Ok I thought I'd post a little about my analysis....
I try to look at the charts between 22:00 and 0:00 and review the day and then draw the hi / lo and see which s/r's they are hitting, ill use 1D, 4hr 1hr maybe 15mn.
Looking at the gbpusd its shot up to a strong s/r going back to Sept 10 and on the 4hr its pretty much knocking on the resistance of the whole of mid April 13 (8/4 - 25/4/13). Now I'm thinking tomorrow morning could be risky on the break, if the pair move through Asia with a very shallow range there maybe a break to the 1.53600 area about 42pips so I maybe able to sneak 20 pips out. Thing is I don't want to be sneaking and squeezing pips from ranges on this system, if there is a move up through Asia and then maybe I could look on the short side for the higher tf retrace again I'd be dodging some heavy s/r's but looking short the next big support is 1.5225, the 5day ADR is 103 and if Asian range is 70 pips above 1.5225 then a short order might be the call. Overall I think Tuesday may well bump about and break through during later London. Either way I'm quite happy to say I'm not going to go in blind tomorrow morning and I doubt i'll be looking at trading the gbpusd tomorrow on the break. I've not looked at what happened to the euro yet - next port of call when the GBP presents like this..
On a side note, this isn't to say I won't trade the cable tomorrow, but ill wait for the pullback if it breaks or I'll watch the range..
Peace and pips
I try to look at the charts between 22:00 and 0:00 and review the day and then draw the hi / lo and see which s/r's they are hitting, ill use 1D, 4hr 1hr maybe 15mn.
Looking at the gbpusd its shot up to a strong s/r going back to Sept 10 and on the 4hr its pretty much knocking on the resistance of the whole of mid April 13 (8/4 - 25/4/13). Now I'm thinking tomorrow morning could be risky on the break, if the pair move through Asia with a very shallow range there maybe a break to the 1.53600 area about 42pips so I maybe able to sneak 20 pips out. Thing is I don't want to be sneaking and squeezing pips from ranges on this system, if there is a move up through Asia and then maybe I could look on the short side for the higher tf retrace again I'd be dodging some heavy s/r's but looking short the next big support is 1.5225, the 5day ADR is 103 and if Asian range is 70 pips above 1.5225 then a short order might be the call. Overall I think Tuesday may well bump about and break through during later London. Either way I'm quite happy to say I'm not going to go in blind tomorrow morning and I doubt i'll be looking at trading the gbpusd tomorrow on the break. I've not looked at what happened to the euro yet - next port of call when the GBP presents like this..
On a side note, this isn't to say I won't trade the cable tomorrow, but ill wait for the pullback if it breaks or I'll watch the range..
Peace and pips
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