N2FX - 1/5/15 Minute Pattern Trades

will him alow that?

Anyone have any thoughts about this pair going into friday??

I have included my pre-trade notes to get things started

Regards

Jeremy

I have spent the past week or so working on a few glitches to my trading concepts

I felt it was a good time to get away from chat rooms and forums, and outside influences.

I hope everyone had a great trading week with the opportunities that were present.

My Weekly Total was only +174 pips after spread and losses.

That keeps me above my daily goal with +35 pips a day average.

That may be small pips to most traders on the forum, but considering weekly results, it really adds up in the end by being positive every week.

Thanks to everyone that has posted.

I hope to be around some next week, with a little different look for the charts that could help a "few" traders make some profits.

Have a great weekend.

Jeremy,
Nice shot, I just caught your post and there was money to be made on both sides today, hope you caught yours. The EURO remained fairly stable today considering some of the carnage going on.

N2FX,
I'm glad your rest was rewarded. 35 pips a day AVERAGE is knocking them dead. Hang in there and maybe I can learn to trade from you and Jeremy. I hope you are very good teachers, or at least very patient.

Not sure if it was restful, lol, but I needed just screen time to work some things over.

There are some good teachers on FF, and Jeremy has a great chart setup and I can see how his trading concepts would capture nice profits.

Honestly, there are hundreds of pips missed each week while I watch some of the smaller moves, but I am working on extreme trade setups on 6 pairs that will become bigger pip makers, I have been trading it live for a few weeks now on a separate account to see how it responds to win/loss ratio, and draw down dangers.

Hopefully in the coming weeks I can input some areas to trade that could produce some nice pips for those in the thread.

Have a great weekend.

Great, and you have a pleasant week end as well.

Hey Bro! Good to see you're back! I thought you were probably working some extra hours making adjustments. Had to do some of that myself. Talk to you more this coming week.

Hey now, what is happening?

I spent some time going over your thread today and looking over your charts and trades.

There is so much to apply to our trading concepts, I read and listen, and trade, and trade more to just try to get more precise in every type of market conditions.

I feel the scalping setups I have employed work fine, and it pays out nicely, but I also know that many times there are more opportunities to make great profits, so I am working extra hours this year to experiment with some other options with trading.

I know there are lots of formations and areas to trade, but if we can identify greater areas of probability, then our outcome will be much greater.

I have been working with the following pairs so far this year:
Majors-E/U, G/U, U/J
Minors-E/J, G/J, A/J, A/U

From these pairs I want to breakdown the major moves and find areas of support and resistance, that will have the best possibility for a reversal bounce, I also am looking into a major move, consolidation, and continuation formations.

With those areas identified, there will be hundreds of pips captured weekly to add to the scalping strategy.

Let's discuss some things in the coming weeks, with all of our minds together, we can formulate a great trading strategy that will assist our pocketbooks.

Have a great weekend bro.

Daily Analysis of the EU, GU, UJ

EU is in a tight range here in the retracement stage, with major pressure downwards.
I am anticipating shorts at the 1.4315 with possibilities of reaching 1.4380-1.440 area as major resistance.
Longs will be taken in the low 1.4000 levels down to 1.3920-1.3900 major support area.

GU is in a consolidation flag/pennant pattern, the GU is not as weak as the EU these past few weeks, so I am less likely to take trades on GU until there is a signal of weakness or strength.

UJ has moved down nicely the past few weeks, with support levels at 89.25 area and even as low as 88.50.
I am anticipating longs near the 89.25 area, down to the 88.00 level.
Shorts will start to come into play on a move up to 91.30 up to 92.00 area.

These are areas I am watching, but trades will be entered based on price action at these levels.

I will not just enter a trade because a level is reached, but I will need confirmation prior to entry.

Targets and Stops will be reviewed upon entry of each trade.

Here is the 1 Hour EU showing the last 3 days of the Daily Range.

There was a 211 pip move down on Wednesday, followed by the double bottom support that turned to a consolidation Thursday of 115 pips, then the market closed with a break of the previous days high, forming the upward trend lines (red).

Wednesday Range (down)
H-1.4290
L-1.4078
211 pip range

Thursday Range (mixed-consolidation)
H-1.4131
L-1.4028
115 pip range

Friday Range (up)
H-1.4181
L-1.4085
96 pip range

I have the high marked on the chart at 1.4290 and the low marked at 1.4028.

