Making Sense of the Market (Educational Post) 📑3rd Week May 23'
Updated
Hello Traders. Today I have created a summary of this previous week's price action on a Session-Session basis. I explain in detail each of the 15 Sessions and how they relate to the overarching destination for the weekly candle. I hope you enjoy and please leave some feedback in you found this either useful or interesting. Best, Shrewdcatfx 🐱👓
Key for Chart
1 = Asian Session
2 = London Session
3 = New York Session
Monday - Black Numbers
Tuesday - White Numbers
Wednesday - Purple Numbers
Thursday - Red Numbers
Friday - Blue Numbers
Important Level's
Weekly Level - 1.0866
Daily Level - 1.08739 ( Created after Tuesday's Daily Candle Closure)
Daily Level - 1.08532
Daily Level - 1.08401
Daily Level - 1.07597
15 Sessions Breakdown
Monday - ( Black Numbers )
1 First Asian session begins by going up and
rejecting (1.08537) Daily Level. Buyers are
stepping in early in the week and the new
weekly candle is pulling up.
2 The First London session of the week is a catalyst to create a Higher High in market structure on the Intraday timeframes. However with the new 4hr candle price pulls back down and drops before seeing once again another opportunity for Buys
3 The first New york session of the week combined with manufacturing data saw one more push to the upside which turned out to be the High of the day. As NY session progressed price pulled back and found support at the 1.0866 weekly level before bouncing once again.
Tuesday - ( White Numbers)
1- 2nd Asian session of the week price consolidates inside of the previous NY session range, not much occurs
2- London session pulls back and retests 1.0866 weekly level where price finds support once again
Price consequrntly bounces and creates a new weekly High above the Monday NY session manufacturing data highs.
This london session Bullish push turns out to be the high of the week
3- New York Session price eases off the high prices created during London session. Retail sales data is released and volatility
and volume shakes up price in the short term but continues to ease off the highs from london session. Price drops further adn london
close prints the low of the day. The daily candle closes below our 1.0866 weekly level
after attempting to push up with manufacturing data and retail sales data
Wednesday - (Purple Numbers) (The close of the Tuesday daily candle creates our 1.08754 Daily Level)
1. Asian Session - Pulls up to retest our new formed Daily level 1.08754.
As we move through Asian Open and the 4hr candle associated with it price appears
to be backing off and rejecting the new formed Daily level 1.08754.
2. At this point we have 2 Daily Candle closures above 1.08537 Daily Level, however as we move into the third
london session of the week price is beginning to crease below this daily level 1.08537. Price is also continuing to reject our
new formed 1.08754 Daily level from Asian session. Price effortlessly drops through 1.08537 and quickly reaches our next
potential support at Daily level 1.08393 . Price keeps pushing down and it is clear that the weekly candle has flipped bearish,
dropping below our Monday Asian session prices and creating a fresh low on the week.
3. NY session sees a short lived continuation but quickly reverses pulling back up and clearing out
fomo sellers . Price pulls back and does a textbook break and retest at the price where the weekly candle opened on Monday Asian
price consolidates at the break and retest area 1.085
Thursday - ( Red numbers)
1. Asian session completes the break and retest at 1.085 and prices begins to head back towards the low created during the previous NY session
2. London Open provides a catalyst for a continuation of momentum to the dowside as we head back towards the previous NY session Low.
We touch the NY session low and create a new low price on the week.
3. New York Session Open and Unemployment data is due to release. Yes, Unemployment data is the catalyst to punch out even more lows on the week
Price make a very nice and lenngthy push from here on this thursday.
Friday - (Blue Numbers)
1. The Thursday daily candle closes bearish but above our 1.07597 Daily Level.
Asian session attempts multiple times to keep dropping below 1.07597 but buyers hold firm here.
2. As the final London session of the week approaches prices begins to bounce off 1.07597 and
creates a High on Intraday timeframes. Then comes london open and price continues to pull back to the upside
Simultaneusly we can observe that as the weekly candle comes to a close, the candle is pulling back up and
creating a bottom wick.
