Forex intraday using the 5min chart: EURUSD

15 YEARS I've been studing this Forex market, on and off anyway, totally bent on learning how to do intraday, that's where the BIG profits are, tight stops, catch the moves, high win rate, minimal losses, 10% min a week!!!!!!

BTW, I have ADHD, you want to try trading with this thing man, rabbit hole after rabbit hole after another and then and lack of discipline, but with a never give in attitude, I do not like being beaten, so here we are, at last I have a strong strategy to be going properly live with.

I've developed indicators, but they're all a bit of a mash at the moment, and need to go through them and do a bit of tidying and finishing off and stuff, that's the bad news, the good news is they work with the Strategy tester, so once I've posted them, you'll be able to run the strategy tester and practice the your strategy 'till your 100% confident, you can easy go through a month in day on the tester of real trading experience but 20x faster, that is one of the barriers to learning forex, practice, I mean you've studied the charts all day, and what have you learnt? and another day gone and on and on it goes, and if you don;t have ADHD even then, if you took notes which notes would you take and are they useful or useless?

So in the meantime, with Christmas coming up, what better time to sit down and learn what happens on FX intraday.

NOTHING BUT EURUSD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
We shall only discuss the EURUSD, it's to keep focus, I have ADHD remember, no distractions
All major pairs behave the same, so it can be applied to any popular currency pair.

OK, so what's it all about? - The Asian Session, 10pm GMT - 8am GMT.

The price during the day (GMT) revolves around what happens during the Asian session.

To start learning about this, look at any day, I attach today's chart as an example.

The levels are Asian High, Asian Low
Mid point between them and then the distance between high and low each side and same distance in steps, you can easily set up your Fib tool for this, if you've used Pivot points and you know what they're like, a bit hit and miss, when the market moves, they kind of work, then it just really doesn't, THIS is like pivot points on steroids.

I'm not going to tell you how to trade, just observe, then you'll notice things like.....
If it moves little in the Asian session it's likely to not break SR and move in one direction.
If it moves a lot, it's more likely to range...
If the price spends more time in the bottom half of the Asian price range it's more likely to go short and vice versa.

What observations will you notice?

Hi Bushi,

This sounds very interesting. I'm curious. Subscribed....

My observations: price seems to respect increments of Asia range... Also often the middle line...

Yes, I think it absoloutely does, the other main thing I look out for is the old Market Maker pattern, head & shoulders if you like, match that on the levels, and trade off the second shoulder, it hardly ever looks exactly that the illustated pattern, the skill is interpresting this, the clearer the better, always trade a clear market, small wicks on candles.

So, today at the moment, it's bullish, but I will be looking for a short later, today's spread is already around the average spread, and is unlikely to keep moving up, also it's rare for it to keep moving in the same direction all day.

And there was the short. Target half way. 20 pips+

This sounds interessting. The pattern today you showed in your screenshot yould also be a Quasi Modo...

Hah, lol, I agree, would I have traded it if I was at the computer, maybe, like I said I have ADHD, it kills my trading but I'm getting the better of it, it's the FOMO, but what happens next? And I did trade that.

We have a big spread on the Asian session, so we are looking at a ranging market, we are at the stop for the Asian short, I'm expecting it to go short, target - not sure, but under pivot at least.

Now watch all unflod long

Taken out, now this is ADHD, I had actually observed a rule that tells me to go long if it holds above the pivot, go short if it holds below, added to my trading checklist.

And I think whis will relate to most fledgling traders, I'd make notes, but notes of what, if I took notes of everything I'd have too many notes to make use of, but it's about filtering, filtering out all the noise, what is useful and what is not and when, just keep filtering.

And so it turns out that my analysis was fundamentally correct, but my execution was terrible, patience patience patience, I will learn.

This is another thing that needs more highlighting in my checklist....

4Hour levels takeout, must wait for the takeout in this kind of market, look out for if it breaks the previous candle high/low and retraces.

So... it holds below Asian High, the very last stops of for anyone that was short at the Asian high.

I shorted after the break, so in profit for the day, that's it, quit while ahead, that is a lesson that takes a while to learn.

Needs little explanation, Asian Holding resistance, short to under the Low since we have popped just above the range.

Simple as.......

And there you go, hit just underneath the Aisan high, me..... too cagey with my SL, but it's trading, the better you get, the more confidence you have in your anlaysis, the more commitment you give to the trade, the more profit you make, this is one of the reasons for this thread, it helps ME, which is the most important, ALWAYS remember that, you must be your first priority not just in FOREX but in LIFE, if you're at your best you are more capable to look after and show others the way.

So...... Onwards and Upwards.

Practically the same setup as yesterday, like taking candy from a baby, most probably will hit the bottom of the Asian range, I'm out at pivot, I'm out now until next year.
10% profit this week, happy days.

Yep, just hit bottom of Asian range after taking out the stops from the trade I took, it's what it does, day in day out, systematically designed to take your money, all you got to do is see it.

Hi Bushy

Don't you ever stop trading EURUSD or I will get really mad with you, it has a regular heart beat of 9 pips rotation and very safe to trade swings.
Your 10% results are better than most professional traders make in a month -

Great Result - Looking forward to your trading next year

Absolutely, thanks.

It seems to work fine now, works in strategy tester also, give it a go, see how that price bounces off those Asian levels.

Hi Bushy, just checking in mate, i've never traded EUR/USD, always been around GBP or GOLD but i'll give it a go, you can be my new teacher! LOL, plus i'm autistic visually, so we should make a fine pair together. I don't know if i'll be able to contribute much but i'll try, and i might have something new for you to look at in the new year, just something i've been watching for a bit. Anyway, i wish you and yours a happy xmas and new year mate and speak again soon, cheers.

Thank you, merry Christmas and all that to you too

You say 'watching', that's exactly the right think to do, keep watching and observing, that's why I made sure the 'indicator' worked on the strategy tester, so you can watch it 10x quicker and hence learn 10x quicker, that's the idea anyway.

I put indicator in quotes because it doesn't actaully indicate anything, it tells you where highs and lows are for a certain period of time, the indication comes from the price action at these levels, focus on the lines and when the price arrives there, wait to see what develops and it will give you a very strong indication if it will reverse or continue, I'm not against using MTF's, but they are not nescessary, the 5 min chart will give you what you need. The problem I find for me using HTF's and MTF's is that I tend to trade a 4Hr chart trade on the 5mins, it doesn't work.

Once I'm happy that they are all working fine I'll post the rest over the next week or so, then you'll be able to actually practice trading 10x quicker too, I can usually practice a month over the course of a day.

I think this is a great and simple approach to trading. Have you considered adding Fair Value Gaps to your analysis? I have a feeling it will make things a lot better.

Here's an image of a possible Asian Range High rejection trade using FVG using a broken structure level as an entry.