Holding below/above

Last week offered plenty of opportunities in all dollar pairs. The worst day of the week was Monday when fake breakouts out of ranges hit me and I finished the day -27pips. After Monday it happened to be one of the best weeks I had so far this year gaining over 353pips meeting my monthly target in a week. With EUR/USD falling down towards 1.32 it offered nice levels of play (3573, 3447, 3285) and with $INDEX holding above 80 we can probably expect more (plays around 3160 a 3020 will be definitely very important to watch).

Lately I was discussing with one the beginning trader the importance of the pair holding below or above certain critical level for some time and how important are H1 and DAILY closes. Whatever time frame you trade intraday you should always know these close levels and important S/R. It should be instant and if some total stranger asks you on the street "hey, do you know where the euro/dollar closed yesterday" you should promptly without any thinking answer: "yeah, the yesterday daily close range is 3255 – 3210 with pair to be able to hold below 3285". Why "range" for daily close? The daily close is different depending on what server time your platform is using. That's why all daily or four hours candles are little bit different on various platforms.

I am currently away from my main desktop computer and I totally forget to download my trading screenshots to my flash disk which I would like to share with you. Well, I will do it tomorrow and the topic I would like to discuss is how I usually enter into retracements. Something I am asked quiete often. See image gallery only with one image I found on my flash disk for taste. More will come tomorrow.

Have a great weekend and speak to you soon.