Learn to be a Scalper - page 6
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News at 10:00 am EST pushed the EU a little deeper.
3912 was previous low in London, let's see if it can climb above and hold that line.... or just continue deeper
10:45 am EST
Price has gone sideways on the 5 minute chart.
I am watching for moves up then stall patterns for shorts.
The 1hr/4hr are both showing bearish.
3903 is the current resistance as per the 5 minute chart.
3870 area is my next lower target, then down to 3826.
3903 was just breached, now will watch for the move up to 3912.
I am not interested in longs just yet, only shorts based on the trend presently.
5 minutes left in this hour, the 5 minute candle is showing some resistance at this time.
I will short if we get a rejection candle on 5 min and I also get a 1 min confirmation.
Based on my expectation of stall patterns on the 5 minute chart, price failed to reach the previous high at 3912.
I took short when the 5 minute rejection candle was breached.
+ 10 pips.
11:10 am EST
50 minutes until London closes.
I am expecting more bearish movements up to that close.
Targets for lower moves are 3870 and 3830.
Based on the Bearish Expectation, I entered a short on the 1 minute chart, then price moved against me a few pips to try to fake long.
It eventually went down towards my target 1 area 3870, I exited before that lower move that hit 3872.
I cleared + 8 pips on that short.
Price Nails 3870 and continues, this was my expectation of the London closing hour.
I am not sure if the strength is ready to hit 3830... but it is possible by the looks of the 1hr and 4hr trend.
Watching 5 minute candle.
Will take a long on the next 5 minute candle if it breaks 3874.
The last 5 min candle touched the 74 line, the 1 min chart did not give me indication just yet to long.
Watching the low for stall then a move to break that 74 area.
This is a very small target for this scalp, since it is possibly going against current trend.