N2FX - 1/5/15 Minute Pattern Trades

I don't see it as a question of easy or hard... price has a flow and you just have to start watching and really, really focus to get into that flow.

That of course takes chart time but oh my is it worth it!

I am hoping to give enough examples in the thread that you will not have to follow, but you will lead.

I am not wanting to give trade calls per say, but what I want to do is give a play by play how price moves, so traders who are wanting to scalp can learn the characteristics of scalping the EU.

I have given at least 5 solid formation/patterns/setups since the beginning of the thread, and I try to add thoughts as we go to give traders the edge.

Not many post here, and I am not sure if traders are understanding the true essence of scalping and being successful.

I am not interested in followers, as much as those who want to learn and have a true desire to trade up close.

I think this week I will take a small survey of those who really are trying to learn this way of trading, if there are a few, I will remain, if not, I will just post thoughts on Forex Factory to have fun and keep trading by myself.

Have a great day 4X.

Please keep posting - I love to compare my thoughts to yours!

thats why i'm watching

Okay FourX, I hope to help.

It is a slow process to learn this stuff, believe me, I remember when I use to sit there and see ghost, I would press the button when I thought, here it goes, and it would just beat me down. lol

After learning the way it breathes, price fakes, markets challenging each other, and the different times to trade and not to trade.

There are so many factors in trading, this is probably why a lot of traders give such a big stop, because they cannot find the entry points, this is the greatest challenge, picking the precise entry, and you will know if your right or wrong quick.

If your right, lock in pips, if your wrong, get OUT FAST, and never let your losses beat your wins. If you are good at 2-5 pip trades, then don't give that much back.

Basic stuff, but will get some traders prepared to battle for pips the next few weeks to months.

Note: 15 minutes until London closes, stay clear and wait for new hour, that is my rule here.

Looking at the 5 min patterns, we can now see the horizontal move for the last 8 (5 min) candles, this says there is no direction (too most traders), but the market knows where it is going, it just likes to run, then rest, then run more.

I had the 1.3533 area marked for the upper area, I will let the next 15-20 minutes pass before taking any trades, this is the time here you need to be careful if your a scalper, lots of trades are exiting before London close, and many times 15-20 minutes after the hour here.

I had to follow my rules, I seen the long at 96, and just sat on my fingers, was a good stall and rise there.

If possible, try to watch your brokers prices to find where the stalls take place and watch the 5 min chart, or 1 min to see the candles form when the price quits moving that direction.

If you had been watching the 1 min, you would see the candle form blue, then a doji candle, and price took off upwards from there, same pattern as 5 min, just a little closer. There are ways to get closer, I prefer watching price change myself.

If your on Metatrader, you can open the NEW ORDER box and watch the price change on the small chart there, this was something I used to watch the patterns in my earlier stage.

Can I ask which charting software you use?

I use AccuCharts and saw the 1 min candles exactly as you described.

Thanks.

I took a pic of the 5 min setting up a doji, and the order box.

This can show where price starts to stall and make a change.

If you use it, you have to be careful, because it may look like a reversal, but can be a breakout coming.

I had the 33 to 38 area marked for exhaustion.

The 22 is holding for now, that will be support break for shorts, but will watch the top first.

Nice move up, back to 22, looking for shorts on a break, but not before.

My charts are froze, not sure why, but watching price on broker now.

Ready to enter, need to break first....... and now.

I am not having fun without looking at a chart, it seems to be hanging at 22/23, I will give it 5 pip stop max. or 5/7 win.

Well, not wanting to hold this past 25 on the sell side, looks awful with charts. lol

Exit now I can see charts. -4 pips on that, it is still early from London close, and trading with out seeing charts was not wise, lol.

The important thing is recognizing when a trade is not moving, you take stop with no problem and wait for next setups.

Totals updated on Post #719.

Note: I am not sure the problem with my Metatrader, but it has logged off and I am not seeing anything for now. I am loading up my secondary charts now.

I agree, the hard part for me was and is discipline, that is always something I have to keep in check.

The key is watching, your right on with that. Years of charting and seeing many time frames and how price reacts and moves, it takes some time, but when we get it, it is worth many pips and no stress trades.

Thanks for posting, glad to have you around.

Note: Don't tell me that short is going down now.... lol No charts yet, only price before my eyes.

Okay, charts are up again, I see a move to 10/12 coming, too bad I already entered and took a small loss.

I will wait now, since I feel out of touch with my charts. lol

I took a sell signal (for me) on the 1 min eu chart at 12:20 EST...


took a small loss on that one - no worries as it just didn't work out this time. I'll get ready for the next trigger

22 line is holding, was looking for a 27 spike here, lots of candles are horizontal for now on 5 min.

38 to 51 area possible for move

did you take the break, or will you take the retest of 28?

These are the 3 short areas I am watching.

33, 43, 53, all 10 pips segments.

The 33 is first stall possible for short, will watch for setups here or the other 2 above.

Take trade as per formation.

I am looking for shorts only at this time, with the move up so far, price is going to start looking for a place to stall and drop back some, I posted my 3 areas in the post above.

Watching all the taps at 29 line here now, expecting 29 break back to 23 area, then next leg up.
Only a thought, trade what you see, I have already.....