N2FX - 1/5/15 Minute Pattern Trades

I will be posting several post and lots of information here this weekend, please do not post until Market open, I want to have all the information in sequence.

Thank you.

The first chart is a 1 hour chart showing the complete week broken down by each session as marked.
The yellow horizontal line is the weekly open, you can see the week ended about the same area, this could be a sign that the bearish trend has slowed and were setting up for a higher move coming in the month of March.

The chart that I will post later will show the pressure areas and how I monitor trend changing, even though I am showing hour/4hr/daily charts on these analysis, I am trading on a smaller time frame, this is all for precision, and yes it takes numerous hours to make pips, I wished it were easier to be successful, but I am 90% or better on my win/loss ratio.

The second picture is the daily analysis of each session.
I have it broken down as follows:
1) The open price of each session and the pips gained or lost during that session.
a. example line 1-Asia opened at 3628 and gained +8 pips at the London open price, and each session I have the open and pips gained/lost at the next open session price.
2) The open sentiment @ next open session is the high and low of the session before the next session opens.
a. example line 1-Asia had a high 3653 and a low 3604 for a 49 pip swing during the period from Asia open until London open.
3) The 3rd thing I have is a small drawing in magenta that shows the basic trend during that period. This helps me see how the swing of price went during this period.

I will be posting several more data inputs for the month of February, and a chart showing how I monitor price lines for targets and trade areas.

The monthly chart has 3 areas marked, we are in a major area of support and resistance as seen with the gray boxes. I have marked 3 lines that should play out on the EU (this year), I can see price bouncing to the upper green line then taking a lower move to the magenta line below. We are now ranging at the yellow line area, and I am watching for stronger support signals for what could be a good 200-300 pip long setup.

Even though I have marked these areas, it is only to observe the big picture, hard to trade these levels on a 5/15 min chart. LOL.

The second chart is a weekly, wow, the 3rd doji with possible stall and rise coming???

Here are a few areas to monitor, good rejection on bottom, now to test the top at 3780 level???

Trading is more then just seeing the setup, but it is a job. You have to put in sufficient time in preparing for a trade, and if we can identify the greatest areas of entry, then we can perfect our win/loss ratio.

I scalp the market only, no long term trades, and when you speak of very small targets and stops, you have to find the best trades available.

There are many ways to scalp the market, and any time frame works. If we can patiently wait for setups at premier areas, then we will find a solid successful trading career.

Here is the data from each day of February, it is the high and low of each daily candle. (picture 3)

I put it into a document, then arrange my charts with each high/low point as seen in the chart.
a) Green is the high of each daily
b) Red is the low
I then shoot a horizontal line near those areas to mark the chart of these areas for future trade setups. (chart 1)

Then after I have the daily data updated on a 4hr chart that only shows the areas, I switch it to a 15 min to watch price action and how it responds at these areas. (chart 2)

I will not discuss in detail other data gathering and analysis I work on hourly/daily/weekly/monthly, but wanted to give traders here a very basic concept how to watch the euro.

Your thread is moving along nice.

I am intrigued to the detail you are inputting each week.

I wanted to paint a picture for trading scalps.

This is a 5M chart that shows "pressure" with red for shorts, and green for longs.

Also the Asia HIGH/LOW marked as price presses the extremes.

This chart has many "breakout" setups, maybe you can add it to your tools, so you will not be only looking for "reversals."

Cheers.

Scouting the threads again huh?

Good to hear from you.

I have that basic setup from you a few months back, but I do not use it on a 5 minute chart, but the smaller time frame.

I can see many breakout formations that happen, if I only traded more breakouts. lol.

Market so far today as of 5:23 pm EST.

Low 1.3617 Double bottom so far here, but this is price only, no time frame.
High 1.3633

Great post's over the weekend Jody, thanks for all your hard work here on FF..

Good trading

Danny

Been a couple weeks since I have heard from you, I hope all is well.

I wanted to give traders an idea the extent of study I put into trading, didn't want people thinking, yea, he just picks trades out of the air. lol.

