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.

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.