Here is an end of week review of EUR/USD on a 30 m time frame showing the value (or otherwise) of the 7 am candles. Have a good weekend image

Scalping the EUR at the European open

Friday 28th July saw conflicting 7 am candles with USD and CAD indicating a continuation of the rising trend but AUD and NZD suggesting a down move against the rising trend. All indicate a lack of synchronicity with the EUR this morning. Any stops ...

Scalping the EUR at the European open

Thursday 27th July. This was the scenario at 6 am after the huge bull spike created by the US statement last night. Such hikes in price are usually followed with a retracement. But will the USD continue to weaken today? AUD and NZD are strong ...

Scalping the EUR at the European open

Wednesday 26th July and we have an excellent example of a basket of AUD pairs bouncing off a significant support level at the London open. image

Basket Trading the European Open

Wednesday 26th July. This is the picture for the EUR pairs at 6 am (GMT+1). (1) EUR pairs group together at top or bottom of strength table? = (2) All pairs synchronised with the same shape and moving in the same direction? = (3) 7 am ...

Scalping the EUR at the European open

Its a messy business of late with lots of volatility and no clear winners or losers. I'll let you know when the ideal circumstances present themselves.

Basket Trading the European Open

Tuesday 25th July and there was no agreement on which currency was strongest or weakest on the pairs strength list, and no synchronicity at all on EUR pairs. Here's our check list: 1. All EUR pairs grouped together at the top of bottom of the pairs ...

Scalping the EUR at the European open

My 7 am candle is for UK time, that is GMT+1 at the moment. Does this help?

Scalping the EUR at the European open

Monday 24th July and this morning's currency strength table showed EUR scattered all over the place, with all NZD pairs clustered at the bottom, but the weakening EUR changed all that as it came to dominate the bottom of the table. We can see that ...

Scalping the EUR at the European open

Thanks for the input Doanut.

Basket Trading the European Open

I haven't back tested this, but will be forward testing it and posting results as they occur.

Basket Trading the European Open

Here is the end of week 30 m chart for EUR/USD, showing how useful (or otherwise) is the 7 am candle as a direction indicator. When the pairs is in a tight channel it is not very good, as can be seen here on this chart, but it worked fine, contrary ...

Scalping the EUR at the European open

Friday 21st July. This was the situation at 6 am with a strong NZD a weak AUD and a weak JPY. Our first criterion for a possible scalp was nullified, probably by the huge rally on the EUR yesterday by something someone said at the EUR press ...

Scalping the EUR at the European open

Thursday 20th July and yet another day with no synchronicity. First glance as the currency strength list at 6 am showed EUR pairs scattered up and down the table. This first indicator is a message to go back to bed. But I shall begin to give our ...

Scalping the EUR at the European open

My currency strength table is part of the platform I use with the broker IG Index. It is built into their Pro Real Time software.

Scalping the EUR at the European open

You are right, and the rules are clearly stated on the first page. When synchronicity is present with (a) the strength of the pair, (b) shape of the major trend, and (c) the 7a am candles all in the same direction then we can be assured of the best ...

Scalping the EUR at the European open

Wednesday 19th July and a very weak EUR across the board with AUD and NZD at the top of the currency strength leader board. In such circumstances all we need do is respond in the right direction to a pullback against the trend. The first to pullback ...

Scalping the EUR at the European open

Thank you for your input.

Scalping the EUR at the European open

Tuesday 18th July and a bit of a messy picture this morning. Very strong AUD and NZD pushing EUR down, but EUR/USD and EUR/JPY losing their synchronicity. The 7 am candles are projected from the 30 m time frame and do carry weight for NZD and AUD, ...

Scalping the EUR at the European open