160630th 8.00BST EURUSD London Open Strategic and Tactical Plan
Thank you Wayne and thank you all friends for your comments and critics.
BIAS
After Brexit I am a bear on EURUSD.
I stay out on profit taking and short covering, and consider entering only on continuation of the downward pressure
STRATEGIC H4
Market is down, 21 is below 55 and converging, decelerating, good angle and separation, price at daily 21
Price is up, reversing to the 21, centripetal move has completed, 5 ready to cross down 8
Volatility is contracting
As indicated by Wayne, weekly pivots are still not relevant after Brexit
STRATEGIC H1
Market is slightly up, 21 and 55 braiding, no separation, price a little above the MAs
Price is neutral, 5/8 braiding
Volatility is low, BBs have narrowed
TACTICAL M15
During the asian session, price went down from DM3 to DM2.
At London open, London boys found it at the 61.8-50% Fib ret. of the asian move.
I expect them to push it down at least to DM1 for the day, to complete the DM3 to DM1 for the day.
TACTICAL M5 AND ENTRY PLAN
Stoch have crossed down on M5 and price is now retracing from DM2 to DPP.
My plan is to wait for price to re-test DPP from below, enter there at retracement and stay with it until it continues down to DM1 for the day.
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160826fr 1700EST USDCAD New York Close Analysis -
160826fr 1700EST AUDUSD New York Close Analysis -
Does this trade teach me that I should not have moved the SL at BE so early? – Miles Trading Journal UMaP Test Trade 1 AUDUSD In:160829mo-0.7557 Out:160830tu-0.7558 P/L:-1 pip -
Re: Miles, check this out! – Here’s my feedback and complete picture
7 thoughts on “160630th 8.00BST EURUSD London Open Strategic and Tactical Plan”
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Hi Miles,
My comment might be completely off the mark, as i am still really new and learning and def still don’t have a lot of technical skills :-), Currently GMT+2 13h00. I think that on the 4 hour and Daily chart the pair looked bullish to me post Brexit . I can understand the bearish bias on the the smaller timeframes 15m, but not sure whether that is not maybe a pullback to continue upwards. I will sit and look at this pair at the moment and only decide post the US news and Gov Carney speech for BOE.
Regards
Zelda
Excellent plan and it look as if it might work out albeit a bit later than expected.
Thank you Jim! If it worked was only because of ECB press officer Michael Steen who denied but admitted that said can’t find enough securities to buy
http://forex.today/images/160630th-17-05bst-follow-up-of-eurusd-london-open-strategic-and-tactical-plan/
Thank you for the comment Zelda! I’m also learning my ropes here.. My plan was short term cause as you say markets are too dependents on news at the moment.
Just because of the news my DM1 was hit.
http://forex.today/images/160630th-17-05bst-follow-up-of-eurusd-london-open-strategic-and-tactical-plan/
test
Hi Miles
I’m attaching a H1 chart so that you can see the pair is basically in a “box”. A suggestion is that you wait and see if the pair breaks the box (down or up). This is about a 125pip range. I hope this helps as I keep things very simple with my trades.
https://charts.mql5.com/11/707/eurusd-h1-fxprimus-ltd.png
Thank you Maryna for the chart. I am also observing it is in a range of about 130 pips. At resistance there’s a huge confluence of monthly and weekly central pivots. Given the present uncertain condition, it could well be in that range for quite a long time, so I thought about entering the shorter timeframes on short term while in that range. On what timeframe do you prefer to place your trades?