EURUSD 5min chart stash

Wow...

hey Quidsey,
nice and simple strategy u have,

do keep up with the posting!
just in case u are thinking that no one is supporting this thread,
im following ur thread regularly

thanks for your sharing and happy pippings!

nice trading strategy. similar to the ones in the book "naked forex" by alex nekritin.

Thanks David but it's just a journal about price patterns really, I use many of the trading ideas of Tader Dante" fail better" thread.

Glad you're getting something out of it though, Be back next week.

Hi leo, thanks, don't know that guy ,I'll check it out.

Unable to trade today but this is how I would have played it. First trade short RR of a level, second trade short (black arrow) I wouldn't have taken as there was no clear movement away from the level (red line). Can't help but weep a little at this one.

I like you price driven trading style, if only more people used it they might be better off

Thanks, everybody has to find what works for them. Entries are really pretty easy, it's what you do next that separates a good trader from a bad one.

1- Previous session high, 4th time back but coming in at an acute angle, London session just underway. 10P stop, short order in, targeting PSL. 2R
No DD, price moves away quickly. Stop moved to -5 as pin candle forms at FTA. Price continues to target. Automatic exit.

Missed an H1 2nd bounce off an important level, low of the day.

2- Multiple S turned R with decent round and time, looking to get into trend down. 10P stop, short order in, targeting PSL. 1.7R
Initial kick but quickly retests, price finds near support and pops higher, finds it again and pushes quickly to stop out trade.

3- Reverse trade off the same level, decent round, looking to target previous swing high. 2R
Picks up nicely off the level but fails to make new high, retests entry DD-5 , decent push away second time, got lucky price pushed higher quickly, manual close for 3R

If you wouldn't mind me asking, how do you choose your levels? meaning do you look at the daily etc then scale down, how do you place stops?

No not at all.

For the levels I look for shape really. It's really visual for me, I like to see levels that have been tested before come back into play. Depending how it's constructed I may use the high price or the close of the candles to draw the level, sorry that's not very precise but as I say it's a visual thing. Sometimes I miss, sometimes I overcook it and find myself in deeper than I would like, and sometimes I hit the nail on the head.

I also adjust the levels on any new price structure.

First chart is how I would set my levels on the 15m EU, then look to trade at those levels (second chart) in London/NY sessions.



1- short RR, target previous low, move SL up after the kickback. Stopped out.
2- long reverse of the same level, target previous high. move SL up after kickback. Target hit.
3- missed entry, late in the session, adjust level up.
4- RR of broken level, targeting 2, stopped for -5pips.
5- resistance level turned support missed.
6- retest of that level now looking for it to change and offer support.

I'm watching these H&S type right shoulder trades at the moment (where I've written SHORT) seen very often.

7- 2nd test of tested SR level.



Trade 1&2 money management.



I think having a top down view of things is logical and allows better more informed trading on the 5M. I missed an obvious trade the other day due to forgetting the bigger picture.

Hope this explains more what I'm doing.

Thank you for taking the time to clarify, this is definitely a thread I will continue to follow

Ok, hope you find something useful here to make money with.

This chart has it all, the last RR trade is really picture perfect. I didn't trade any of this.



This I did trade, short this morning in London session off PSH.