CHART ART: EUR/USD Confluence of Resistance at Range and Channel Tops
GOOD AFTERNOON STEEMIT!
I take it you enjoyed your weekend as much as I did :)
I not only got my much needed reset away from the charts, but I consumed a tonne of Steemit related news and feel like I made some real progress. Happy days!
I'm starting to find my regular blogging groove with regular featured images, signatures and general post templates saved in a OneNote document to keep my posting efficient. For me, making it as simplified as possible is the key to consistently getting quality content out. It's so easy to lose motivation and just give up, so automating all the tedious stuff is key for me.
Do you have any tips around maintaining a consistently updated blog other than clear plans and templates? Would love to hear some suggestions in the comments.
Well we're back to the real markets today, with a look at EUR/USD for this edition of CHART ART. One of my resteems over the weekend was @furious-one's Weekend Chart Wrap-Up blog that featured some key EUR/USD levels. Give his blog a click and an upvote for the idea and then take a look at my expanded thoughts below.
Chart Art
I know I haven't done the post talking about how I go about looking for setups and managing my risk around them like I promised, but don't worrky, it's in the works.
Also notice that I didn't say trading 'strategy' or 'system'? God I hate those words....
I'm not the type of trader who is going to close my eyes and blindly follow something because my system told me to. I follow a plan, but markets are just a reflection of human behaviour and humans don't like constraints. You have to be able to just go with it from time to time!
EUR/USD
Finally I'm back to my bread and butter with the highly liquid, more predictable (lol) forex majors and a look at EUR/USD.
As always we take a look at the higher time frame chart first up and in this case, it's the daily.
Daily:
You can see that pretty obvious range and within that range, an equally as obvious bearish channel.
The more obvious these levels are, the better it is, because it removes any form of subjectivity from the level. The very obvious spike high and low gives me a clear point to draw lines from so I'm very happy with this one.
Taking a step down into the intraday world and a look at the hourly chart.
Hourly:
This is where you can see that price broke out of, and retested resistance at '1', before forming a double top close enough to the daily levels for it to be highly significant at '2'.
The higher time frame level is ALWAYS key, so in this case I'm bearish while that daily resistance level holds.
Taking one last step down and into a 15 minute chart, I am starting to look for entries where price pulls back into short term support turned resistance.
15 Minute:
That level pretty much speaks for itself on the intraday chart. If the higher time frame level holds, this is as good of a place as any to short.
Being the first short position built off this higher time frame level, I am going to try to use it as an initial position that I can add further shorts into if it goes my way. As a result, I'll be placing this first position's stop above the higher time frame resistance level.
Active @forexbrokr CHART ART Blogs
CHART ART: XAG/USD Silver Flash Crash Edition. Was it a Fat Finger?
Instagram: @forexbrokr
Website: www.forexbrokr.com
smart
I read school good.
So do you only trade Support and Resistance?? What method do you trade?
Hey mate,
I see you're a fellow trader who's just started posting so I've given you a follow. Looking forward to sharing some ideas with you.
I do just trade support and resistance, yes. As for my 'method':
It's coming :)
nice
I'm actually really mean.