As mentioned in a previous post my intra day trades are still based on the tried and trusted higher lows/lower highs i.e. a b c moves. Looking for short term trend from Clives TT indicator on 1 minute charts with assistance from 5 min charts stochastic 20 20 1 (same as W% R 20) 50 level to help identify set ups.
This morning before London open (green line) gbpnzd and eurnzd were "agreeing" with price moving above the 20lwma and the 50 level on stochastic 20 20 1. So our bias for these nzd pairs is up. About 10 candles after London open euraud also starts agreeing with a higher low closing above the moving average/stoch 50 level. Using this trend definition eurjpy had agreed for some time. When euraud moves eurnzd has a higher low close at the same time.
Whilst its not always a perfect science for picking a trade just looking to make the point again. NZD is weak as we are up against gbp and eur. When eur shows strength against several pairs then eurnzd appears the right choice to trade. Eur strength across many pairs, nzd weakness.
Once the pair is identified using the above trend definition then I'll be looking to enter from 1 or 5 min higher lows/lower highs with the help of the TT indicator. General targets 50 pips.
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