I started at about 10:00AM EST. Again, like yesterday we were between the central pivot and S1, the 5 min TF trend was downward. I only did two trades today. After my trades, as we approached the European close (10:30-11:00AM), the 5 min TF trend changed.
I really wanted to wait until after 11:00AM, to let some of the excitement die down. I couldn't reconcile the upward movement of the EUR/USD. It did later break out higher and traded through the 1.3550 "psych" level and above the central pivot point of the day. Though there was much movement, and I felt I should be in a trade or trading more... I had no plan. No obvious support or resistance and we were in-between pivots and such, with a recent probable trend change. I logged out for the week-end, about 1:00PM EST. "Big" 1 min TF candles spanning ranges of 10 pips or more all around the central pivot...bad for a small stop method of 8 pips like mine.
Chart below is a trade I missed, as I had just logged in. It's a fairly instructive "textbook" trade though. At that time, 5 min TF was in a downtrend. So, you are looking to get short. Price moves lower and breaks a recent low, and the 1.3500 "psych" level. Don't chase the first break, let it retrace a little and get short, which wouldn't have been too difficult.
I was just getting situated so I missed the trade...but it is a pattern you see over and over again, even on the smaller time frames.
I really wanted to wait until after 11:00AM, to let some of the excitement die down. I couldn't reconcile the upward movement of the EUR/USD. It did later break out higher and traded through the 1.3550 "psych" level and above the central pivot point of the day. Though there was much movement, and I felt I should be in a trade or trading more... I had no plan. No obvious support or resistance and we were in-between pivots and such, with a recent probable trend change. I logged out for the week-end, about 1:00PM EST. "Big" 1 min TF candles spanning ranges of 10 pips or more all around the central pivot...bad for a small stop method of 8 pips like mine.
Chart below is a trade I missed, as I had just logged in. It's a fairly instructive "textbook" trade though. At that time, 5 min TF was in a downtrend. So, you are looking to get short. Price moves lower and breaks a recent low, and the 1.3500 "psych" level. Don't chase the first break, let it retrace a little and get short, which wouldn't have been too difficult.
I was just getting situated so I missed the trade...but it is a pattern you see over and over again, even on the smaller time frames.