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Going to get long here at 2300. I think the euro has some upside left before it falls more substantially and as pedestrian as it is I think 2300 is an important level to lean on. I am going to risk 20 ticks but I'd like to hold this trade through the night tonight if I can get enough ticks in it to justify a wide stop that's still above breakeven...
Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Can you help answer these questions from other members on NexusFi?
Well my accuracy in this case was as much luck as skill. I posted a 60m chart - it is the full ETH session with H, L, and C printed. Yesterday we failed to break down out of the day prior's low and today we couldn't get close before we broke out of the high of yesterday. This has me thinking bullish but it is only a bias - the market will move where it wants. We bounced off that high from the 26th at 2340 or so and pulled back. I suspected we would test that high again and so I just started looking more closely at where that test (back up) would start. 2300 seemed like a good spot - both because of the round number and because it was near R2 which had been resistance during the Asia session (see the 5m chart posted).
Hope that helps - I'm trying to do some longer timeframe trades in the Euro so get some practice with that kind of trading. I don't find it easy but I think its a good exercise.
Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Thanks for posting charts on the Euro most traders say the Euro is just too slow but it can move when it wants too , I am new to the forum and value all that the site offers. How would I know all of the s/r levels to understand the pivots. again Thanks in advance..
I don't like holding trades a@ 8:20 am est, I consider that time the start of the US session and a new group of traders come into the market, and things change. At this level any attempt at 1.2450 should draw a crowd,,, and volume. I took some profit on that first trade and waited for the "new batch of traders" to push the market around and position themselves for another attempt at 1.2450. That's what I'm seeing. I'm long again from 1.2420.