Good morning traders.
Again yesterday we got what we expected – not much action. It´s come to sorry state when what we expect comes to pass and we are disappointed! We got a dip into the 1.13 big fig to start which is what we were looking for but for most of the day we then traded in a 20 pip range with no hourly level triggered unless you went long at 1.13.
However, we trade what we get and one thing about this tight ranging eurusd market is that it is not that hard to scalp it from the edges for a few pips either way. Nothing spectacular just slow accumulation is the best policy :).
We had some excitement (is that the right word even ) re Brexit with May´s chances of getting her deal over the line now seemingly done and dusted. With 3 ministers resigning this move means that MPs will take control of the Commons agenda tomorrow to begin a process that could result in parliament backing a softer Brexit. Might give a nudge to the euro – then again it might not.
Nothing much re data today so I guess we´re in for another lazy day of not much price action. Watch out for today being a massive move day now I´ve said that lol.
In case we are in for a ´quiet´day and if you are able I suggest you start to test your scalping skills. Watch out for highs and lows from yesterday and evolving price action and join in fading tops and lows using a tight stop and taking quick profits. True scalping is an art and not for the faint hearted but it is good practice as engaging with the market is the best way to really learn the trade.
If it´s not something you´re used to cut back your size significantly and get started – you´ll be amazed how in tune you get with the way the instrument is moving and the decision making process it forces on you.
My 5m chart below shows where you could have tried taking ´scalps´yesterday. You can see where I kicked off the day from. I always looks for breaks of the asia range and significant looking areas to the left hand side to see where we might get a reaction. Then its a process of watching as the range and 5m levels evolve and getting involved. Not all the set ups were winners and never will be but with good trade management there was opportunity to engage profitably.
There´s nothing to say about the daily chart today so I won´t. Its just about the same as yesterday and provides no new information.
The Hour Chart
Levels and zones as per. No change from yesterday.
Have a good one and enjoy getting involved :).