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N2FX - 1/5/15 Minute Pattern Trades

  • #321
  • Edited 8:37pm Jan 7, 2010 6:43pm | Edited 8:37pm
NY Session

GU B/E (0)
EU +5
U/Cad +10
EU +5
UJ +7

NY/Sydney Session
EU +6

Asia
EJ +10
UJ +7
EJ +10

Total +60 pips

8 wins - 0 losses - 1 break even
  • #322
  • Edited 6:56pm Jan 7, 2010 6:55pm | Edited 6:56pm
That is just about the exact thinking I have when I see that chart.

A: Break out zone to be retested.

B: Reasonable SL.

C: SL is a bit far away but if you are the 'Better safe than Sorry' Trader this might be your spot.

Price is pretty much guaranteed to make it to the bottom of the candle under the arrow.(In the crotch of the move) Even if it is a failed attempt at higher ground.
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  • #323
  • Jan 7, 2010 7:22pm Jan 7, 2010 7:22pm
Quoting N2FX
and how price moves in surges, then does a stall/purge stage, then either continues, or reverses.

All the same in each time frame.
This is something I suspected about you, but so far it is beyond my ken. See, you must have a grasp on something the old ticker readers must have seen, and that takes time to develop. That is why your thread interested me so much because it was obvious to me you were seeing it, and I still want to pick that skill up for myself. I know its kind of a selfish reason to read a thread, but... I just can't help myself, and you turned out to be such a nice person I can't help but join in the fun.
  • #324
  • Jan 7, 2010 8:28pm Jan 7, 2010 8:28pm
Quoting Skracor247
This is something I suspected about you, but so far it is beyond my ken. See, you must have a grasp on something the old ticker readers must have seen, and that takes time to develop. That is why your thread interested me so much because it was obvious to me you were seeing it, and I still want to pick that skill up for myself. I know its kind of a selfish reason to read a thread, but... I just can't help myself, and you turned out to be such a nice person I can't help but join in the fun.
Thanks for the kind words.

I know traders who read tape, and others who trade for just 1 to 2 pips with heavy lots.

I am working on perfecting entries, and exits.

So far the 7 pip target has been very fruitful, I just need to be a little more cautious to take only the premium setups/formations.

If I can help you that would be awesome, not many traders want to spend the hours it takes to learn price action only trading.

I know it takes a great sacrifice, but if a trader wants to make real cash trades, they need to have the best possible win/loss ratio, and that has been my goal for years.

I have lost count of the hours I have studied, traded, back tested, and live tested Forex, my last count was 15,000 hours.

That was a year ago when I finally quit keeping track of my time.

Let's make some CASHO, it is really simple, and with just a few trades you could have the daily goal of pips/profit without losing sleep or your real life.
  • #325
  • Edited 8:38pm Jan 7, 2010 8:33pm | Edited 8:38pm
I did not take a screen pic of the EJ, I took the LONG at the 133.54 break of the 9pm EST 15 min candle.

+10 pips on that quick spike up.

Daily Total updated Post #321
  • #326
  • Jan 7, 2010 9:12pm Jan 7, 2010 9:12pm
Bottom forming on UJ???

I have my entries picked out if it goes LONG.

Give it time, and it will give CASHO.

Note: If it fails, we don't trade, that simple.
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  • #327
  • Jan 8, 2010 3:49am Jan 8, 2010 3:49am
Jody still in this trade would be great if you would coment on the entry... saw what I thought was price stalwing, entry point xxx31, SL above wicks of swing high.. Lets c how it goes..

Danny
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  • #328
  • Jan 8, 2010 8:10am Jan 8, 2010 8:10am
Last trade worked out well... I think I got lucky, still a lot to learn, hey N2 did you get up in time to trade the big news... How do you trade a big news event..? what do you think of stradling the last 15 min candle before news release..

Danny.
  • #329
  • Jan 8, 2010 8:11am Jan 8, 2010 8:11am
I woke about 10 minutes before the NFP news, and was watching 6 pairs, I took trades on 3 of them directly after the news moved prices.

I do not have any charts to show, and Forex Factory has taken me 20 minutes to get here, extremely busy on the forum today.