3. New York Session provides a catalyst to continue pulling back up before violently whipsawing and ranging to end off the week
Key for Chart
1 = Asian Session
2 = London Session
3 = New York Session
Monday - Black Numbers
Tuesday - White Numbers
Wednesday - Purple Numbers
Thursday - Red Numbers
Friday - Blue Numbers
Important Level's
Weekly Level - 1.0866
Daily Level - 1.08739 ( Created after Tuesday's Daily Candle Closure)
Daily Level - 1.08532
Daily Level - 1.08401
Daily Level - 1.07597
15 Sessions Breakdown
Monday - ( Black Numbers )
1 First Asian session begins by going up and
rejecting (1.08537) Daily Level. Buyers are
stepping in early in the week and the new
weekly candle is pulling up.
2 The First London session of the week is a catalyst to create a Higher High in market structure on the Intraday timeframes. However with the new 4hr candle price pulls back down and drops before seeing once again another opportunity for Buys
3 The first New york session of the week combined with manufacturing data saw one more push to the upside which turned out to be the High of the day. As NY session progressed price pulled back and found support at the 1.0866 weekly level before bouncing once again.
Tuesday - ( White Numbers)
1- 2nd Asian session of the week price consolidates inside of the previous NY session range, not much occurs
2- London session pulls back and retests 1.0866 weekly level where price finds support once again
Price consequrntly bounces and creates a new weekly High above the Monday NY session manufacturing data highs.
This london session Bullish push turns out to be the high of the week
3- New York Session price eases off the high prices created during London session. Retail sales data is released and volatility
and volume shakes up price in the short term but continues to ease off the highs from london session. Price drops further adn london
close prints the low of the day. The daily candle closes below our 1.0866 weekly level
after attempting to push up with manufacturing data and retail sales data
Wednesday - (Purple Numbers) (The close of the Tuesday daily candle creates our 1.08754 Daily Level)
1. Asian Session - Pulls up to retest our new formed Daily level 1.08754.
As we move through Asian Open and the 4hr candle associated with it price appears
to be backing off and rejecting the new formed Daily level 1.08754.
2. At this point we have 2 Daily Candle closures above 1.08537 Daily Level, however as we move into the third
london session of the week price is beginning to crease below this daily level 1.08537. Price is also continuing to reject our
new formed 1.08754 Daily level from Asian session. Price effortlessly drops through 1.08537 and quickly reaches our next
potential support at Daily level 1.08393 . Price keeps pushing down and it is clear that the weekly candle has flipped bearish,
dropping below our Monday Asian session prices and creating a fresh low on the week.
3. NY session sees a short lived continuation but quickly reverses pulling back up and clearing out
fomo sellers . Price pulls back and does a textbook break and retest at the price where the weekly candle opened on Monday Asian
price consolidates at the break and retest area 1.085
Thursday - ( Red numbers)
1. Asian session completes the break and retest at 1.085 and prices begins to head back towards the low created during the previous NY session
2. London Open provides a catalyst for a continuation of momentum to the dowside as we head back towards the previous NY session Low.
We touch the NY session low and create a new low price on the week.
3. New York Session Open and Unemployment data is due to release. Yes, Unemployment data is the catalyst to punch out even more lows on the week
Price make a very nice and lenngthy push from here on this thursday.
Friday - (Blue Numbers)
1. The Thursday daily candle closes bearish but above our 1.07597 Daily Level.
Asian session attempts multiple times to keep dropping below 1.07597 but buyers hold firm here.
2. As the final London session of the week approaches prices begins to bounce off 1.07597 and
creates a High on Intraday timeframes. Then comes london open and price continues to pull back to the upside
Simultaneusly we can observe that as the weekly candle comes to a close, the candle is pulling back up and
creating a bottom wick.
3. New York Session provides a catalyst to continue pulling back up before violently whipsawing and ranging to end off the week
Note
Detailed Price Action & Multi-Timeframe Analysis of Eurusd ; 3rd Week May 2023Note
Detailed Analysis of the trading sessions. DM for more content like this.
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