N2FX - 1/5/15 Minute Pattern Trades

Looks like 1.3603 is resisting here, one more spurt and it may break upwards.

Just too dead for me at this time.

A few minutes for ASIA, then we might see a move of 30 pips or something.

The 15 minute rejection bar as seen on charts had price drop below the 1.3602 for a short. I targeted the the lower area marked from previous support and cleared +7 pips.

I really expected a move higher before the rejection.

Waiting for next setup.

5 min chart.

Long at the support stall.

Stop below the green line.

Target +6 just below upper green line.

Low risk with entry right on the low line and stop 1 pip below.

Limit order for +6 pips triggered, did not take long for that stall and spike to my target.

Expecting EU to push up to 1.3618/21 area, watching for the pullback on 15 min for a Long possibility.

1.3603/01 was the area I wanted entry, I missed it when I was reading.

Will watch for another setup.

Price is finding support at 1.3603 line, it has me wondering what it wants to do, I seen a short setup, then I held off.

Break below and come back up to test, I will short this line.

Long, not sure if I am ready for that direction.

NOTE: Well I guess I should have thought LONGS, lol.

Watching high line here now.

Break of the high line there, expecting move to 18-21-26 areas, watching for how price reacts to the recent resistance line at 1.3612.

I will patiently wait for a trade either way, new hour bar in 5 minutes.

1.3623 reached, but expecting one more surge, I will wait for a 5 and 15 min rejection for short, pressure is up for now, and shorts are not in just yet.

Update: Put horizontal line at 18/19 area, could be breakdown or the target for shorts on next spike.

5 min has started slowing, and we now have a stall candle on 15 min candle, so now we wait for the test of recent high, or spike above, or break below the 18 back to the 11 area or so

I am short on the move back up to 19, stop above 23, target at 10/11

I will go for 7 pips win or 5 pips loss, keep it tight.

Now that was close on the top break, I am going to exit this trade with just a 2 pip loss.

I will check for a better entry around 26 or 30/32.

It can drop now I have exited, but PA is not good for shorts at this moment.

After watching price stall several times on the drop, I started looking for a breakout setup, I took a Long at 1.3622 and exited for +5 pips.

My overall target was 26/30/32 area, so it was a good way to make back my previous loss with a few pips.

Now to watch for the next setups.

I will post a chart in a few.

Now were getting some movement, I am interested in a 1.3633 area for short.

Here it comes.

Scalping at it's best.

Target 7 pips and 5 pip stop, pressure is up, so I have to have finger ready either way for exit.

I took +5 pips on that short, with double lot sizes I get what I can before the bounce back to 33 area.

I had 24 as target but am not risking much here.

Better setups, bigger lot sizes.

This may be all I do tonight, but I would take another short at 31/32 again with 1 lot.

1.3625 supported with a LONG entry at the 1.3626 for +4 pips up to the 31 area I had been waiting for.

Double lot size once again, helping the account move into nice profits for the week.

5 minute chart, the green line was the short break down, and the yellow is the long break up.

The second chart is the 1 minute, this can show you nice areas to enter trades, I was not watching this time frame, but a lower time frame to find the key areas for entry on stalls.

Very small pullback on the overall move, the 1.3627 is the support I am watching, we may be on our way up to a breakout if we remain above this line.

I was looking for a deeper drop to 18 area, it may happen pre Frankfurt, either way, it will reveal soon enough which way to trade.

25/27 support on 15 min. This area breaks should pay out next short.

I took my last trade before Frankfurt with a short from 1.3627 and took 2 pips real quick.

Here is a 5 min chart with a few ideas marked on it.

Coming up to the close of NY and the opening of Sydney.

Range low around 1.3500 and range high 1.3533 area.

I took a Long on the 1 hour candle reaching the low of the range.

Entry 1.3504 (2 Lots)
Target 1.3524
Stop 1.3484

20 win or 20 loss 1/1 ratio.

Hi N2FX first of all sorry for my english, tanks fpr your time here to trying to explain how you trade this market but now i wonder why you used 1H candle for anylisis of the range ? i mean why not on 5 or 15M like you used normally ? thanks

Luke

Sorry, I posted the 1 hour to show the range from the NY consolidation, but the area I entered would be like this on the 5 minute, even though I did not enter using the 5 min, I just figured it would look like this if I had been watching a 5/15 min chart.

I took this trade from low of NY at the 00 area.

The arrow is on the same place here on the 5 min chart as it is on my 1 hour chart.

I have mentioned many times that there are many ways to trade, and you can trade anytime frame.

Since I am on the hourly chart, I am going for a 20 pip gain, or a 20 pip stop, so it gives me a broader swing and it also requires more patient and risk.

Thanks for the post.

I was posting the last remark and now seen the price missed my target by 3 pips, not good, lol.

I will let the hour candle continue to see if it will spike upwards one more time for the upper range test.

Normally when price gets that close I will have my finger on a manual exit, I will take 17 pips if it comes back to that level, I am not stuck thinking I have to have the exact target on any trade.

What I have learned from years of trading targets, if price gets near and misses, I will take the second stab at that same price and forgetting my original target, I am realizing that 3-10 pip trades over and over pay out nicely in my weekly totals.

I am not keeping totals recorded on the thread any longer, but I am well over 150 pips since market open, over 60 pips since Asia yesterday.