Learn to be a Scalper - page 3
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Looks like slightly good news coming from the GfK Consumer Confidence
Will see if that pushes EU above the current range high...
There is also a lot of JPY news coming out in the next 15 minutes up to 1 hour.
7:15 pm EST looking for price spike above the 3929 level to 3935
10:15 pm EST - Watching the World Series with one eye on charts.
I will take shorts if the support line at 3908 break with targets of 7-10 pips.
For now price is in the pullback cycle of the Asia move down...
Will need to see the stalling formations on the resistance once it settles, for now that area is around 3915.
Attached is the 5 min chart
My short triggered automatically on that line break as I was typing the last post.
I held for +11 pips on that very quick 10 min drop on the 5 min chart.
Once the cycle of pullback from Asia move down stalled as seen on the last chart, the continuation progressed very quickly giving out much profits.
Another simple and easy trade.
I hope to share more details of my trading concepts in the weeks and months to come, if there is interest to learn from others.
Cheers
10:50 pm EST
Price is riding the support of Asia at 3892, the next leg down would put the E/U at 3859 area, if it goes, it will strike before Frankfurt open.
11:08 pm EST Thursday
Price is struggling here at the 3900 level, but I am getting a bit suspicious to an upcoming move higher.
If the low here can support, then look for more up power.
I am looking for a quick long here up to the 3904 area....
11:30 pm EST
I started loading up on LONG positions based on my 1 minute formation.
I ended up with 3 entries, with price nearing the low support where I would have exited the trades with losses.
Total for the trades were +6, +4, +3 on those.
Here is the 1 minute entry and exit charts.
Cheers
Price is hitting the lower line and is getting ready for a break.....
I will not short here, but will watch the move then catch it on the retrace if price looks reasonable for entry, or I will look for longs to form once again on a lower support area.
12:00 am EST
Price has stalled at the current resistance 3902 level, I suspect that will be the next break on the move up.
New hour had a push down to build possible long strength for the 3902 level break.
I have once again played the trend line drop for longs in anticipation of a quick spike above this resistance area.
Well, I waited FOREVER on those last 2 longs, I actually was up 4 and 3, then it dropped back below that resistance line.
I closed both trades to offset the loss on the 1st entry to a break even on the total setup.
I will wait for a more decisive move on the next entry.