Hey Guys,
I know video analysis is better but I’m really busy preparing for the 5 Day Blitz so I can only do written analysis again this week. So here goes….
Do not take any of these trades unless you have downloaded and read the NEW 2010 edition free e-Book explaining my method.
These are all scalp lines therefore the target and stop for all of them is 50 pips.
1. Long @ 151.55 – strong line
This is an awesome line. We can see a strong move up from the 135.60 area followed by a strong reversal at our line. This formed a great little scalp line. I will be targeting 50 pips on a break of this line with a 50 pip stop loss. This line has been around for weeks though so be on the lookout for fake breaks. I will be watching this one like a hawk.
2. Long @ 150.90 – weak line
This is a weak line, last week we had a weak move to the line and a weak reversal. We also has what looks like a second attempt but it did not get close enough to convince me this is a good line. An alternative would be to enter at the 151.00 as that would double as a psych level. I will trade this one but cautiously.
3. Long @ 146.45 – average line
Last week we had a decent move to the line and a decent reversal. This is an average line, I will trade it with caution.
4. Short @ 143.30 – strong line (I will not take this if the market opens below this level. If it breaks in the first few hours of open I will trade it very carefully. Moves can be erratic in the first few hours of the week so exercise caution!)
This is a good line that formed at the end of last week. It has had one bounce but a second candle came close enough to it for me to consider it two bounces. This is a good line so be ready for it.
5. Short @ 139.00 – strong line
This is a very good line that formed a few weeks ago.
6. Short @ 135.60 – average line
This is a pretty good line but it is over 1000 pips away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
7. Short @ 131.40 – average line
Again this is a pretty good line but it is far away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
8. Other lines
As usual other lines are likely to form during the week so keep an eye out. I will update the analysis if any new lines form.
{ 16 comments… read them below or add one }
How about the 138.99 line/
hi nick thanks what about the 138.94 scalp line ? it’s not working this week ?
@Nelson:
Accidentally missed it. I have added it now.
Hey nick.. I was going to ask the same question about the 138.950 line.. thank for everthing you are doing.. still learning a lot.. looking forward to the blitz..
Nick
Thanks for your post.
The 143.30 line is pretty close to Friday’s closing price, and might be broken before London opens on Monday. I would be interested ot learn your opinion of opening trades during Monday’s Asian session.
Are you generally happy to take scalp trades which break during the Asian session on Monday?
Will you take this trade in particular if the break occurs during the Asion session, and will you do so regardless of how early in the Asian session such a break might occur?
Thanks.
@strell:
I will not take the trade if the market opens below 143.30. If it breaks in the first few hours of open I will trade it very carefully. Moves can be erratic in the first few hours of the week!
@ed:
Thanks, hope you enjoy the blitz!
Hi Nick,
Why is line 146.45 and 148.10 not considered as scalp lines?
The 143.30 was a bad one I took it and got out with a -40.9 pips I hope that the week gets better, I have had two bad trades in a row, last week with the 146.96 and this one now, lets see what happen during the week with the other scalp lines.
Nick
Thanks for your reply.
I see the 143.30 scalp line was broken at 00:24 GMT. I look forward to reading your blog to learn how you viewed, and handled, this trade.
Cheers.
I’ve been watching your video course Nick and have a couple of questions I hope you can help with.
1- In the course you mention having different targets depending on market volatility but recently both you and Metalhawk seem to be always targeting 50 pis, is that a change in strategy or is just that the market has been in a normal state of volatility?
2- I’m sure I read somewhere that you no longer use SR lines to trade and use only scalp lines. Is that right and if so do you ignore SR lines altogether now, or do you still take note of them when deciding entries and exits?
Cheers!
What is the difference between 138.99 and 139.00??
What I am saying is, I don’t have 138.99? Or am I not looking well??
bad trade for me : 146.45
the price is stuck right now
Are these prices in AUD$ ? I am in USD$ and the numbers do not match.
shouldn´t 139.00, 138.99 and 138.94 be considered as one?
isnt 150.90 too close to the 151.55 to be a valid line?