I'm now demo trading a new strategy, which is known as 5M Force system. It's a system published in forex factory site by a trader named "forexjedi". I wish to share my experience here. To know about the system visit here. Here at present there is a good long entry already formed in price action evidenced by crossing 5 EMA of close over the 5 EMA of open, stoch upwards & not in overbought area and MACD is towards 0 line.
Now I'm waiting for bearish bounce on upper TL as shown in the image above. Let's see how the price action proceeds. One thing I wisht to tell here is that, I'm newbie.... learning. Demo trading for more than a year now. Still to have a solid grip over the analysis. So if anyone wish to contribute, most welcome. But please be constructive.
About the bearish bounce -- I'm expecting it as monthly pivot line is there at that level and price has tried to clear it twice before but failed. Let's see what happens...
Price has broken the monthly pivot line and upper trend line and approaching towards the weekly pivot line. Let's see what happens. Again expecting a bearish bounce as it's appraching the weekly pivot line.
It seems that a bearish signal is developing. Price is starting to bounce back from new upper trend line, stoch is coming out of the overbought area, direction towards down. Price crossed the weekly pivot line here. Now I think price will retrace a little bit and again start to go north. Using fibo tool, it seems that it will retrace back from 61 percentile as it's closer to monthly pivot line.
Here price has retraced from 61% fib level.... This is from yesterday's trade. See you soon with todays trade.
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