weekly
The weekly chart just shows the range at the bottom that formed and has now broken out.
I’m going to refrain from making any longer term calls because that isn’t the way I trade, but I’m sure you’ve all got your own opinions which you’ll be more than happy to share with me in the comments section below.
Peace!
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The market isn't particularly happy with the German elections and Euro has taken a hit. Will be worth following the headlines for a few days at least to see if there's follow through on the downside.
German elections zzzzzzzzz.
Boring as hell, yes. But to ignore their potential impact on the Euro would be a fundamental error.
;)
I was in that little gap last night when it dropped again I got over 50 Pips from it :-) I have just started trading so this was nice to wake up to this morning
So what was the setup you traded?
Got a chart an explanation to share?
check out my blog post today to see my entry and future targets =]
Keep posting your analysis man. I've given you a follow :)
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STOPGreat outlook! We have the same analysis, although im sure we arrived to it using different tools.
If you go to my 1st (and only) blog post made earlier you can see my entry and potential targets. I was thinking we might struggle at around the 1.1750 -1.1720 but if that gives way it would be nice to see 1.1650
My sell order was filled in at 1.1928 so itd be nice to see some moves down that way.
Cheers!
Thanks for sharing mate. Always good to see more traders on the stream :)
Thanks! You as well.
Ive been on steam for almost two month now (i think) but havent posted anything due to lack of Fx traders which is (FX is where i excel at)).... however now that ive seen a few more pop up now ill most likely be more active since ill be able to have some conversations with someone other than myself haha