Mondays are sometimes a bit slow. But not yesterday. There were 6 trades from which 4 were in the late US session. Here they are:
EUR/USD 1.1807 short
This trade was based on volume cumulation setup. Even though there was pretty strong buying activity, the sellers finally became more aggressive and pushed the price lower and I was able to get full +10 pip profit.
EUR/USD 1.1788 long
The second trade on the EUR/USD was also based on the volume cumulation setup. Even if you look at the price action you can see a triangular formation from which the price shoots upwards indicating activity of strong buyers. The only problem with this trade was that the level got hit pretty late in the US session and I was afraid that there wouldn’t be much time for the trade to close before the session ends. Luckily enough the reaction came and I quit my position bit before the session ended with almost full profit (I took +8 pips profit there).
USD/CAD 1.2508 short
This trade was based on strong rejection setup. There was a nice and strong rejection of higher prices on the USD/CAD with quite a significant volume cluster within it. Still, the market made almost no reaction and I took a quick -12 pip loss.
USD/JPY 111.92 short
The last three trades on the USD/JPY were quite fast and very close to each other. For that reason, I need to show you these on 1-minute chart.
The first trade was taken against quite a strong spike move and I took a quick -12 pip loss.
USD/JPY 112.05 short
Very soon after the first trade my 2nd short level got hit. I didn’t see any strong news that would cause this volatility, so I decided to take the trade. It was nice and pretty quick +10 pip profit. With this, I recovered from my previous loss and was ready to continue with my 3rd short trade.
USD/JPY 112.20 short
At this moment I saw some news coming up but I didn’t consider them that significant (also other major FX pairs weren’t moving too much – it was just JPY). So I thought it was quite okay to go for the 3rd trade.
This one was the fastest giving +10 pips profit in just about three minutes.
SUMMARY
This Monday was quite a hectic day. Mostly the US session. Again it proved quite crucial to take all levels and be ready to pull the trigger. Today’s result was +14 pip profit (not the best day but green day is a good day:)) However if I somehow missed, for example, the late US session it would be a pretty poor day.
Happy trading!
-Dale
PS. If you would like to trade with me every day, you are very welcome to join me here: Dale’s Pro Forex Course
