fxenthusiast replies to: Scalping the EUR at the European open

Tues 19th June at 06:40 the JPY is right out of sync with the rest so I have substituted it with CAD. Now all EUR pairs are grouped together at the top of the table with a distinctly bullish direction of travel for all pairs. This provides us with our top two indicators. Now, if the 7 am candle moves in sync in the same direction all all pairs then we have our third signal to go long.

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Discrepancy showed itself this morning with signals to go short on EUR/USD and EUR/CAD which went against the trend. Those of us who follow the rules to the letter will have put a buy stop above the pullbacks, the result being a successful trade on the Kiwi that reached its 25 pip target. Aussie caught us out with catching the buy stop order and then going south with USD and CAD. So, what have we learned this morning? Where there is conflict in the 7 am candle as it goes against the trend – stay out or put a buy stop order above the pull back. This will keep you safe. Risk takers will go with the short signals. However, if the 7 am candle points in the same direction as the trend then all pairs will show a good trade. This lower chart shows the outcome at just before 08:00:

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