Hi everyone. I would like to share one of my trade yesterday. It is on the 5 min time frame because I was just aiming for a day trade purpose ( for a quick income ).
Clearly on the larger time frame there was the 4h supply and it got revisited , so add my position on my other account. But we’re not talking about swing trade for now.
My day trade start’s with a simple scan. I use the 1H as my location , m30 as my short term trend. and the 5 min as my entry level.
On the EURUSD specifically, I understand that at some point, Bank traders always start their trading day when the office open I pressume and prints out a price when they do execute their trade. The price chart always tells the truth.
So at 9:30 NY time , I always look for any freshly orders that has been executed by this rich institution.
Notice that the pink vertical line is a time session. My server is in GMT. SO I plot it at 13:30 If I’m correct. Anyway, clearly you see there is a fresh supply made from the RBD area. Obviously Their trade got executed selling on market open. This forms a Supply zone and hits a short term demand.
Remember this is spot market, and it’s on a 5 min chart. The tendency price spike and hot our SL. So leave some room for it to swing. In this case 5 pip extra.
Price fills those unfilled order flow, Hits in an area where supply exceed demand. This one filled completely and that removes almost everything there opening a path if it ever get’s rallied.
I close 70% of my position at the nearest support gaining me +20 pip. And riding the rest. These are my way of managing my trade. Stick to what niche you to trade the way you are.
Now that I banked in a few thousand bucks for my quick income to spend to whatever I want with it, the rest is just pocket savers. SO I leave that to what ever happens and be thankful for it. It is now risk free. What are my target ? May be short term demand or a level in H1 . Untill it shows me a sign of another reversal in Price action.
It’s really a simple example here if we stick to simplicity in trading. It’s not rocket science or anywhere beyond confusion. Clearly Price it self tells you what to do and when to take it.
Hopefully you get a good day’s trade this week, remember, Don’t rush profit growth, focus on the process of your trade, nothing else.