Stop Hunting using Sentiment and Market Structure

i have a question. i know you said you were in central time zone. what time do you begin looking at your charts? do you set price alerts?

I do set alerts if a key decision has to be made for whatever reason. But typically I will just place the orders in areas of interest and place the stop at the "here is where I am wrong" point.... and just let the trades go to the orders.

I check charts before bed, in the morning when waking up, and throughout the day.

It isn't necessary to check all that often if you don't have the time. You can use 1H or 4H charts and only check 1-2 times per day.

Look at sentiment... .look at market structure..... place orders that go with the market structure flow and against retail positioning.... place stop at the "I know I am wrong" spot... and target at either an LG fill, STOP area, or an extension of a swing.

Pre-FOMC Trade Plan. Looking for short DXY opportunities until FOMC. Then reassess.

I'm actually not going to take any overnight trades. Will re-assess in AM but the green box is key.

Sentiment Wise .... Retail is at 50/50 for many USD pairs.

So you could use orderflow (negative dollar bias) but it's better with retail liquidity in play.

Arrows off? Good thing we get paid for the right bets.

Sell side dollar bias is playing out as expected.

I didn't take any trades, but you could have.

Dollar aiming at the liquidity below.

Looking across USD pairs though it looks like strength may be coming in to USD.

The better option at this point is to look for dollar strength and go with that flow or look for opportunities to get long if those stops get taken.

And of course - there is the option to just sit on the sidelines and wait.

Market Makers really want those stops before the run up in MAY.

The Grab and Go got most people today including myself.

I had an expectation of possibly stop run for that swing but didn't expect the run to grab the liquidity at the lows.

Well played MM's.... well played.

EU headed to the LG Fill.

USD Trade Plan going into the week had 3 options. It looks like the top scenario is what is playing out.

In order for that to do so, the blue box has to hold... if price breaks strongly below and pulls back, then that is a Dollar Short Opportunity.

Plan A is still playing out and is expected to due to seasonality and those stops were grabbed and cleared below..

A few posts ago I talked about EU gunning for the LG fill, well it not only filled but took stops as well.

It's not surprising as the DXY analysis was showing a likely up move on the dollar if the pattern held.

If you're going to trade the majors - DXY is powerful to do your market structure analysis with.

Thanks
is DXY offered in all brokers and in what format.
Does it have sent info?

Are there such symbol for the other majors? If yes what are they called?

You can track the dollar using trading view. You can trade it in the futures market but I'm not aware of any brokers that trade it like spot fx.

I use DXY for Market Structure Analysis to get an idea of how the USD is moving so that I can apply that with Sentiment to get added edge.

Lite forex has the indexes of the individual currencies.

Good to know @thelegend67 thank you

EoWA Analysis for the Week Ahead

Good Day Traders, let's prepare to extract money out of the markets again this week.

https://sentifx.com/eowa-10-may-2020/

Positions from analysis already in profit, there is still opportunity.

I gave you the keys to easy money