Decided to post this chart a little earlier than usual. My chart had lines all over it so i'm going to do my best to describe this as well as possible. The chart is 5min Eddie.
Every line is a trigger number that i've taken from the close of a high volume bar. I've given each line a number, the price bar that this line corresponds to is given the same number and likewise for the volume. So you can (hopefully) clearly see why I marked those lines!
Today was a lesson in patience and avoiding bias. All the lines i've marked are down bars on high volume, due to this fact I was looking for longs for the first part of the day when in actuality I should have been looking for shorts. The best entry for the short is the No Demand / upthrust that i've marked, this came up to test Trigger line number 2 and closed at the exact same price. This was a perfect place to short, unfortunately i'm looking at this in retrospect, at the time I was looking to go long and didn't notice the No demand until a few bars later.
Eventually some more buying came in (lines 3 + 4) and I managed to get in on a buy as the No supply tested trigger line 3. In and out for a quick 15pips.
Eddie 5min
A similar scenario on Cable today as well, a really good short opportunity whilst I was looking for a long. Same chart set up as before.
Cable 5min
I'm not going to post charts as i'm mainly concentrating on Cable and Eddie at the moment but there was a good long set up on 5min Loony and 5min EUR/CHF today as well. Both hitting the targets easily. I really am enjoying getting to grips with these trigger numbers. Trading the 5min charts seems to suit my style of trading a lot better, not to mention from what i've studied so far the probability of a successful trade is much higher.
Cheers,
Liam
That chart was really well explained.
ReplyDeleteAlot easier to read with the corresponding numbers and what not.
5 weeks tomorrow... :)
A