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N2FX - 1/5/15 Minute Pattern Trades

  • #881
  • Mar 3, 2010 10:13am Mar 3, 2010 10:13am
Greece Passes $6.6 Billion More Deficit Cuts to Avert Fiscal `Catastrophe' Greek Prime Minister George Papandreou announced 4.8 billion euros ($6.6 billion) of additional deficit cuts as he tries to convince European allies and investors he can tame the region’s biggest budget gap
  • #882
  • Mar 3, 2010 10:14am Mar 3, 2010 10:14am
1.3710 stalled price, and supported, looking for next leg up to 40/50.

This is the fun stuff, waiting for setups, wondering if it will stall and fall, or push and stretch the bears.

Lots of hesitation here, could fake people short, then shoot up, I am clear for now.
  • #883
  • Mar 3, 2010 10:14am Mar 3, 2010 10:14am
Quoting N2FX
I am only watching this on the 1 min, and it is a bit different "Z"

Remember the 1.3740/50 area, I will start looking for areas of interest when we get the horizontal moves on the price.

For now it is still bullish and could continue to the areas at 40/50.

Yes, the horizontal moves of price play a very key role on the 1 min chart
  • #884
  • Mar 3, 2010 10:20am Mar 3, 2010 10:20am
I see the short setup at 25 on the 1 min, but I am not going to touch with London closing hour being strong bullish.

These are the trades you have to let go on it's own.
  • #885
  • Mar 3, 2010 10:23am Mar 3, 2010 10:23am
Quoting zeldazu
Yes, the horizontal moves of price play a very key role on the 1 min chart
Yes, when I think of reversals, I prefer that to happen, but I do like to jump in fast at times, like that 25, would have given me 7 pips no problem, but after trading for years, I have learned to be real careful here this hour, it can stretch you fast and hard, and I have lost a bundle of money in the past on this stuff.

No more though, stops are always as tight as possible, never to exceed 7 pips.

We are now on the 6th consecutive 15 min bar, the 5 min has had 2 stall bars, but pressure is up for now.

That move down to 11 held, so the 3710 level is support so far, if we remain above that, then will head higher to 40/50 level.

23 is resistance, breaks then higher will be in the cards.
  • #886
  • Mar 3, 2010 10:32am Mar 3, 2010 10:32am
in #873 you wrote about 1.3704 as your target. i don't see a resistance at exactly 04. why 04?

thank you for your answers
  • #887
  • Edited 10:49am Mar 3, 2010 10:35am | Edited 10:49am
Okay +5 pips, let me show you where. on the 1 minute chart.

Remember, I had the 3710 as possible stall, but it actually formed support, and my next level up was the 40/50 line, and when 36 hit, on the 1 minute I watched for stall pattern as per my chart here.

The lower line is where I expect price to go, so I know I have room to make 5-7 pips on a move like this.

I could not call this live, I would not want to give any traders a trade that was risky in my opinion.

But I am giving charts to show you why, so you can learn more as we go.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 1 min.PNG Size: 17 KB
  • #888
  • Mar 3, 2010 10:43am Mar 3, 2010 10:43am
Quoting FXfreak
in #873 you wrote about 1.3704 as your target. i don't see a resistance at exactly 04. why 04?

thank you for your answers

Man this would take some time to explain how I get areas such as 04, I may discuss it more as the weeks go, but for now I don't have the time and it can get complicated to some degree.

One thing for sure, this area has played out many times the past month, so it was magnetic, and the 00 area is always a good area to watch, for EU, I know 04 stalls on a move down before 00, so on the way up 00 always gets passed and 04 to 10 are my areas to watch.

Sorry if this is vague, I will do better to explain how I come across these areas, for now I have basically given formation patterns with some areas of interest.
  • #889
  • Mar 3, 2010 10:47am Mar 3, 2010 10:47am
Sun-Mon
Total +77 pips @ 1 lot average 9 Wins 1 Losses

Mon-Tues
Total +57 pips 10 Wins 1 Losses

Tues-Wed
+4 (1 lot)
+10 (1 lot) GJ Trade
+7 (1 lot)
-2 (1 lot)
+8 (1 lot)
+5 (1 lot)
+7 (1 lot)
+3 (1 lot)
+20 (1/2 lot) = 10 pips
+5 (1 lot)
 Total +57 pips 9 Wins 1 Losses (daily goal 21 pips-reached)

Weekly Total (weekly goal 105 pips-reached)
+181 pips 28 wins 3 losses

No more trades until Sydney/Asia.

I am heading out here now for my son's surgery.

Feel free to post charts and trades while I am out.

Trade well my friends, and make CASHO
  • #890
  • Mar 3, 2010 10:56am Mar 3, 2010 10:56am
Quoting N2FX
Man this would take some time to explain how I get areas such as 04, I may discuss it more as the weeks go, but for now I don't have the time and it can get complicated to some degree.

