Wait 20 mins and try again

Wait 20 minutes and try again. I picked up this simple idea from a fellow trader at forex factory. When higher lows or lower highs are running nicely a move will be followed by a short period of consolidation before moving again, 20 minutes or so.

There are exceptions of course. When price moves aggressively away from a moving average (chart has 8 lwma and 20 ema) due to news etc a longer period of consolidation may be required.

The gu 15 min chart shows that idea clearly. When price consolidates back to the ma's and gives a good candle (solid engulfing close little/no lower wick or shooting stars) the moves down continue. The x's show the areas where quick moves away from the 8 lwma need consolidation far exceeding 20 mins before continuing.

The eur chart has one strong news move away from the lwma. Takes around 60 mins to show an engulfing negative close and thereafter hugs the ma.

None Farm Payroll

Forgot this morning on NFP days the best chance for a trade is often very early in and around Frankfurt open ie 1hr before London open. So probably no trading for me today until that news is well out of the way.

London Close trade

With the US$ on a tear yesterday after news I didn't even try for a London close trade.

Interest rate day

With interest rate decisions in UK and Europe not normally a day I like to trade, it can get very choppy. Might just be a good idea to take the day off.

London Close trade

Yesterday AUDUSD set up and triggered for 25+ pips with virtually no draw down again. I was making dinner with Mrs V sick and didn't take. This is just to build a record.

Todays trade

Fairly straight forward trade. 1hr headed up we are above its 8 lwma, 15 min had a small inside bar but this 5 min hl had taken that out to upside. 15 min had good angle up on ma's. 5 min higher low, little/no upper wick after price pulls back to ma's. Move up from daily pivot/25 psych level, high volume point of control area.

Ralph Shell report

Ralph Shell has posted a new report on his expectations for EUR see EUR WHERE TO FROM HERE and go to the articles page.