The_Modern_Day_Trader

11:49

The_Modern_Day_Trader

EU Bias Analysis: Daily EPD had been achieved on the minor range and the 4H had established a bearish pro-trend. After reading between the messy price actions lines, I confirmed that short entries were in line with the 1H bearish range. Price pulled back to equilibrium at 50% and the short position could've been executed after entry confirmation. Grade: High...

07:23

The_Modern_Day_Trader

EU Bias Analysis: The 4H Is in the process of establishing a bearish pro-trend as price broke lower. Partial profit had been secured and stops were at breakeven which allowed me to then seek scale-in opportunities on this pair. Short entries were in line with the bearish 1H range and price had pulled back into EPD. After a TBL sweep heading into London Open short...

15:26

The_Modern_Day_Trader

Yes, DXY closed with a strong weekly bearish engulfing candle, in fact, the first bearish candle close in 2 months. While this is a strong indicator of what's been a highly anticipated correction lower, if price action on the daily continues to trade higher aggressively, then we may see a short term rally before price sell's off. Despite this uncertainty, I see...

12:44

The_Modern_Day_Trader

GJ Bias Analysis: The bearish pro-trend was clear with price trading lower from a premium. After printing the weekly low and beginning to correct higher, price mitigated the 50% equilibrium during New York Killzone where I waited for further confirmation by way of a LTF TBL sweep before executing a short position. EU Bias Analysis: The 4H had established a...

11:26

The_Modern_Day_Trader

UJ Bias Analysis: Not the best looking pair in hindsight, but with a clear counter-trend established to the upside, price had corrected to the 79% discount level during NY Killzone, sweeping session liquidity before entry confirmation was received. Grade: Low Risk What I did well or could've done better: - Executed according to the plan and managed the position...

16:17

The_Modern_Day_Trader

With a new higher high formed on the Dollar, which mitigated a monthly Order Block and weekly Fair Value Gap, is now the time to be asking whether the top is in and a major reversal is pending? Personally, I say yes, but price action still needs to confirm this as we can always continue trading higher. On the daily we have minor and major swing points from which...

12:34

The_Modern_Day_Trader

UJ & GJ Bias Analysis: Both setups were very similar so correlation risk was high and I was effectively risking 1% on 2 separate setups. The Daily was trading at a premium, however after price began re-establishing a bullish counter trend, we pulled back into Internal range liquidity, mitigating the 62.5% and 70.5% fib levels on UJ & GJ respectively. Long entries...

08:13

The_Modern_Day_Trader

AU Bias Analysis: With a clear bearish leg on the 1D as a result of a bullish dollar, Price has now established a Counter Trend towards 1D EPD. The long entry is in line with the current bullish 1H range and price retraced to the 50% fib retracement level on the initial entry and the 79% fib retracement level on the second entry which is floating at BE. Grade:...

14:07

The_Modern_Day_Trader

GJ Bias Analysis: Price, still trading at a 1D premium, the pro-trend had been established on the 4H timeframe and short entries were in line with the bearish 1H range. Equilibrium was achieved relative to the minor swing after price protracted higher and a short entry executed after entry confirmation was received. Grade: High Risk What I did well or could've...

10:59

The_Modern_Day_Trader

The Dollar has had an impressive run over October & now half of November with consistent bullish weekly closes. It's in these times as traders, that we project our opinion onto the market and start saying things like "The market has to pullback or reverse from here" where in reality, the market's going to do whatever it want to. There is no indication as yet from...

08:06

The_Modern_Day_Trader

EU Bias Analysis: Although Price is deeply discounted on the HTF's and the 4H has started trending higher, A shift of 1H structure from a 4H Bearish Order Block presented an opportunity for short positions as price corrected into IRL. Grade: High Risk GJ Bias Analysis: Price is trading at a weekly premium and is establishing a 4H bearish trend after a break to...

07:19

The_Modern_Day_Trader

UJ Bias Analysis: Price corrected deeper into the 1H range discount, entering a 1H OB and confluent 1-sded FVG. The deeper retracement protracted lower at London open, sweeping Tuesday's low as it mitigated the KI areas before entry confirmation was received. Grade: High Quality Valid AU Bias Analysis: Price distributed higher aggressively at London open. This...

09:30

The_Modern_Day_Trader

EU Bias Analysis: Although price is deeply discounted on the 1D timeframe, the 4H counter trend persists. Short entries were in line with the 1H bearish range and price pulled back into the 79% OTE area, which confluently overlapped with a 1H bearish OB. Grade: High Quality Valid UJ Bias Analysis: Similarly to EU, price from a 1D perspective was in a premium...

16:09

The_Modern_Day_Trader

Common themes across the board with daily rallies that need to exhaust sooner or later and price approaching (if not already in) weekly EPD levels which overlap with Order Blocks or Fair Value Gaps. With an abundance of opportunity in the market, be careful not to marry your bias by maintaining a neutral perspective on all pairs. My Bias for the week is as...

06:35

The_Modern_Day_Trader

AU Bias Analysis: Price mitigated a 1W FVG and was deeply discounted on the 1D timeframe and although still trading in a counter-trend on the 4H, we saw a displacement higher which formed a 4H bullish order block and established a 1H bullish range. Price protracted lower into EPD and the 1H FVG where I waited for entry confirmation and executed. Grade:...

09:45

The_Modern_Day_Trader

It's still very early in the week but the market has developed slightly, my bias heading into Wednesday's trading session is as follows: DXY - SHORT EURUSD - SHORT AUDUSD - SHORT GBPJPY - LONG USDJPY - LONG

13:50

The_Modern_Day_Trader

DXY: We're looking at the weekly range for HTF perspective and it's painting a clear picture. Price is hovering just below 1W equilibrium and so highly probable that we will mitigate this level. I've scrapped the 1D fib ranges as these were arguably a bit too subjective given I could project the retracement from multiple levels. 4H is still bullish and until price...

10:15

The_Modern_Day_Trader

Some observations as to how the market may develop early next week but as always will provide a weekly forecast Monday morning. Nonetheless, always good to prime the mind. Have a great weekend traders! Consistency is the choice you make, when you start doing the things you know you should be doing day in and day out.