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Bar 1: Low 2 Failure at the MA for bears, strong bull Inside-Outside-Inside sign, added to the lengthy, BE in. A Failed Low 2 installment
Bar 3: Low 2 Secondly Entrance, bulls trapped, but that is little bear doji, looking to prevent out with little loss or a bull spike. STOPPED OUT.
https://www.forexforum.co.za/attachm...1829976347.jpg
Bar 5: A Top One to get a third push up, but a doji and back to the range, likely a bull trap, reversed to Short.
https://www.forexforum.co.za/attachm...4450515011.jpg
Bar 7: Tight Trading Range, signs appear perfect but do not lead to spikes... Holding the short from BE.
https://www.forexforum.co.za/attachm...1307776512.jpg
Bar 29: Big Up Big Down equals range. There was an evaluation of the bull Breakout Point, also in the lack of support, a vacuum spike to the bull Trend Line. The Breakout point today serves as support turned resistance, but is likely to be tested, so looking for a scalp up, after which bears may or may not wish to dump more. The push from Bar 25 was very powerful, including microgaps, the measured move would be far below the fresh bull trend line, if it is broken. When it is not broken, the bears may capitulate, allowing up another leg, at least below the bear trendline from the contracting triangle.
Bars 52-54: a Failed Low One entrance in progress, a few bears trapped. Took profit on my swing position as it went down, but re-entered extended to get a breakout.
Bar 54: Low 1 faking Failed, bears taking over, looking to depart or stop out.
https://www.forexforum.co.za/attachm...1111696731.jpg
https://www.forexforum.co.za/attachm...0383904181.jpg
https://www.forexforum.co.za/attachm...3155186692.jpg
Hi StopRunFX
I was checking out your thread and determined that you have experience with John Grady's work. Can you comment on it? Is it worth the effort and cash to find out DOM. I value your time and response.
Cheers
Hi Everybody,
Decided to begin this journal to stimulate my growth as a trader and document my studies, commerce analysis, insights and ideas about EURUSD.
A couple of words about myself. I have been trading for four years now, had my ups and downs (more downs than ups, definitely), and have a goal to raise and start trading for a dwelling in the forthcoming two years. I already know this trip to be tough and humbling, and one in personal advancement in the first loion. I trade intraday, searching for scalp entrances with high risk-reward swing potential. My usual stop is 3-6 pips, and I look for trades that may produce at least 15 pips, a 3R multiple. In my trading I utilize the Brooks Price Action methodology for reading market context and market plogy bar-by-bar, but I also look closely at the classic TA chart patterns. The single indior I use is the 20-period EMA. Would love to incorporate Market Profile in my trading, but leaving for the future for the time being.
My trading plan
INSTRUMENT: EURUSD
TIME: European session and US morning session
PREPARATION: Daily analysis of the preceding day's functionality and visualisation (10 minute mental toughness exercise)
METHOD, STEP-BY-STEP:
- Multiple timeframe technical analysis according to Price Action (Dudella patterns, Brooks Price Action)
- Document trade places and thoughts, entries and targets
- Practice 5 min price action chart bar-by-bar based on Brooks Price Action to/at trade loion
- Entry on Tick Chart with tight stops 3-5 pips
- Take off to break even place on the next 5 min pub or scratch
- Breathe and hold to goals, scaling out
- 15 minute break and refocusing