Today I had to go to work, so market monitoring was not so meticulous. At around 10:00 a.m price gave a good buy signal which I missed. Here is the trade-
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| Figure 01: EURUSD 5m chart |
Price moved sharply up for more than 10 solid pips. Then price started to move sideways within the previous supply area. From the top region of the area, price started to move downwards. Missed this nice entry.
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| Figure 02: EURUSD 5m chart |
Price then started to move upwards after the downward movement. Price then reached the supply area again which was the first revisit of price into the supply area. From there, short trade could be taken.
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| Figure 03: EURUSD 5m chart. |
But there were few supply and demand area below it. So short trade will not be wise. Then price pattern starte to from a symmetrical triangle.
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| Figure 04: EURUSD 5m chart |
Price broke upwards. There were longer term upper TL and weekly pivot above. But both were broken.
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| Figure 05: EURUSD 5m chart. "Symmetrical triangle" |
Price formed a descending triangle above the previous triangle.
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| Figure 06: EURUSD 5m chart. "Descending Triangle" |
Price is about to go down from descending triangle. But I decided to watch as I'm not expert at price action pattern. So I don't actully know whether I'm right in drwaing patterns.
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| Figure 07: EURUSD 5m chart |
Price nicely went down. I missed good 18 pips at least. Price then started to move up generating a good force buy signal.
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| Figure 08: EURUSD 5m chart |
I got out of the trade with 9 pips but I could have 28 pips at least if I could stick to the trade. Next I saw a flag formed. I don't know whether I'm right or wrong.
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| Figure 09: EURUSD 5m chart |
I took 4 pip by long position after the flag.
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| Figure 10: EURUSD 5m chart |
News event is ahead. Let's see what happened after the news event "Core CPI m/m".
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| Figure 11: EURUSD 5m chart. "Core CPI m/m" |
News effect lasted only for 5 mins. After that another news event was coming but of medium impact. After that news event price produced a good sell sgnal. I took it.
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| Figure 12: EURUSD 5m Chart |
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| Figure 13: News event |
Grabbed 8 pips there. I got out too early here also. Could get more than 30 pips. Then a buy signal came by force strategy.
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| Figure 14: EURUSD 5m chart |
After that I took three more sell signal and one buy signal by force strategy. Two trades produced -11 pips and rest two produced 14 pips.
Total gain today is 35 pips. Total 10 trades by force. 2 were loser. One was my fault. At least 2 winner trade could generate more than triple profit.
More than 200 pips this week.
Thanks for the post, you have some really good Forex trading strategies in mind! Have you looked into some software to aid in trading? I've been researching different programs to find out which one works for me.
ReplyDeleteHi James,
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