Here were the trades (after news release)

UJ Short (1 minute after move down) 8:31am EST 92.69 entry +10 pips
(1 minute trade)
EJ Short (3 minutes after move down) 8:33am EST 132.90 entry +10 pips
(less then 1 minute trade)
EU Long (4 minutes after move up) 8:34am EST 1.4341 entry +10 pips
(1 minute trade)

Simple as that, trade the direction of move, make CASHO, get out, have a great day not watching anymore charts.

I will check out now what everyone else traded.
  • #330
  • Edited 8:31am Jan 8, 2010 8:18am | Edited 8:31am
Quoting rebelheart
Last trade worked out well... I think I got lucky, still a lot to learn, hey N2 did you get up in time to trade the big news... How do you trade a big news event..? what do you think of stradling the last 15 min candle before news release..

Danny.
Was looking your chart over there.

Your entry looked fine, price never went against you, so you hit the top precisely, it takes a few candles sometimes, and a stop above high keeps you with a small loss if it goes wrong. GOOD JOB

I basically forget about where it was before news, I simply have a 5 minute chart on the 6 pairs, identify which way the news breaks, how fast, and how big it goes.

Then I switch to a 1 minute, looking for the pullback into the move, once I see the stall and the continuation strength coming back into that pair, I enter the direction of the overall direction.

Funny thing is, there is no real secret to trading, once you have conditioned yourself to seeing certain patterns and how the market breathes, you just start following and making money.

I will try to show a chart in a little while, having coffee with my wife here now.
  • #331
  • Jan 8, 2010 8:26am Jan 8, 2010 8:26am
Pre-NY Session

UJ +10 pips
EJ +10 pips
EU +10 pips

Total +30 pips

3 Wins - 0 Losses
  • #332
  • Jan 8, 2010 8:35am Jan 8, 2010 8:35am
Don't be surprised if GU and UJ heads back toward the open price range from the news, EU looks a little more bullish for now.

No trades yet.
  • #333
  • Jan 8, 2010 9:03am Jan 8, 2010 9:03am
Well there is the GU back at 1.6012, can those big money traders make this any more predictable. LOL

Don't you know that 1.6000 has some buy orders waiting??

Mine was LOL
  • #334
  • Jan 8, 2010 9:13am Jan 8, 2010 9:13am
Price tapped 00, the 5 minute tried to form long, but failed, now watching for lower area to form a long entry.
  • #335
  • Jan 8, 2010 9:42am Jan 8, 2010 9:42am
I was seeing the family off to school, now back to see where the trades may form.

EU turned already, missed that one.

GU is watching everyone else to see what they are doing. LOL

UJ turned already, missed that one.
  • #336
  • Jan 8, 2010 9:46am Jan 8, 2010 9:46am
Okay, putting my focus on the GU here.

2-15min candles closed now showing it wants to either stay here, or go up or down.

Too many options, but it is saying that price is in a deciding area, which could form long entry.

I would like to see a move back above 1.6000 line showing the upward move to the 1.6025 area as target.

Update: I am watching the 1.5993 line as of now for possible long, it is dipping down to the low, so it could go further, then will have to evaluate the entry from there.
  • #337
  • Jan 8, 2010 9:58am Jan 8, 2010 9:58am
Breaking it down as it moves.

So it dips further, now the target area on any long would be that 1.5993 area.

I will watch for entry long, but will not rush it.

Take it when it says it is ready.
  • #338
  • Jan 8, 2010 10:08am Jan 8, 2010 10:08am
Okay, the 1 minute gave a long at 1.5968 line, I did not take it.

I will wait and see if I want to trade at all.

The good thing about making my goal already, I will only trade if I feel it.
  • #339
  • Jan 8, 2010 10:15am Jan 8, 2010 10:15am
Quoting N2FX
Okay, the 1 minute gave a long at 1.5968 line, I did not take it.

I will wait and see if I want to trade at all.

The good thing about making my goal already, I will only trade if I feel it.
I read you.
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  • #340
  • Jan 8, 2010 10:16am Jan 8, 2010 10:16am
Hope for maybe a little baby retest of that entry area. Then I think I would risk it and jump in. With a Higher High to follow on the M1 which would seal the deal for me.
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