Had a better entry, which gave me a 80-pip win for this 5min trade.
Last night I watched a video from Jason Stapleton (Into the Grey - Recording), which gave me a new idea to trade with the trend and identify how the market moves. Thanks to Jason!
I have waited for this beautiful set-up for more than an hour. The price struggled at almost all of the fibo levels but it passed through each of them. Lastly, when price came to fibo 2.24, a big bearish candle (22:11) covered a few candles before it, including two inedecision candles at 22:09 and 22:07. So I definitely went for a put for 5 minutes. Somestimes,...
Price was trying to create higher high for today. There were too many noises around the peak. Confirmation of entry had to be set much lower than usual.
The price tried to retest the day's lowest. However, when the big bullish candle appeared at 18:51, it was confirmed that price failed restesting the bottom this time.
For the first 4 minutes, there were either small candle or indecision candles around my confirmation level. Right now, there are too many noises. Not a good time to trade.
During last trade, I found that the price might want to go back down around fibo 0.5 and an indecison candle appeared at 19:30, which provided a good lowest price for me to set as my confirmation level. So after the strong bearish candle at 19:33 passed through my confirmation level, I entered at the beginning of 19:34. This is the most beautiful I did today. Just...
Again, too much fluctuation for EURAUD. Not a good time to trade.
The bear power was very strong. It has broken support levels for several times. Bull power is trying very hard to take back the market.
When price reached fibo 0.786, it was doing something similar as what it did around two hours ago (highlighted in blue box). However, this time instead of going up, it went down and touched fibo 1.0.
The price struggled for almost 15 minutes starting from 18:00. But the real reversal should happen around fibo 1.27, which was also a previous peak level and was very very close to the daily highest point. So I waited for price to drop below my confirmation level, which was almost the highest of the struggling point. Be prepared for a little struggle when price...
Followed the previous trade. The price was uncertain at a previous struggling point. I got into this trade kind of because it broke out of the fibo 0.618 level. I thought there was enough room for price to rise. However, I missed the struggling point, which made the trade so risky. Half of time of this trade was losing.
The price struggled a lot between the fibo levels 1.27 and 2.0 of a uptrend. So the confirmation of entry had to be set much higher to confirm a real trend. I drew another fibo to see where the next resistance would be.
The price got supported by fibo 0.618, which was also very close to a previous suport level. The price stopped falling and tried to turn around. I entered after I confirmed the new trend at the beginning of 15:22. However, the candle of 15:22 ended as a doji. That was bad. Luckily, the price went up for few more candles before it started to dropped again just...
I did this trade a bit later than the USDJPY one. AGAIN, it's really a bad time to trade right now. Price is fluctuating.
Not a good trade but not too bad. Confirmation level was set at a previous trough. Right now, it's really not a good time to trade.
Price got supported around fibo 0.786. Confirmation of entry was set slightly above 0.786 level, where the highest price of the indecision candle at 14:03. Although this trade is in the money, the candle for 14:09 is missing here!
Price reversed from fibo 0.786 level and a preivous support level. Confirmation level was set at the highest price of pin bar at 19:34.