Example on 1 hour EurChf Chart for Friday ( sell trade, but can do on buy trade too)… its Friday: Don't be greedy).
Note the following:
1) Big Banks selling (note large 1 hour candlesticks- on charts)- only people that can do that are big banks and/or institutions (not retail traders).
2) Two areas of sell imbalance (they must be filled with buy either today or in the near future). In all probable's, I would side with today and big banks are just selling to buy back later today - because the big banks do not want many imbalances when Forex is closed (and/or the weekend)
3) Look for a higher bullish LOW and higher CLOSE candlestick for your reason to enter into a long and/or setting up buy trade soon.
4) After the #3 above has happen (wait patiently)- why? because that candle happened at 3:00 a.m. and/or after Tokyo closed and before NY session opened.
London session does three more hours of accumulation 1 hour candles (see large bottom & top wicks- both buying and selling pressure)- so all big banks and institutions are happy with the current price at this moment.
5) When NY session opens, what happens? Big banks and institutions are buying (large candles)- your sign to by was actually the 1hour sell candlestick (red) before the large blue candlestick happened. Why? because the big banks and/or institutions are trying to tell you to sell, but you being smart did not fall for that one, right? You said above price action are two areas of sell imbalance that I except to be fill today, so I will plan to buy when that pa reverses and goes north and/or blue above that last red candlestick.
*On Chart related to its Friday & both scalpers and/or day traders should not be holding over the weekend. Why? because Forex is closed and when Forex starts back up- their could be small or large GAPS which take you out, which you have zero control over. Trading is 100% on you, your decisions only- control as much as you can- do not give your broker and/or big banks or institutions any more control then they already have in the Forex world.
If you are scalping and/or day trading these Big Bank imbalance strategy should be 1:1 or: 1:2 risk reward maximum. You can trade this of course buy or sell on pairs. You need to always use risk management. This trade would have seen you doing a 1:1 RR with 17 pip stop vs 17 pip target. Trading is not about pips that you make, but the risk that you take= PER TRADE.
Note the following:
1) Big Banks selling (note large 1 hour candlesticks- on charts)- only people that can do that are big banks and/or institutions (not retail traders).
2) Two areas of sell imbalance (they must be filled with buy either today or in the near future). In all probable's, I would side with today and big banks are just selling to buy back later today - because the big banks do not want many imbalances when Forex is closed (and/or the weekend)
3) Look for a higher bullish LOW and higher CLOSE candlestick for your reason to enter into a long and/or setting up buy trade soon.
4) After the #3 above has happen (wait patiently)- why? because that candle happened at 3:00 a.m. and/or after Tokyo closed and before NY session opened.
London session does three more hours of accumulation 1 hour candles (see large bottom & top wicks- both buying and selling pressure)- so all big banks and institutions are happy with the current price at this moment.
5) When NY session opens, what happens? Big banks and institutions are buying (large candles)- your sign to by was actually the 1hour sell candlestick (red) before the large blue candlestick happened. Why? because the big banks and/or institutions are trying to tell you to sell, but you being smart did not fall for that one, right? You said above price action are two areas of sell imbalance that I except to be fill today, so I will plan to buy when that pa reverses and goes north and/or blue above that last red candlestick.
*On Chart related to its Friday & both scalpers and/or day traders should not be holding over the weekend. Why? because Forex is closed and when Forex starts back up- their could be small or large GAPS which take you out, which you have zero control over. Trading is 100% on you, your decisions only- control as much as you can- do not give your broker and/or big banks or institutions any more control then they already have in the Forex world.
If you are scalping and/or day trading these Big Bank imbalance strategy should be 1:1 or: 1:2 risk reward maximum. You can trade this of course buy or sell on pairs. You need to always use risk management. This trade would have seen you doing a 1:1 RR with 17 pip stop vs 17 pip target. Trading is not about pips that you make, but the risk that you take= PER TRADE.