Trading with 5m Force strategy, Day 22

During the opening hours of Tokyo session, price was below the weekly pivot which gradually went up as time advanced. At one time price touched the supply area and bounced back which I marked yesterday and I had a "limit sell order" placed there.

Figure 01: EURUSD 5m Chart

Price started to move suddenly upwards after London open. This sudden upward movement had no pure 5m force signal as stoch missed the oversold area by very low margin. After sharp movement there prce started to move downwards slowly.

Figure 02: EURUSD 5m Chart

 Price formed a very nice force 5m strategy basic rule. Price continued to move downwards. But slowed down at one point. Let's see what happens next.

Figure 03: EURUSD 5m Chart

Price ultimately stopped after 50 pips move. Great collection of pips.

Figure 04: EURUSD 5m Chart

Price now can show movement sideways.

Figure 05: EURUSD 5m Chart

Price was making lower highs and higher lows. This could be a level where it will play a role as supply area.

Figure 06: EURUSD 5m chart. "Hidden Bearish Divergence"

So a downward movement of price is expected here.

Figure 07: EURUSD 5m Chart.

Price is now moving my anticipated direction.

Figure 08: EURUSD 5m Chart

After initial downward movement price started to moved downwards. It's an area of consolidation. The experts say that here institutional trades go on. For this movement here is small up and down. Here the bull candle was more than the bear candle. But as the bear movement is on the way, the selling pressure is definitely high.

Figure 09: EURUSD 5m chart

Price continued its movement downwards until time came for NY open. Before NY open price again stopped the movement. After NY movement, there was news event. Price went sharply down. Got some good pips (12) there.

Figure 10: EURUSD 5m chart

I entered into the trade on second candle. Grabbed my pips. Then price was making a good long signal. I entered into the long trade. But price went aganst me. I got out with 11 pips loss. After that price was producing a sell signal by force strategy.

Figure 11: EURUSD 5m chart

Stoch missed the overbought area by a little margin. But as my previous buy entry got s/l hit and overall trend was bearish, I took the short. Got 23 pips here. News event is ahead. I marked it with a vertical line so that, I don't miss it. Here something I want to show you.

FIgure 12: EURUSD 5m chart

Price on its downwards rally, besides producing force signal, also brokeout from the supply area above. It's a good confirmation of sell signal.

There was news event later. But I quit for today. I have gained 74 pips. It was the net result. See you tomorrow.