I will be monitoring 8 pairs for the month of December.
Charts
1 Hour
15 Min
1 Min
I am basing the trade on the 15 min #3 forming with confirmation on the hourly chart.
I will be watching Daily High and Low areas for more probable setups.
This is the screen picture of the 8 pairs I am watching with the 15 min charts.
EU - GU - GJ TRO SETUP TRADES
Moderator: moderators
December Strategy
- Attachments
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- Monarch Screen Pic 8 Pairs.PNG (51.21 KiB) Viewed 2883 times
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EU 15 min chart
I made a few notations on the chart to show what exactly I look for as the price nears the daily high (or low area).
Even though the #3 formed and short already triggered, I will still look for more short opportunities.
I prefer price to re-test that high 1.5000 area again for a higher probability short.
I noted the targeted area for where I would expect the stall to fall too.
I normally will not put any of these drawings on my charts, it is something you will start to see with the eye as it happens.
Cheers,
Monarch
Even though the #3 formed and short already triggered, I will still look for more short opportunities.
I prefer price to re-test that high 1.5000 area again for a higher probability short.
I noted the targeted area for where I would expect the stall to fall too.
I normally will not put any of these drawings on my charts, it is something you will start to see with the eye as it happens.
Cheers,
Monarch
- Attachments
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- EU 15 Min chart analyzed.PNG (36.83 KiB) Viewed 2881 times
EU Hour Chart
This is a simple view of the EU hourly.
I have a few areas of importance which confirms the 15 min chart I am watching.
Important thing to remember, nothing is set in concrete.
I will spend time reviewing key areas prior to taking a trade, and the amazing thing is, I am looking at a very large range to settle for just 7 pips per trade.
My normal profit target is +7 pips after spread/commissions, and my stops are usually smaller then 10 pips.
Overall, my win/loss ratio has increased each week as I become more patient waiting for supreme areas that perform very nicely.
I take 3-5 trades within a 24 hour period with EU and GU, I am adding the 6 other pairs for December so I can increase my screen time to help recognize the key areas I have posted the past month.
Cheers,
Monarch
I have a few areas of importance which confirms the 15 min chart I am watching.
Important thing to remember, nothing is set in concrete.
I will spend time reviewing key areas prior to taking a trade, and the amazing thing is, I am looking at a very large range to settle for just 7 pips per trade.
My normal profit target is +7 pips after spread/commissions, and my stops are usually smaller then 10 pips.
Overall, my win/loss ratio has increased each week as I become more patient waiting for supreme areas that perform very nicely.
I take 3-5 trades within a 24 hour period with EU and GU, I am adding the 6 other pairs for December so I can increase my screen time to help recognize the key areas I have posted the past month.
Cheers,
Monarch
- Attachments
-
- EU Hourly Chart.PNG (25.24 KiB) Viewed 2879 times
EU 1 Minute Chart
If you will notice on the previous 15 minute chart I posted the #3 formed in the White area (daily low).
Once I see a #3 form on the 15 min, I will switch to a 1 min chart and begin my attack mode for the upcoming trade.
I put a basic chart of price action together here for review, this is the basis of what I look for in a trade on my setup.
I will take a long on a rejection of that extreme low (red line) looking at the last drop being a higher low, it is here that I enter reversals and it will not take long to tell if I am right or wrong, if price breaks below the red line, I will exit.
Target is +7, but as you can see it went for much more, but that is okay.
Goal: High Probable areas of resistance/support and quick profits with small or no losses.
Cheers,
Monarch
Once I see a #3 form on the 15 min, I will switch to a 1 min chart and begin my attack mode for the upcoming trade.
I put a basic chart of price action together here for review, this is the basis of what I look for in a trade on my setup.
I will take a long on a rejection of that extreme low (red line) looking at the last drop being a higher low, it is here that I enter reversals and it will not take long to tell if I am right or wrong, if price breaks below the red line, I will exit.
Target is +7, but as you can see it went for much more, but that is okay.
Goal: High Probable areas of resistance/support and quick profits with small or no losses.
Cheers,
Monarch
- Attachments
-
- 1 Min Analyzed.PNG (29.47 KiB) Viewed 2874 times
EU Short
8:22 pm (EST)
Asia session opens up and give a new high, into the zone I was watching on my hourly chart.
15 Min gave a #3 signal, I switched to a 1 Min chart to find a SHORT entry.
Price made a high at 1.5059 then made it's attempt at a break high and failed.
SHORT EU 1.5056 +7 pips.
Be back in a couple hours.
Cheers,
Monarch
Asia session opens up and give a new high, into the zone I was watching on my hourly chart.
15 Min gave a #3 signal, I switched to a 1 Min chart to find a SHORT entry.
Price made a high at 1.5059 then made it's attempt at a break high and failed.
SHORT EU 1.5056 +7 pips.
Be back in a couple hours.
Cheers,
Monarch
- Attachments
-
- EU Short 1 min chart.PNG (27.21 KiB) Viewed 2847 times
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EU
Okay, I did a mid range trade based on the rejection of the daily high.
You can see by my chart where I entered during the first part of my trade, it went against me a couple pips, but I was looking at the 1.5063 as my top.
It took 6 minutes to pay out +7 pips.
This is my third trade since market open.
I am now going to bed with my pips in the bank
Today's total 3 wins - 0 loss
+7
+8
+7
= + 22 pips
You can see by my chart where I entered during the first part of my trade, it went against me a couple pips, but I was looking at the 1.5063 as my top.
It took 6 minutes to pay out +7 pips.
This is my third trade since market open.
I am now going to bed with my pips in the bank
Today's total 3 wins - 0 loss
+7
+8
+7
= + 22 pips
- Attachments
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- EU Short.PNG (19.03 KiB) Viewed 2834 times
EU Chart (1 minute)
Here is that same chart showing the targeted areas I had on the 1 minute.
You can see after my profit, price dropped to the projected target.
Cheers,
Monarch
You can see after my profit, price dropped to the projected target.
Cheers,
Monarch
- Attachments
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- EU target chart.PNG (20.7 KiB) Viewed 2833 times
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Thank you for your support.
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