5min Trading / EURUSD / From LO

Point of notice.

Look at the 1hr chart and what do you see...

Yep double top... now before i look at the price of the highs... I know that if the second high is lower than the first thats a good signal for a short... not enough pressure to take the high out.

Looking 1hr chart

Next rule I have... double top... WILL ALL WAYS DO 200% OF THE W...

Thats the bottom of the W to the top... project down 200%.

Lets look...

H1 = 12970
H2 = 12967

low in the middle of the "W" = 12923
12970 down too 12923 = 47 pips

for interest the other range was 12967 - 12923 = 44 pips
avg = 46

right take the last high = 12967 less 200% = (46x2) = 12967-92=12875 low... target for double bottom... bigger the time frame the better this works.

High 12967 ... T2 = 12884 (within 9 pips)

what else is around these levels ...?

I am thinking... daiy range might start to pick up...(been shit for weeks) EU done shit latley....lol

So profit at 12880...about 80 pips

The ranges are soooo small its time to give this thing a thrash.
Major resistance already broken short.

Nice looking trend line on the daily / weekly for a 3rd touch around the 12800 mark.

so I think my profit take is within todays range.

Well 12928.1 is the current low..... have i done the right thing... still short

12928 long (current low) ...T1=12960... how high should a retracment go and for me still to be happy... and maybe sell agin.....

where should I put my stop?.... long term trade it MUST be above this. If this high is hit and PA reverses... and a signal short... I will sell again.

lets look at ranges again... I know sooo borring!

As I have siad before... what has been will be again...!

Thats the rule... remember it!

Thats how my ranges work... last range long.

low = 1939 up too 12954 = 15 pips
so... next low 12928 + 15 = 12943

high at the moment = 12943.2.... yep 100% last range long!

still not a queation..! who will be first?

target prices from 12943 hig

T1= 12907
T2=12872

... thinking that 12872 seems farmiular

=12875 low... target for double bottom... bigger the time frame the better this works.

yep thats where I saw it before.

what do we do.. lets wait and see.

remember i make a plan and trade it... BUT the minuite it does thing I do not expect I will exit... after all its about making a profit... not beging right!

ok high 12945.. 2pips out... still short

Will this high hold... daily open is being a prick just as it always is....

the high was as expected.. that means i use it for the next price target. If the high or low does dont make sense... as fit the mold i ignore it.

so last higfh... which worked... 12945
T1=12909
T2=12873

again T2 is looking good.

just for fun... I like to see how close to the number I can get... everynow and then its perfect... and i love it!

lows so far in posts stated tonight..

12873
12875
12872

avg = 128732.....my profit 12880 (80pips)

All this planning can turn to shit within 20sec... plan gone and start again. but when it workes there are no surprises... easy trading..and it feels great!!

I do not like this retracment... T1 from the low is 12975... i do not want to see PA around these levels... long term lets wait and see... but I should of taken profit at original traget +30.

Larger profit means less chance of positive result.... ass the number goes up.

oh dear ... error..

low 12923 ..T1=12954

stop in place... added at 12953...short..
off to bed!
good night

I thought i would start off with yesterdays trades...
I thought about them all day... pissed my off to be frank.

http://i982.photobucket.com/albums/a...erdaytraDE.jpg

What do you see?

1) Got a great sell , high in... I know i dont loss very often if i follow the rules.. fact is.. laround 10%. yep none of this random shit... and I shit you not... I have picked major highs and lows using the planets.... and its worked. Look up Miles Wislon Walker... a fellow NZ'er..

The second sell was just plan stuipd. I let 30 pips go... trying to be cool for the big run. Put my stop too close.. I had that area as a resistance level. But 5 pips too low.. and was taken out. Woke up and saw this...

Not happy... watch and see where I got stopped and sold... and went to work.
So entry was a responce to last nights trades.

Good thing i place my profit take before I left... not leaving 30 pips on the table again. remember i am trading the 5min... not 4hr.

now looking at tonight.

first up.. take low..12904 zooming out 5min low..
T1= 12930

high NOW 12935
Sold 12930....

NOT following rules... have not waited for MACD.. confirmation... I may well regrete this... I created rules for a reason!

No divergance on the 5min macd... I dont like that. I am sterting to learn that the trades with divergance are 90%... spot on... add the other entry thing i have noticed is the speed the market goes in to... the traget price and reverses... faster the better and a spring reverse. not sitting on the traget price moving sidways.

OK... the good thing about the way I trade... currently -6.4pips... cause its a resistance level... I know that as it was target price.

I have not waited for confirmation... but price has not run away... that gives me hope....... and that is not always good.

Due to the sideways action around resistance levels you have multi opurtunities to exit for a reasonable price ... often at break even after price has not followed my plan... gone agaist me 18pips ... not expecting this and then bounces long to break even... rule exit... price did not follow my plan. Emotaily i think... cool its going long now just like I said..... lean back and smoke a fag.... thinking how cool i am. But no... price action has not dome what i think so.... stop wishing it did and exit anywhere above -10pips... that keeps loses to a min and yes I miss the odd run... but most of the time... price action does not foolow plan exit is best... now i must remember.

Currently -6.1 pips
high 12936

Sideways action at the level... not good so I MIGHT exit... but will I?

not enjoying the run up... so I am looking for a stop...

next level 12956... cant hang on until then... so I avg the two prices...12930 and 12956.../ 2 = 12943... and a double top... the other high 12943.

so I wait

Though I should look at the ranges... last range long = 12944... 150%
Ok thats a reason for the run up and pause or reverse.. no one knows...

Takes the high out... and i am stopped... should not have taken this trade... follow my rules. Now you know why I need confirmation...

high 12946...higher than the last high of the double top... means its a strong high... had enough grunt to take out the previous high... some times they can take out the previous high... the run up has exhausted the buyers... can break the high... great sell signal..

So based on that time to exit!

yes I am still short...
-18