Trading with 5m Force strategy, Day 15

Back to trading again. Today price is moving in a range below 30 pips just below the central daily pivot starting before the open of Tokyon session.

Figure 01: EUR/USD, 5m Chart.

Now let's see the trend in different tf.

Figure 02: EUR/USD, daily Chart.

Figure 03: EUR/USD, 1H Chart.

Figure 04: EUR/USD, 15m Chart.

Here, the current trend is bearish. Moreover the price is just below the daily pivot. So with a strong pivot above and a prevailing down trend, price is likely to go down.

When I came to monitor chart this morning I found, price is going towards upper TL and produced bounce off the upper TL & the price started to hesitate here. Then started to move downwards. I missed the trade by a candle. So I watched the move from the sideline.

Figure 05: EUR/USD, 5m Chart.

Price after moving down about 10 pips price started to move north from shorter term lower TL. After 3rd candle price started to move opposite direction where it started to make a long signal. It faked and again on 3rd candle price reversed.

Figure 06: EUR/USD, 5m Chart.

This time moving a decent distance price made a pinbar near the daily pivot line and reversed again.

Figure 07: EUR/USD, 5m Chart. Pinbar

Before the pinbar, price formed a hidden bearish signal. So a good sell opportunity here.
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Figure 08: EUR/USD, 5m Chart. Hidden bearish divergence

I entered short position and collected only 4 pips where more than 12 pips could be collected here. I exited with panaic decision.
After this demoralizing trade, a bullish divergence came followed by a hammer at lower TL. So I entered a long entry with daily pivot at 15 + pips distance above.
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Figure 09: EUR/USD, 5m Chart. Bullish divergence

?But this trade moved against me and took away some of my pips. This was counter trend trade. I think I'll have to stop taking these trades. Sometimes avoiding good set up is not so easy. This is what I need to learn.

While going downwards, I broke the range bound price movement. I took the break out short trade immediately below the lower level of range with SL at above the upper end of range, that is above the daily pivot.
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Figure 10: EUR/USD, 5m Chart.

?Price was producing a bearish channel.
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Figure 11: EUR/USD, 5m Chart.

?At the end of this small bearish break out, a bullish hammer produced.
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Figure12: EUR/USD, 5m Chart. Hammer

?At this hammer formation other indicators also produced good buy signal and daily pivot is at a more safer distance giving the price enough space to move. But as it was the hour before a high impact news break (Spanish unemployment change) and also London open, I stayed out of this trade.
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Figure 13: EUR/USD, 5m Chart.

?It was a good clean move of the price. But I missed it probably for a valid reason. Now I'll monitor next 2 hour of opening London sesseion for any trade.

What I learned so far is, for trading a sound sleep is necessary. I was at work last night, so I had less sleep. Head is jammed. But I don't want to miss the price action as it's part of the learning curve. See you soon.

Figure 14: EURUSD 5m Chart. Bear channel

EUR/USD pair still in bear channel in 5m chart and price is now moving around a psychologic level 1.3000 which is lying in between daily pivot and DS1. Wait to get a good move prabably below towards DS1.

Another low impact news release was after the London open. But showed a marked response of about 20 pips movement downwards in 5 min. price made a double bottom with a hammer candle at 2nd part of double bottom. So preice was expected to go upwards.

Figure 15: EURUSD 5m Chart. Double bottom

At this price action, I had to leave my laptop to attend a patient. When I came back I found -

Figure 16: EURUSD 5m Chart.

More than 22 good pips without any trouble as there were no significant s/r near except TLs. I'm still facing dificulty in managing my profession with fx trading. I tried some auto trading EA but with no significant result.

Upward movement of price from the double bottom broke the upper TL. Price again started to fall but this time pre-existing upper TL became support and a dragon-fly doji is formed.
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Figure 17: EURUSD, 5m Chart, Dragonfly-doji

?During the price action price also formed higher low and stoch froming lower low... that is hidden bullish divergence. Dragon-fly doji strengthened the bullish signal along with stoch.

Trade with 5m Force strategy, Day 13

After Tokyo open, price started to move sideways. Before the starting of present session, price showed a little upward movement. Missed some good trade yesterday due to just not being in front of the chart. So I'd like to collect as much pip possible today.

Figure 01: EUR/USD, 5m chart

At 11:00 am local time (+6 GMT), price started to climb and made a new upper TL.

Figure 02: EUR/USD, 5m chart

Price then bounced back and produced a nice selll signal. At the upper bounce point, it produced gravestone doji before moving downwards.

Figure 03: EUR/USD, 5m chart. "Gravestone doji"

After the bar price moved nicely downwards. I took the short trade immediately. At the lower TL  price bounced and started form a long signal.

Figure 04: EUR/USD, 5m chart. "Gravestone doji"

As the MACD didn't give me signal. I waited. But found another gravestone doji formed. So I kept my last 10% short position to run and refrained from going for long position.

