In Trading Strategy Examples: Quick Charts

Small trade, so so reaction. Not sure I ever get too thrilled about such short term stuff, but here ‘goes: Two charts here – same pair, a 3 minute and a 15 minute – intraday fade on EUR/USD. First is the short term:

3 Minute EURUSD chart

– A common pattern – triple tap followed by a seemingly aggressive thrust into flows.

– FOMC due up – if there is anything I've learned from years of trading it's that when directly ahead of a major event, fresh highs and lows are rare unless other severe stimulus is backing a move.

– Lowest low to swing high measured retracement

And the longer term chart:

15 minute EURUSD chart

– Two possible points here as I see it – always look beyond the absolute highs and lows and use “inner” support. The one derived from the last leg (Line B) proved the more useful. Line A was from the longer range of course.

Perfect trade? Meh, but this is the logic. Decent activity for a relatively quiet morning.



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Showing 3 comments
  • Geoff

    Interesting here how a different analysis = same result. For me, that thrust down after ye olde triple tap (YETT) bounced right up off of an inner trend line I had on my 1hr chart which was confluent with the golden ratio extension of yesterday’s high to the low of the London session. Cue Sly and the Family Stone, “Different strokes, for different folks!”

    • Steve W.

      Ah yes, Sly. That was after FOMC. This post was before. Queue someone, anyone that says, “nailed it”!!!. And yep, that’s the one I was looking at too. Not a fade I was keen on considering the very Bernanke circumstances, but present nonetheless.

      • Geoff

        Yep, scratch that, I caught it after I posted (naturally) and couldn’t edit it. I did however have another inner trend line where that first thrust did land. I didn’t fade either of them, but was short from a backwards bounce from another trend line further up and was using that lower one as a target. Here’s the ‘other’ inner I had –

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