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N2FX - 1/5/15 Minute Pattern Trades

  • #241
  • Jan 5, 2010 1:42pm Jan 5, 2010 1:42pm
Short term trading make more risky
  • #242
  • Jan 5, 2010 1:44pm Jan 5, 2010 1:44pm
Quoting JeremyMoore
A quick scalp trade on the EUR/USD. N2FX I m enjoying your posts and blog very much. I will be following this journal for as long as you are updating. I learn new angles on the markets everytime I read your posts. Your ability to use price action alone makes you leaps and bounds ahead of most traders.



Attachment
Man I love your chart, it really speaks clearly as I look at it.

I love to tinker with indicators, and I still play around with them as I wait for trade setups.

I spent several years trading from indicators, but after seeing the price setups, I just said, take those and see how it goes.

I am trying to be very careful not to overtrade, because I actually see trades on the 1 minute all the time, so I try to focus on 5/15 minute charts more just to keep me from being to aggressive.

I learned the price action from trading the 1 tick, and even smaller time frames, but those were very dangerous if it failed, so I took my experience and put it into the 3 pairs EU, GU, UJ and watch for typical patterns.

I want to trade longer term stuff like others here at the factory, but with 20-50 pips a day scalping, and my win/loss ratio being nearly perfect, I have a hard time going to anything else.

I do enjoy all the post on this thread from the different traders, it really helps me see things better, and I have a long way to go to be 100% win/loss ratio.

Have a great day.
  • #243
  • Jan 5, 2010 1:51pm Jan 5, 2010 1:51pm
I think of the GU like this chart.

Keeps going down, but somewhere it will form a higher low, and I will be watching for Longs.

I am not going to trade till mid Asia, but wanted to post a basic chart here before I head out for a few hours.
Attached Image (click to enlarge)
Click to Enlarge Name: GU view 15 min.jpg Size: 58 KB
  • #244
  • Jan 5, 2010 1:55pm Jan 5, 2010 1:55pm
Hi jody, I knew I was going to be in and out all day so rather than rushing a trade I stayed out, I caught a long on GU there for 13 pips, price was over 200 pips from high to low, price also lookrd exausted, on the one min chart pa failed to make lower, low... SL 1 pip under support at xxx64.. entery at red tick...
Attached Image (click to enlarge)
Click to Enlarge Name: pic.gif Size: 15 KB
  • #245
  • Jan 5, 2010 1:55pm Jan 5, 2010 1:55pm
Looking at the 5 min chart.

Low 1.4355
Last high 1.4366
Last test of low 1.4358 (reference these stalls as range time)

Now the test of 1.4366, see how it responds, will it bounce down again to the low and give us a higher low on the dip??

These are the things that I like more then the fast moves, they become a traders dream of PIPS.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 5 min view.jpg Size: 44 KB
  • #246
  • Jan 5, 2010 2:00pm Jan 5, 2010 2:00pm
Quoting rebelheart
Hi jody, I knew I was going to be in and out all day so rather than rushing a trade I stayed out, I caught a long on GU there for 13 pips, price was over 200 pips from high to low, price also lookrd exausted, on the one min chart pa failed to make lower, low... SL 1 pip under support at xxx64.. entery at red tick...
Now that is what I am talking about.

Very very nice bro.

That is a very typical trade on any pair I watch, man, PIPSTER, your chart is perfecto.

Congrats on the CASHO my friend.
  • #247
  • Jan 5, 2010 2:02pm Jan 5, 2010 2:02pm
Quoting TipTop
Short term trading make more risky
Hello and welcome.

Yea, I think Forex is actually spelled RISK, and these short term trades are risky indeed.

I keep my finger on exit at all times, win or lose, you will know real soon.

Have a great day.
  • #248
  • Jan 5, 2010 2:06pm Jan 5, 2010 2:06pm
lol thanks J.. thats high praise coming from you... im kicking myself tho if I had have held on a little longer price went on to 16000.. Do you pay much attention to candles stick formation..eg inside bars, hammers, doji...?
  • #249
  • Jan 5, 2010 2:10pm Jan 5, 2010 2:10pm
Quoting rebelheart
lol thanks J.. thats high praise coming from you... im kicking myself tho if I had have held on a little longer price went on to 16000.. Do you pay much attention to candles stick formation..eg inside bars, hammers, doji...?
Never worry about taking profits.

I take anything from 1 pip profit, win/loss ratio is very important to me, so I will pull the plug sooner then later.

