The day 20180921 started at 4 AM Bangkok time (UTC+7), the opening bar of EURUSD M15 closed at 1.17764. With Forex Insight Pro 5.0, the previous day's high was drawn as a green horizontal line. During Asian session (first blue background), the price ranged between the first bar close and the green previous day's high with the SMA5 (red) and SMA13 (green) lines flat. The white Bollinger bands (50,2) were narrowing with a slowly increasing yellow central line. Everything was in the range of +-25 pips from the first bar close until the end of Asian session. When the opening of London session was near (the second blue background), very rapid move upward and downward had trapped in stop orders from both above and below. This caught attention from the public with a surge of trading volume. The second attempt toi push the price up had failed with a lower high at the upper band of slightly expanding Bollinger bands. The price failed the support lines of red SMA5, green horizontal previous day's high, green SMA13, and SMA50 in a single downward bar of 20180921 16:15. A sell entry at 1.1781 was sent out at 16:27 with a stop loss of 25 pips at 1.1806 and a profit taking of 50 pips at 1.1731. The price went downward outside the lower Bollinger band aiming at the light blue CCX-support line near the target. The market makers (MM) had not allow the move to reach 50 pips (very close) and the price bounced up from the light blue line aiming at the orange CCX-resistance line above. The price almost hit the orange resistance line. The MM then pushed down the price to validate the text book ABCD pattern. This stage allowed the late sellers to get on the boat. The target of 50 pips at the time of this writing (20180921 10:50 Bangkok time) is very near. I am confident that I will get this one with no problem.
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Trade active:
The market went down to a few pips before the the target (green circle). That means sell entry during the long red bar of 20180921 16:15 was a little too late as it was already obvious to the public that it was going to the south. The sell entry should have been done a bit earlier somewhere in the blue circle above. The target may also be reduced to 40-45 pips. This trade are now still active but the market was already closed for the week. Before the close you can see that the market makers tried to induce more buyers by slowly move the price up along with the blue SMA200 line toward the SMA50 which is also the center line of Bollinger band (50,2). This line has been completely turned from yellow to pink suggesting a downtrend. The price hit the pink SMA50 after the CC(5,9) count up to "9" and came down abruptly. This trade then has to be hold over the weekend to be continued on Monday.
The market went down to a few pips before the the target (green circle). That means sell entry during the long red bar of 20180921 16:15 was a little too late as it was already obvious to the public that it was going to the south. The sell entry should have been done a bit earlier somewhere in the blue circle above. The target may also be reduced to 40-45 pips. This trade are now still active but the market was already closed for the week. Before the close you can see that the market makers tried to induce more buyers by slowly move the price up along with the blue SMA200 line toward the SMA50 which is also the center line of Bollinger band (50,2). This line has been completely turned from yellow to pink suggesting a downtrend. The price hit the pink SMA50 after the CC(5,9) count up to "9" and came down abruptly. This trade then has to be hold over the weekend to be continued on Monday.
Trade closed: target reached
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The Market Makers reversed the price back to consolidation on Friday a few pips just before the 50 pips target was hit. The market resume on monday. It took the whole Asian session to entice the new buyers by slowly climbing above SMA200 line. The SMA200 suppport then failed while the Bollinger Band(50,2) got narrower. The price attempted to pass the SMA50 again but failed again. The Market Makers then decided to expand the Bollinger Bands to the south side to Hunt the stops set by the buyers. This action passed the price down below the previous day's low level. The profit target of 50 pips finally met at 20180924 13:15.