Very little movement through the early part of the US session. Movement picked up following a drop just before 930 Eastern (chart time). The price did consolidate just below a range around 9:20 but at that point movement was still really low. It was after the bigger drop around 9:30 that things started to look more interesting. Movement was still fairly low though.
Very clean pullback to the old range at 9:32 and rollover over to the downside with trigger at 9:34. Easy 2:1 or more with no pullbacks to be seen during the drop.
There were a few possible TC entries after that marked by “low R:R.” They would have worked out, but there were horizontal levels potentially blocking the way to even a conservative target.
The next opportunity I sort of liked was 11:24. It undercut the old range more than I would ideally like. But it did hold the area and started moving up. This could have easily been cut with an aggressive trail when price fell below the 11:28 candle after having been rejected at the very recent high. There was room to the upside though, and the price was still holding the old range. A DP developed, but that too failed to produce any meaningful upside. Implement the aggressive trail.
The short that followed wasn’t ideal. A conservative target was below the day low. Ideally, we want a nice reward:risk without an obstacle in the way. Already knowing this didn’t have much room, utilize an aggressive trail when it failed to run to the low. Could have left this one alone altogether.
There is now an area the price thoroughly tested but couldn’t drop through in the 10:40 to 11:10 region, and then an area thoroughly tested that it couldn’t move up through in the 11:20 to 11:38 region. A good time to call it a day with price stuck between them (after the third trade respected the downside area once again).
As always, various ways this could have been traded, based on the scenario planning coming into the trade. Some people may have opted to take trades I didn’t, while others could have left some of the trades I took.
What matters is the individual decision-making and improving that to improve our own win rate and/or R:R over many trades. Because no two days, or even two trades, will ever be exactly alike.
All trades are based on concepts and techniques discussed in the EURUSD Day Trading Course.
Cory Mitchell, CMT
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage. Affiliate links are used on the site: If you purchase a product via one of these links, this site may be compensated at no cost to you. Thank you for supporting the site in this way. Past results/performance isn’t always indicative of future results/performance.
