Monday, 18 February 2013

Trading with 5m Force strategy, day 5

Good morning here....
Now infront of terminal after an exhausting night duty. Immiately I found a long entry set up is froming. Let's see how it looks.
Price was below the daily pivot line and above the daily R1 line. Short term lower TL was just above the daily R1 and price was just testing it from above. With the bounce from this TL a long entry was forming. But I was waiting for the MAs to cross.

I entered into the long position entheusiastically, a little bit early. My S/L was below the lower TL. Price was hasitant.

I was ultimately out with 5 pips there. Price was now froming a shorter upper TL. See how it looks.

So I'll wait here for a bounce from the upper TL. While waiting I just found that I missed a good short opportunity immediately before sitting for trading.
After almost 3 hours of waiting a short signal started to develop. I took the short position. But after taking the position price started to go to oppposite direction breaking the short term upper TL. I waited patiently and price bounced back from the longer term upper TL and produced me some pips.
Now price is movinge towards longer term lower TL. After bouncing from it price moved sharply upwards. Signaling candle moved so much that I felt it risky to enter into that long trae. But price failed to reach the upper TL and created a new short ter TL. With a bounce to it, entered a short trade.

Collected 8 pips there. Then price again bonced over the lower TL and got a small short trade as the TLs are narrwoing. Got 3 pips...

Now I think upper TL needs to broken down to move the price forward.
Yes, the price broke the upper TL and made a new upper TL here. Now I'll redraw the upper TL and wait for price to move for lower TL.

Today total gain was 25 pips.

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