Its Tuesday and this is what I have during the London open market. A supply on the 5 min chart on the EURUSD. Took that trade for a 5 pip trade. As soon as it close, it creates another supply. What does that tells me ? Means more selling pressure were added. ANother institution had sell in large quantity to bring those price further down and keep the bull traders at bay.
The plan is the same
Target – 5 pip each trade
GOal – 10 pip per day ( 2 Trade Per day ).
Major trend – Down ( Bearish ).
Location – in between the weekly supply and within the reach of former weekly demand.
Time frame – 5 min
SELL pending set @ 1.31928, TP 1.31878. SL 5 pip above the red line ( 62 EMA ).
Results + 5 pip , trade close at its TP.
This trade took roughly 40 min. TO me thats ridiculous time. What that tells me is that possible price nearing a major support or a demand which to my knowledge at 1.31587.
At the same time, on the 5 min chart, The new supply at 1.3186. Put a pending there on its way down . It will be good to catch on its way after the ounce off the demand level.
SELL pending 1.3186 TP 1.3181 SL above the red line ( 62 EMA ).
Well This trade did not happen. SO the EURUSD going for its down trend move again. So that supply was the renewed sell orders by big institution. Anyway, I think thats a wrap up for the day.
What did I do best ?
Stick to my target and goal trade. As planned. Stop trading even 1 trade today since the overall total of yesterday trade during the us session made it 2 today.
What should improve ?
Nothing but continue as routine. PRobably need more exercise as well during the morning for a quick 15 min jog.
What’s next ?
See you tomorrow market!!