Figure 05: EUR/USD, 5m chart.

A bullish divergence was forming. This signals a bullish move. London session is opening soon. See what happens.

Figure 06: EUR/USD, 5m chart. "Bullish Divergence"

Price moved sharply upwards, which was not a good sign. Again moved equally downwards. Then gradually moved according to chart pattern.

Figure 07: EUR/USD, 5m chart.

Reports on French consumer spending was due at 1:45 pm (+6 GMT). After the news release see what happened...

Figure 08: EUR/USD, 5m chart. "French consumer spending" news impact

Consumer spending was below the level of expected. It was -0.8% where expectation was -0.1%. Last month it was 0.2%. Impact lasted for 5m single candle - about 14 pips down.

Figure 09: EUR/USD, 5m chart. "London open"

Now see what happened after London open. After London open price moved sideways with large fluctuations of price. Then formed a pinbar immediately before news release.
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Figure 10: EUR/USD, 5m chart. Pinbar formed before news release

Nice downward movement, I just watched it. No valid singnal by force system. I'll keep my eye on this type of price action more carefully.

Price, forming a new low, started to climb up again. I entered into long position this time.
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Figure 11: EUR/USD, 5m chart.

Upward movement of price was not so smooth as previous downward movement. It's not unusual, specially after news release, I think. Price movement here started to produce a divergence with stoch indicator.

Figure 12: EUR/USD, 5m chart. "Hiddne bearsih divergence"

Price was producing a Lower high with stoch producing higher high. Following this divergence, price moved sharply downwards. As I'm learning these price actions, I was just observing without going into action.

Figure 13: EUR/USD, 5m chart. Bullish Divergence

In the downward movement, price was producing a lower low and stoch produced higher low which indicates a bullish divergence producing. And price moved upwards. Here I tooke the long position and grabbed 8 pips.

Figure 14: EUR/USD, 5m chart. Price action after NY open

 Then I was waiting for NY open. After NY open price started to fall until it reached daily support DS1 line crossing the WS1 line above.

Figure 15: EUR/USD, 5m chart. News release after NY open

????The news had effect on the downward movement of the prices. I'll have to go to sleep as I have to go to work tomorrow morning.

Pips for today: 12 + 2 + 8 = 22

My EURJPY pair auto trade pip collection was also 22.

Trading with 5m Force Strategy, Day 6

Hi every body. Today I was busy with my professional work. But even then I managed to monitor fx market. Upper and lower TL for longer time frame re-drawn. Now price is approaching upper TL and expecting a bearish bounce there as price is forming higher high and stoch is forming lower high. That is bearish divergence pattern is developing.

Figure 01: EURUSD, 5m Chart. "Bearish divergence"

Entered with a short there after the divergence. But almost 2 hours after I got out with 3 pips but could get 10 pips more. During these 2 hours, first a hidden bearish divergence developed and then another bearish divergence pattern developed.

Figure 02: EURUSD, 5m Chart.

Price then moved towards the lower TL and bounced from it to give a bullish signal. As stoch and MACD confirmed the signal, I took the long position. But price retraced again made new LL before moving north. I got out with 11 pips.

Figure 03: EURUSD, 5m Chart. "Bullish Divergence"

As price was moving against my trade initially, I was worried about that and failed to locate developing bullish divergence. After the divergence I gout my pips. Price actually moved 20+ pips after the divergence.

Figure 04: EURUSD 5m Chart.

Figure 05: EURUSD, 5m Chart.

Price mad a new high. Upper TL adjusted. Price bounced back from the upper TL and a good short signal was developing here.

Figure 06: EURUSD, 5m Chart

I missed the entry by a single bar. So I didn't took the position. Missed a quick 10 pips.

As high impact news is ahead, entering any trade would be unwise. News was about German ZEW economic sentiment and ZEW economic sentiment. Both were high impact news. During news release time, price showed up and down movement in few seconds with 30 pips range.

Figure 07: EURUSD, 5m Chart

Price produced a new upper TL with intact lower TL. With the bounce from new upper TL a good short signal is developing.

Figure 08: EURUSD, 5m Chart.

I missed this signal too. It was a long 32 pips trade. Price is approaching lower TL and a bullish bounce is expected. Other indicators are also lining up for this trade. I took this long trade.

Figure 09: EURUSD, 5m Chart

I grabbed 9 pips here and kept 25% of trade open to grab more pip on its way towards upper TL. NY session still to open in 1 hour. Let's see what happens then.

At the start of NY session, EUR/USD moved 15 pips upwards. I exited my rest position with this movement of price upwards with all possible pips. Now price is moveing sideways. I'll quit for today.

Total collection of pips for taday: 3 + 11 + 2 + 15 = 31
Potential pip gain could be: 16 + 7 + 25 + 10 + 5 + 32 + 15 =  110