N2FX - 1/5/15 Minute Pattern Trades

66 short, 68 stop

Okay, I am out, real tired here, and don't want to trade.

I took -2 pips on that short

I will do my cleaning now.

Give this an hour or so to play.

68 line hit right on, if I felt rested I would trade this area with some respect.

Let's take a breather, come back fresh for another 20 pips later.

Looks like all 6 pairs are closing another bearish candle.

The EU is fighting to close as a doji, and EJ is a doji.

I will watch here then next few minutes at close of bar.

No 4 hour trades on this close.

Just a couple minutes since I posted this, and every pair dropped deeper, looks like the last of the bar rush.

Okay, Midnight EST, and the bar has opened.

I have all the pairs with lines showing the low, I would be watching for the test of those lines, and possible bounces off of them.

I would possibly take longs if there is setups that form on the low move.

I have these levels:

EU break above 1.3458
EJ break above 121.77

No other setups at this time.

What a sleeper, this has me thinking bed time.

It is going to be interesting if Asia takes this to the major low here....

That is around 1.3433 area.

One thing is for sure, it can go with out me, I will never short on an extreme. I see them happen, but no way.

Must have been some pre London and Frankfurt traders in this short.

I was thinking the 3400 area was a good stop hunt on the low at 33.

I will be waiting for my entries on bottom formation.

Nothing yet.

One trade so far, small target +5 pips, waiting for the drop again.

That was the low test, good for +7 pips.

Will watch again.

Just walked in the door, have not looked at the charts since last evening during last Asia.

I guess the weekly low was hammered, and now it has found deeper areas.

Euro must be struggling with all the bad news coming out from that region.

That is good, I remember when it was running with the bulls and took all the shorts to town, now the shorts are getting all that money back.

Low today at 1.3303 area, I was hoping it would have just dropped to 1.3000.

It is a matter of time, the 1.3000 and 1.2800 come into play.

I am not a long term trader, and I don't speculated the runs, I just trade small pips here and there.

I am watching for range trades I guess here, the 1.3322 area is holding minor support, but it is having difficulty getting above 1.3330.

To me, that is just too tight, give me a swing of 30 pips then I will look for a setup, even better, 50 pips.

I will post trades if I see any.

Watching for longs only from here down to the low.

If I take any Longs, the low of the day is a Hard stop.... no matter, it could drop another 50 pips with the Euro weakness.

If the 1.3325 holds here, and breaks the 1.3329 line, I will take a long.

Stop would be the 25 line and target up to 38 or so, depending on price stalls.

Update: Entry at 29, stop at 27, target 37/38.

I was just noticing that as well, im glad im on the same page as you

This did what I expected for entry, but it just stalled hard.

I will not be taking any trades until we get a 30 pip swing with 4 or so 5 min candles going one direction.

I have noticed for years now, when I take these tight range trades, I usually do not make much money.

I am out breakeven, and that is okay, when it moves, I will move.

Check back in a while.

Did you take that?

Yes I was watching that on the 5 minute chart, and this is how I assumed my long entry.

I had 29 break, with a stop below where it found temporary support, I wanted to hold for 37/38 area, but the stall formed, and I exited with break even.

I have no problem getting out with a small loss or break even, but no use letting it go bad on me after I know my move was over for the time being.

I do not set limits for trades, I do 90% manual entry and exit, watching price levels and stall patterns.

I added the second chart to show my target, it did not go up as expected, but it did go....

I see, i think im understanding your thought process on that. do you usually use tick/line charts for plotting your S/R lines?

I watch the EU most of the time, with a few pairs on the side.

On the EU, I have the 5/15/1hour/4hour charts, from those I find areas of importance, where price moved to, or from, supp/res levels and the pull back zones like the one you showed on your chart.

Then I focus on the price alone for entry when those levels come into focus.

For instance, I had the 38 level marked, I seen the 5 min give signs of rejection with a doji, I know where price was earlier, and this is a target I had for my long, so I shorted on that area when I seen the pattern to enter.

The thing I try to do is grab entry at the nearest high/low levels, if it fails, we can see it fast.

I took +4 pips on that short just now while I typed this post. lol

My entry price on that short was at 1.3339 at 12:21 am EST. It was a quick trade, since I was thinking small pull with possible move higher.

Note: I use MT4 and Ninja for price chart, there is usually 1 pip difference, on MT4, the price of entry was actually 3340 where you see the candles on both sides of the doji hit.

interesting, i personally need to start watching higher time frames, i typically only have 5 min up (rarely 15) on cable which can be counter productive on small scalps given the spread. Anyway thanks for your feedback and take it easy friend

I have traded over 10 pairs in my time trading, and I thought GU was it at one time, then GJ, then EJ.

But when you consider scalping, it has to be EU, with such a small spread available and it being one of the largest traded pairs, I am satisfied for the last few years to have concentrated on this pair for most of my living.

Take it easy, and thanks for the post and charts.

J

This is no surprise, I have 2 levels I am watching for this move down.

1.3256 and 1.3212

I have no trades at this point, and missed my 4 hour short setups on Aud/Usd and Nzd/Usd.

Those both have already reached the target I look for.

I will watch EU at the 1.3302/05/07/12 level for possible short entries.

15 minutes intil Frankfurt open, price finally reached the 1.3312 line.

Now we we get the move back to 3300/03.

Well, the move up before Frankfurt is a little surprise, will be watching hourly bar close.

This is not by trading time, but want to post my thoughts when I have a chance, so if I decide to trades these sessions in the future.

I doubt it....

i find it humorous that

1. if you dont post then no one posts.

2. no one posts any charts and asks for your opinion on what they are seeing

3. people ask for signals

4. only 2 or 3 people (post) and see any value in what you are showing


maybe they are all too busy with their macd and MA cross-over systems and making too much money to bother with this.

i know my planetary alignment and ratio of stars to the sun system keeps me pretty busy as well