Good morning traders.
Before we get into what might be on the cards for today I thought it might be useful (and informative) to say a bit about how I spend my time during the day. Many of you might be thinking ..” jeez, if non of his hourly levels get triggered he must be bored witless with nothing to do all day… “. Well, that would be right if it were true. However, I have plenty to keep me occupied :).
First up I should say that I do occasionally take a look at one or two other pairs and I also trade the Dax. This latter instrument being something that I´ve more recently come back to during the eurusd´s period of low volatility.
It is totally different to trading the currencies but highly rewarding as long as you treat it with care and caution. It certainly moves a lot faster than the eurusd!
Moreover I do trade the eurusd during the day on the 5m chart using levels and evolving price action.
I tweeted the below chart yesterday as an example of how I think about intraday ´scalp´ trades and structure, support resistance etc on the 5m.
Whether you call it scalping or not is debatable as the purists would tell you that scalping is taking multiple entries (20 + lets say) to make a small amount of profit on each or in aggregate. I take less than that but its scalping to all intents and purposes.
I can go into much more detail about how I frame my intraday trades but it takes some explanation which is best delivered outside of this daily post. If anyone wants further details just dm me on twitter (@mark_wogan) or email me at email@example.com.
For today nothing has changed from my thoughts of yesterday. I am still biased for longs while we hold the 1.13 level.
The Daily Chart
Nothing changed on the daily so we are still watching the two trend lines A and B and the 50% and 61.8% Fibs of the swing as possible targets. NB: I am only using these fibs because they line up with price action targets and structure. I don´t really use them unless they add confluence but they are in my book a useful indicator.
The Hourly Chart
Levels and zones as per.
Have a good day and remember we have the FOMC tomorrow so things could remain quiet until then.