I do watch inside bars, also the hammer/doji stuff, but I watch more of the sup/res areas with higher/lower candles and breakout/continuation/reversals.

I will watch more of the larger time frame 4hr/Daily for hammer, doji, or what I think is a rejection candle, and the breakout candles.

If I traded every session, I could do very nicely with just that 1 minute setup you did on GU, I would be a little more aggressive on entry though. LOL

There really is alot to look at, but I try to keep it simple on the 1/5/15 minute trends.
  • #250
  • Jan 5, 2010 2:36pm Jan 5, 2010 2:36pm
1.4370, should dip back to 4360 here during the closing of NY.

I have a small lot trade in at 1.4370, will put a 10 pip target and a 10 pip stop and let it go auto.

Heading to some meetings.

Be back in Mid Asia I hope.
Attached Image (click to enlarge)
Click to Enlarge Name: EU Short.jpg Size: 53 KB
  • #251
  • Jan 5, 2010 10:49pm Jan 5, 2010 10:49pm
This is the chart after a few hours.

My short was just near the extreme retrace level and paid out +10 pips.

Have a great night.
Attached Image (click to enlarge)
Click to Enlarge Name: EU Short exit.jpg Size: 62 KB
  • #252
  • Edited 11:50pm Jan 5, 2010 10:51pm | Edited 11:50pm
I had an extremely busy day today, but I managed to get 2 trades in the NY session.

+20 pips
+10 pips

Asia
+7 pips

Total: +37 pips

3 Wins - 0 Losses
  • #253
  • Jan 5, 2010 11:02pm Jan 5, 2010 11:02pm
3 daily bearish candles, now in a retrace (bullish) candle.

I am looking at the move up to find resistance around 92.20, could go to 92.40, but will start to watch for it to stall.
  • #254
  • Edited 11:40pm Jan 5, 2010 11:37pm | Edited 11:40pm
I am short UJ at 92.08.

Will only target the 00 area.

Stop above last 5 minute high at 92.12.

Not sure if were ready for the bigger dip, I see the 92.17-22 area that could still play out.
Attached Image (click to enlarge)
Click to Enlarge Name: UJ Short Asia.jpg Size: 48 KB
  • #255
  • Edited 11:47pm Jan 5, 2010 11:45pm | Edited 11:47pm
OK, that was too easy. 2 - 5 minute candles, no drawdown, and +7 pips in 9 minutes.

As usual, trade, post trade live, post picture of trade, exit with profits.

And I spent 1/2 hour scanning forex factory and not finding any indicator or system as easy as just trading the NOW.

I hope someone is getting something, I do not like taking all the CASHO myself.
Attached Image (click to enlarge)
Click to Enlarge Name: UJ short exit.jpg Size: 47 KB
  • #256
  • Jan 6, 2010 12:10am Jan 6, 2010 12:10am
Took Long on GU.

Here is the chart of the entry, and after my +7 pips in less then 5 minutes.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU Long Asia.jpg Size: 53 KB
Click to Enlarge Name: GU Long Asia exit.jpg Size: 49 KB
Click to Enlarge Name: What GU DID.jpg Size: 52 KB
  • #257
  • Edited 1:24am Jan 6, 2010 12:12am | Edited 1:24am
I had an extremely busy day today, but I managed to get 2 trades in the NY session, and 2 in mid Asia

NY
+20 pips EU
+10 pips EU

Asia
+7 pips UJ
+7 pips GU

Frankfurt
+10 pips EU (Full Size Trade)

Total: +54 pips

5 Wins - 0 Losses
  • #258
  • Edited 12:47am Jan 6, 2010 12:35am | Edited 12:47am
Waiting for the burst.

Wonder which way the indicator traders will trade it?

I have my entry marked and exit already, just need the small sign to GO.

Let's see it give us some CASHO.

Update: What a BURST.
  • #259
  • Edited 1:29am Jan 6, 2010 1:23am | Edited 1:29am
Took Long 1.4290
Exit 1.4302
+10 pips
Regular size trade on this setup.
1 minute chart trade.
2:16 am (EST) entry
2:18 am (EST) exit
2 minute trade

Daily Total Updated on Post #257
  • #260
  • Jan 6, 2010 1:58am Jan 6, 2010 1:58am
Quoting N2FX
Hello and welcome.

Yea, I think Forex is actually spelled RISK, and these short term trades are risky indeed.

I keep my finger on exit at all times, win or lose, you will know real soon.

Have a great day.
Yeah will keep my eye on this, just hope you can be the winner at last, dun let broker beat us down..
hehe
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