I will be watching for either a continued strength upwards, or the consolidation once again for another drop in price.

I wanted to post my weekend thoughts on the GU weekly.

Price has ranged at several 38.2% fib levels.

I noted the nearest targets for the next move on the charts.

These are the safest targets for GU.

I will work on GU as the daily chart shows areas of where price is gravitating.

Okay, I took the same weekly chart and can see this pattern forming.

Higher Low on last drop, and Lower High on last climb. (blue horizontal line)

Flag Pattern wedging to the TRAP, I lindicated how the bounce should progress with the pink and green lines.

Now I see areas of expected ping bounces, I will focus on Daily/4Hr/1Hr charts to make the entry points.

Would like to see this broken down from each time frame, maybe if I find time before market open, I will try to break it down piece by piece.

Thanks for your insight, feel free to post more.

J

Okay, first stage of breaking down the GU.

GU Daily Chart.

Several options:
Long at the 1.6060-1.6070 supp area.
Long at the 1.5930 supp area.
Long at the 1.5800 supp area.
Short the 1.6060 supp breakout with confirmation of true downward pressure.
Short at the 1.6400 - 1.6420 resistance area.
Short at the 1.6700 resistance area.

That is too many options, so I think I will trade a 1HR chart with 5/15 minute confirmation long or short.

So after the weekend is over, and all analysis have been made, it comes down to the "NOW."

In this 1 Hour chart, we see the simplest trade concept that I know.

You can see GU dropped 200+ pips, to me that is screaming TRADE.

So there are 4 options for trading such a move.

#1: Look for a 1/5/15 minute LONG formation of the initial support stall, and trade the reversal, which is good for +7 to +10 pips with no problem.

#2: Look for retrace levels, and or, previous price clusters for a Short setup.

#3: Look for a support test after the retracement, identify the most probable area for entry LONG.
(this is the setup I am showing on the chart)

#4: Look for a support test and breakout downwards, with confirmation of pressure being bearish.

These 4 options are the primary trading concepts I have used on the 1/5/15 minute charts for years, I am working on the 1hour/4hour setups with the same concepts that could pay out many more pips then the quick scalps I do every day.

Enjoy the weekend, markets open in less then 24 hours.

This is how I look at upcoming trade setups.

On this chart, you can see on the 5 minute price is basically in a major bearish move.
I recognize these setups quickly because I leave all my charts on 1 hour, and when I see two to three consecutive candles, I know there is a good trade setting up.
So during this move, I will begin to watch for rejection candles on the 5/15 min charts, this is going to show where support is forming, and many times I will trade reversals in the process of a support forming, but do not just take a reversal trade any time, wait for the setup/formation to form.
So we know UJ dropped 170 pips, the question is, will it go down more?
Yes it could, since the pressure is to the down side, when that will happen, I am not sure, but one thing is for sure, the sellers quit selling and some of them exit short positions, and that is what causes the stall formations.
Then there are the scalpers such as myself that wait for this sign of indecision.
Once I recognize the sellers are holding off and giving it a break, I start to trade.
I take my long at several areas actually, in the beginning stage of reversal on the 5/15 minute formations, and again on a test of low along with confirmation of it not breaking.
I also have target areas that are reasonable, and stops are the high/low that was formed.
It cannot get any more basic then this, if you need indicators to show you this you will be missing the initial moves that pay out quickly.
Learn to get the entry timed, and the profit exit timed, and don't let it hold your position for hours or days.

The second chart is UJ 1 hour with the dates marked, it was just extreme reversal setups you can see on a 5 minute chart.
You can see the consecutive 1 hour candles that moved, then the stall patterns that go into retracement, then a test of the high/low for entries.

Hi N2FX,

I'm posting here so that I can be subscribed to your journal. Not a whole lot here in FF that interests me anymore, but I like the way you approach your charts and the way you trade. I will look forward to your future updates. Thanks for your posts.

Coach

Minor Resistance 1.6114 Breakout LONG (5 min chart)

Target 1.6129
Stop below 1.6111

First trade right at market open time +10 pips.

Breakout Strategy 5 minute chart.

5 Minute chart with setup.

Hey what's up Bro! Good to see you got the week off to a good start! I'm on now for the session and will be on for LO. Looks like there ain't gonna be too many NY sessions for me for a while. I'll do my best to keep you up to speed.

I like the new look of your charts BTW, eye candy for sure! Did you find a chart editing software?