My first post on Forexflowlive and hopefully you’ll like it ! Let’s take a look at this afternoon’s EURUSD
A quick caveat before I continue. This strategy works for me and is not the only way to trade it of course. Having said that I’ve tried everything – especially when I was a futures trader at one of the biggest prop shops in Europe.
So back to the title of the post. I get asked this a lot and my answer is dead simple. You sell it – but a small size. I’d place my stop just above the recent high, or if I’m doing really small size have a stop above the daily high. Look at my chart. I don’t recommend buying the dip – especially if big levels are getting melted as they are today and yesterday. Look at the damage at 1.1875, 1.1820 and now 1.1780
If it rallies I’d look to sell the bounce on the recent highs (after all let’s assume it is of a dead-cat variety)
Where are we wrong? For me the last place I would sell large is into 1.1870 and I’m done at 1.19 big fig
I hope this short and sweet post helps you bag some ticks.
P
- How to trade: A LEVEL - August 4, 2018
- USD mixed – a bit like me - June 5, 2018
- What is the market focused on ? Over to you trader. - May 29, 2018
cheers mate – not sure if its my browser but when I click the chart it doesn’t expand
Fixed now David.
Sweet :))))
Great post to kick off with Patrick.
Many thanks Ryan. I’m keeping an eye out for 1.1820 to hold (session highs were 10’s)
Hey Ryan! Glad to have found you again! We’re all dying to know why you left the “other” site?? Anyway, I’m happy to follow forexflow now as well!
Hi Coty
Nice to have you onboard. The site isn’t officially running fully yet as it’s only been running for a week. I’ll be using a few weeks to bed it in and iron out any kinks. I also want to take some time to work out the best format. What I’m hoping to do is provide a better platform for traders. People who will write here will be traders, and I’ve got very good traders writing already. Feel free to get in touch and give me some feedback on what you want to read from a forex site.
Thanks Patrick, food for thought.
Great analysis
Thanks John. Each leg down is playing the levels like a charm. Look for 1.1740 now to cap for bears. Key an eye out on London close. Currently 30’s
USD bid across the board pre-empting the Tax overhaul today. It’s old news but dovetails nicely into selling that dead-cat bounce. Session highs yesterday at 1.1810 after Yellen’s comments got sold into. I’m keeping an eye on 1.1780 to see if this caps for more downside. FYI All majors are feeling this USD buying
EURUSD update. This is looking like the dodgy dead cat is showing some signs of life. Not so fast bulls. Firstly we need to stay above 1.1740 and i could be persuaded to buy a cheeky long there. However, 1.1780 is where i would look for conformation the dead-cat bounce is over. I would still sell near 1.1820 on first test. This is only my opinion and market view – so please do your own homework. As i’m sure you do !
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