Good day every one and have a good holiday and a happy new year. I will be back trading again in January. Even my group currently been quiet. Most of us are on holiday. Next week until new year wont be trading. So today is Friday, last day of this year trading for me of course. I took a scalp off AUDJPY in the morning and Additional short term income on the EURUSD today from London session till NY.
Yesterday trade was still open carried over today.I am trailing the SL by using the moving average as a guide. But most of my SL are above fresh supply on the smaller time frame.
I notice from the Hourly 2 fresh levels on top of one another. This is level on top of level. It is part of the additional odd enhancer. Why because that increases the probability for a better entry to stop or cushion a sudden strong momentum.
Leaving sellers waiting at the last line of supply. Looking lower on the time frame:
The banks short this massively with large portion of their size. To think the logic behind those orderflow, during asian thin session, there is no buyers to match the order hence a straight down. The price becomes inefficient. Creating gaps of order to be filled quickly as well.
London open, they Match the unfilled orders until towards the supply on top of the 2nd below.
As soon as the price hit the first supply, this absorb the significant buyers. The remaining last becomes my grocery food. When that last buyers execute his order from an astute seller, He or she just create the similar mistake. 1. Buying after a rally 2. Buying into a supply exceeding demand!
I hope this indulge you all and enjoy your holiday. See you all in 2014! Happy new year.