Thursday, June 02, 2011

15 Minute Charts

I am seriously going to look at the 15min charts for trade entries and setups. So far I have been looking at 5min setups which will probably get me to break even. But yesterday was a great trending and the momentum was fantastic leading up to today's Non-Farm payroll. If I took 15min setups, and Key Levels support and resistance, I might be able to escape some of the whip-saw trades that I am getting.

Yesterday was break-even (-4pips) considering I started with a loss of 14pips in the early Asian Session. And then didn't trade until noon of London session and later in US session. I recovered to break-even after all the US news.

Just after London close, I entered wrongly into a SELL even though I was waiting for the 50% retracement to enter on a BUY. This cost me a loss of 8pips. I quickly bought back following the major direction of the day which and recovered 10pips from 4429 to 4439. Decided I had enough after when it stalled at 4440. It was way after midnight and I couldn't stay awake.

$EURUSD 15min on 2Jun11
See all those 2 candle resistance after a 40 to 50 pip run. It happened at the 4300, 4480, 4450 and 4500. 

I have also been noticing the support at EMA62 and SMA200 Quite uncanny, I've also seen this  appear on the lower timeframes e.g. 1min and 5min.