One thing for sure, this area has played out many times the past month, so it was magnetic, and the 00 area is always a good area to watch, for EU, I know 04 stalls on a move down before 00, so on the way up 00 always gets passed and 04 to 10 are my areas to watch.

Sorry if this is vague, I will do better to explain how I come across these areas, for now I have...

This is exactly the type of information that I wish to learn from you. These observations will prove invaluable people so listen closely!

Thanks N2!
  • #891
  • Edited 12:25pm Mar 3, 2010 12:24pm | Edited 12:25pm
Here's a trade I took a few minutes ago. Sorry I can't post this more in real time but I react as price is moving in the present moment as opposed to N2FX who has set levels where he takes a trade.

Attached Image (click to enlarge)
Click to Enlarge Name: Chart2.jpg Size: 74 KB


Originally saw price fail to make a lower low so I took the trade. Now that I'm in the trade I'm watching for higher highs and higher lows to stay in the trade.

Trade was taken on the close of the green candle where the white arrow is...
  • #892
  • Mar 3, 2010 1:33pm Mar 3, 2010 1:33pm
As you can see by this chart that buy trade just didn't have the follow thru so I exited the trade at -1.

But price gave a trigger for a sell soon after. As you can see this type of trading on the 1 min chart requires FOCUS.

Attached Image (click to enlarge)
Click to Enlarge Name: chart 4.jpg Size: 73 KB
  • #893
  • Edited 2:11pm Mar 3, 2010 1:53pm | Edited 2:11pm
I'm still in the 2:17 sell BUT here is an example of what N2 and I were referring to earlier in the day - that horizontal price movement and another opp to get into the sell.... just an idea to consider...

[ATTACH][/ATTACH]



I'm not going to speak for N2 because I think he may be looking at this horizontal price movement a little differently from me - so this is just my observation on the horizontal price movement... Don't want to put words in anyones mouth
Attached Image (click to enlarge)
Click to Enlarge Name: chart 5.jpg Size: 64 KB
  • #894
  • Mar 3, 2010 2:13pm Mar 3, 2010 2:13pm
I exited that sell trade for a positive 18 pips - it may have more room to go on down BUT I need to take a break from the charts and I very rarely leave an open trade without being in front of the charts.

Happy trading!
  • #895
  • Mar 3, 2010 3:27pm Mar 3, 2010 3:27pm
Everything turned out good for my son's hand surgery, he is resting now, after we had a subway sandwich lunch with him and my middle son.

Looks good there "Z" can't believe you took it all and left nothing for me, i am looking your charts over here now.

Double bottom at 93, which is still above the range from yesterday, would not surprise me to see a dip to 3680 still, that would grab my LONG attention for what I am expecting to move up to 1.3750 eventually.

The weekly candles are really showing the bears are done, we could bounce up and down the remainder, but we may be disappointed we did not have 3500 level trades.

I am Long here at 00 level, and stop below the 93. This is 1/2 lot position for the expected top test. I will have a larger stop at around 10 pips, I would take more entries on a lower drop though.
  • #896
  • Mar 3, 2010 4:12pm Mar 3, 2010 4:12pm
I am watching the 1.3702 and 1.3709 level to break for a move back to the top, I will be looking for a move up to 1.3731, 5 pips below the high.

The area above high would be at 1.3750.

My Long previously went to -10, I held it, and was looking for a dip to low as 3580/73 Lower Range high area.

I will add an additional 1/2 entry on the break of 02 line.
  • #897
  • Mar 3, 2010 7:25pm Mar 3, 2010 7:25pm
I know I am focused mostly on EU, but I do monitor the UJ, GU, GJ on the 4hour/Daily charts.

The UJ is really priming for a long, I will take entry as close to the low at 88.31 as possible, the double body on the 4 hour is at 88.37, I will go long from 45 down to 37 area, and a stop below the 31 low.
This is a 1/4 lot trade, since it is more of a long term strategy.
  • #898
  • Edited 7:46pm Mar 3, 2010 7:28pm | Edited 7:46pm
1.3709 has held price under here the past 7 hours, that is the area I mentioned during NY today.

You can see the hourly has tapped it twice, this should be the third tap and break on this next attempt.

I am still long on EU and looking for 09 to break up to the 20/30 area to test the NY high.

We just need to bust this resistance.

Update: I had 2 positions 1/2 lots on the EU LONG, I am not interested in holding this any longer, after a few hours of this going up and down I figured I could make a better supup trade that will produce profits much faster.

Closed +6 and +4 pips to equal + 5 pips @ 1 lot.
  • #899
  • Mar 3, 2010 8:13pm Mar 3, 2010 8:13pm
I am really thinking a break up is coming, i am watching for the first signs of entry.

I am watching Price here at the 07/09, would like to see a break and price sit on top of these then push up to 20, that is my thought.
  • #900
  • Mar 3, 2010 8:27pm Mar 3, 2010 8:27pm
The price broke, but the 5 min is still under the 09, I need it above 09 for long, so I wait until.
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