I would like to have more time to post the way I breakdown the EU, but I have come to a realization that most traders really don't care, because they are searching for a holy grail system with indicators or such to lead them to the pot of gold.

I have come to grips with myself about how to trade, and what I need to have in order to press a button during any trade. Many just trade a flip coin strategy, wondering if their trades will win or not every time.

Setups, formations, and key areas are what makes trading much less stressful to me, and if that means I have to work extra hours to just get a 7 pip win, then so be it.

With a daily goal of 21 pips, I have found myself actually getting 50 to 100 many times, and by the end of the week, my 100 pip goal is doubled.

I don't trade greedy, and I don't worry over trades that lose either, because the stops are as tight as the wins.

What strategy are you working with now bro? Do you use indi's or trade price??

Looks like Canada took the overtime and GOLD..... what a game.

Congrats to all the Canadian fans.

Back to the 1.3617/18 again, and most of the brokers coming online in the next few minutes.

Update: Looking for stall here in this area for a move back to the 30 above.

1.3631 was the last high during the ranging of the closing hours, the High from NY was 1.3682, I am thinking if we get above the 30 area, we could strike for a partial fill of this area at top.

I had taken a long at the 17/18 stall pattern, but since it is market open, I am placing 1/2 lot on this trade, I am targeting 20 pips on this move, and will stop below the 15 line if it fails.

Even though I still think the 40/46 area will be reached, I am not liking the price stall here under the 31 area, so I have exited with +7 pips, a small risk trade knowing my stop had lots of support with the price staying above that area the past few hours.

Note: 5 min chart, the NY had reached 1.3630 area, and the 5 min candle closed under that line, we have just closed 4 straight candles under this same 1.3630 line, I will take a long on a breakout pattern above that area if it arises later.
Price opened on my charts at 1.3620, and we just tapped that area on the 5 minute, so we are in a tight squeeze already for a move.

The market opened and the low was at 1.3615, price just took a move to that level and stopped before tapping, were now looking for the move back to 30 and the break to 46 area to come.

I will take another 1/2 lot Long here on this 5 min candle if we close above 24. the stop is slow PA or below 15 line, the target is 20 pips again, which means 7 pips for me LOL.

OK, in Long now, price opened above the 24, let's see how we do at 30/32 area now.

Will move stop loss to breakeven if we get above this line here.

Here is the 5 min chart, look how this candle is above that 30 line.

I am going to move my stop to +5 pips now, and extending my target to the HIGH of NY, and see how it plays out, moving my stops as it moves up.

I now have my stop at +7, so I know I will be a winner.

This was a ordinary move to resistance, then a stall to the low to be rejected, and to build the pressure for a breakout, normally I am in the trade and out on the spike, but since this is only 1/2 lot trade, I am letting it play out differently.

Either way, I am in the win win today.

Update: The 5 min gave a rejection candle, and priced snapped my out with +7, I was up around 14 pips, but wanted to give it room to go.

3 trades since market open:
+7 (1/2 lot)
+7 (1/2 lot)
Smaller risk in market open time.
+4 (1/2 lot)

Priming up to break again for next leg, have to break this line at 44.

I am clear of trades for now, already taken 2 trades in what normally is not my time to trade.

Don't push my luck.

Lots of taps at that 44 line, hmmm, break coming to upper.

Seen the pressure up to 44, took a quick 4 pips on that long, not sure how to take this area, up and down quickly, I will remain clear now for the evening.

Lots of taps at 1.3610, looking short here, not sure how deep.

I was surprised at the drop below 1.3600 earlier, so let's see where it leads us.

Update: Seconds after I posted this, It dropped below that 10 line, this is something I see a hundred times a day, I guess I could trade it instead of posting it. lol

Here is the 5 min chart, it has dropped deeper since this chart.

Looking for a test of Asia low, and possible move to 1.3576 level.

88/89 line, will take a long for quick pips if it breaks on price.

Asia previous low at 90 held, price is under, so nothing yet, guess will see the next leg down to 76 area?

I will keep an eye on this 88/90 area though.