Tuesday 27th June saw the results of a non-specific news item at 8 am. It is always wise to stay out of the market on such news days, unless you are familiar with the 'straddle' news trading strategy. I am in Crete now and the internet connection is ...

Scalping the EUR at the European open

Monday 26th June and a little bit of a conflict going on here. EUR/JPY paved the way for the spike on EUR/USD, but AUD and NZD didn't want to play. image

Scalping the EUR at the European open

Thank you for pointing that out.

Scalping the EUR at the European open

The 7 am candle on the EUR/USD for Tuesday is worthy of note. It spiked up against the major trend, which was a good indicator that price would reverse back in line with the major trend. In fact, the 7 am candle turned out to be the pullback for a ...

Scalping the EUR at the European open

End of week, Friday 23rd June. It hasn't been a brilliant week for EUR scalping has it, but every day teaches us a new lesson. Have a look at this past week for the EUR/USD on the 30 m time frame and judge the value of the 7 am candle and its ...

Scalping the EUR at the European open

Thursday 22ns June. A strong JPY stepped in to bounce the EUR/JPY off the daily pivot to halt the rise of EUR/USD, thereby confounding our possible scalp. image

Scalping the EUR at the European open

It is true that there is no telling when the circumstances are right for a good scalp, but when synchronicity is there, then it is guaranteed to give excellent results. It's a bit like fishing. You can sit by a river or pond all day and catch ...

Scalping the EUR at the European open

Wednesday 21st June and there is no synchronicity between pairs. On EUR/USD the 7 am candle pointed upwards against the trend. Reasons to stay out. image

Scalping the EUR at the European open

Tuesday 20th June. Another sideways move along a support line. No good scalps today. image

Scalping the EUR at the European open

Monday 19th June and EUR pairs are trundling sideways. The 7 am candle indicated a move to the upside on all pairs, but with no momentum in the market there weren't any good scalps to be taken. image

Scalping the EUR at the European open

Here is the end of week review that shows us how useful the 7 am candle is on the 30 M time frame. I hope this helps with an understanding of how the overall strategy works. Have a good ...

Scalping the EUR at the European open

Friday 16th June. It is always a bit unnerving when a strong 7 am candle points against the main trend. EUR/JPY paved the way today and EUR/USD followed with a bit of momentum to cross the daily pivot. AUD and NZD were in conflict and therefore not ...

Scalping the EUR at the European open

Thursday 16th June. There was synchronicity with EUR/USD, EUR/CAD, EUR/JPY and EUR/AUD this morning, but with NZD falling out of sync. Application of the essential rules of the strategy today would have yielded a good result, as the charts below ...

Scalping the EUR at the European open

Wednesday 14th June and the lack of synchronicity between pairs is clear to see. Therefore it was not a good day to trade for a scalp. image

Scalping the EUR at the European open

The conservative trader would stay out because the 7 am candle is in opposition to the main trend. But the risk-taker may take the trade in the direction of the 7 am candles if they are all pointing in the same direction, as they did today which ...

Scalping the EUR at the European open

Tuesday 13th June. Strong bear moves can be halted with a retracement at significant support levels, as today's example illustrates. On all four pairs shown below, the 7 am candle indicated a reversal to the upside. image

Scalping the EUR at the European open

Correct, that is unless the down move is very strong, as often happens when price reaches a new high or a significant resistance level. Check back through this thread for examples.

Scalping the EUR at the European open

That's a tricky one to answer. Sometimes the 7 am candle can indicate the pullback. To be safe it is wise to place the buy stop order above the last bar close on a 5 m time frame. If the pullback turns out to be a retracement then you will stay out. ...

Scalping the EUR at the European open

Monday 12th June sees EUR gaining strength and our strategy at work when we wait for a 7:30 entry. image

Scalping the EUR at the European open

An end of week review of EUR/USD is always useful to see how valuable the 7 am candle is as a primary indicator. Most days in this past week showed indecision for EUR at 7 am, except for Tuesday. For all other days the significant price movements ...

Scalping the EUR at the European open