DISCLAIMER
Yo, my name is Christoffer, I scalp the EUR/USD pair
Let me just say, I don't swing trade, I only scalp, but when I do scalp I consider my outs based on the long term trend, so I'll cut my losses earlier if the overall trend is bearish if I'm trading the short trend as bullish.
Anyway I would say because of the previous BIAS in the Tokyo trading hours on bullish it will most likely start in the direction, I would suggest that it looks really cheap to them as the VWAP is about 80 pips above the current price, the problem is that it literally moved 150 pips from the high of the day which might also cause some fear.
also the current net long on the EUR USD is 70% short which is rare when the trend has been short for so long, which does imply that there are a lot of money being swing traded at this moment.
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If it drops below the support line of the low of the day I think the chance of it rallying up again is low, but if it can get up above the big drop it had at 19:45 I think the long trades that are currently inn will take profit which is about 70% of the current positions, which will create a big spiral for an uptrend.
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At the end of the market today the EURUSD pair dropped from 1.24400 to about 1.24390 and retraced to about 1.24100 and it consolidated around that area after that.
(19:45-23:00 GMT+1)
As I do not trade at the start of the market on Sundays 23:00 GMT +1. I wait at least until 6-9 hours into the market where the volume starts to kick off, so it doesn't matter much to me where it moves in that time, but for some reason this Friday the population awake at Tokyo trading hours have been very bullish on the EUR/USD pair.
but keep In mind the Tokyo trading session has lower volume so the value of the movie is worth a bit less, but it's also easier to move it with the lack of volume.
but on the flip side This Friday at least the European and the US trading time was bearish all the way through.
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Today was a pretty nice day up about 35 pips as well as a pretty good week ending it at 139 pips.
Please comment Your ideas etc and how you did this week, always interesting to hear other traders ideas and progress. Do you swing trade, or scalp?
Yo, my name is Christoffer, I scalp the EUR/USD pair
Let me just say, I don't swing trade, I only scalp, but when I do scalp I consider my outs based on the long term trend, so I'll cut my losses earlier if the overall trend is bearish if I'm trading the short trend as bullish.
Anyway I would say because of the previous BIAS in the Tokyo trading hours on bullish it will most likely start in the direction, I would suggest that it looks really cheap to them as the VWAP is about 80 pips above the current price, the problem is that it literally moved 150 pips from the high of the day which might also cause some fear.
also the current net long on the EUR USD is 70% short which is rare when the trend has been short for so long, which does imply that there are a lot of money being swing traded at this moment.
------------
If it drops below the support line of the low of the day I think the chance of it rallying up again is low, but if it can get up above the big drop it had at 19:45 I think the long trades that are currently inn will take profit which is about 70% of the current positions, which will create a big spiral for an uptrend.
--------------------------------------------------------------------------------------------------------------------------------------
At the end of the market today the EURUSD pair dropped from 1.24400 to about 1.24390 and retraced to about 1.24100 and it consolidated around that area after that.
(19:45-23:00 GMT+1)
As I do not trade at the start of the market on Sundays 23:00 GMT +1. I wait at least until 6-9 hours into the market where the volume starts to kick off, so it doesn't matter much to me where it moves in that time, but for some reason this Friday the population awake at Tokyo trading hours have been very bullish on the EUR/USD pair.
but keep In mind the Tokyo trading session has lower volume so the value of the movie is worth a bit less, but it's also easier to move it with the lack of volume.
but on the flip side This Friday at least the European and the US trading time was bearish all the way through.
------------------------------
Today was a pretty nice day up about 35 pips as well as a pretty good week ending it at 139 pips.
Please comment Your ideas etc and how you did this week, always interesting to hear other traders ideas and progress. Do you swing trade, or scalp?