Heikin Ashi Forex Trading Blog.

Heikin Ashi - daily chart and hourly chart analysis!

Yesterday was excruciating to say the least. Even though I got a trade on the short side at the break of 1.7674, the move lasted for a very short time and no real clear trend emerging from it. I could not manage more than a 10pips early before the volatility saw my position exit with a loss. I kept out of the market as I could not see any real direction and prices fluctuating about the 20EMA.

Daily chart Analysis:
Heikin ashi still indicating that there might be some bullishness left. We seem to have made a swing high with one down day . Swing trader might have to wait for a red candle to sell short.

Intraday :
At present there seems to be no real direction in the morning preceding the london open.
However we may have some opportunities to book about 25 pips with the break of the swing points as folows:

Long position on the break of 1.7680 with a 40pip stop. Exit for 25 -40pips.
Short position : Break of 1.7626 with stop 40pips. Exit for 25-40pips.

We do have some news today and could see it move the markets. We might see a trend emerge out of this.

posted by ProphetOfProfit @ 5:35 AM