Chapter 9 I Fig 9.42a I WVoW.ProReafTim •. com aurfusd 5-minule �riI 27·2012 03:00 0<:00 0S:00 Consecutive Intraday Charts -April OW) ---w --- 1,315 08:00 09:00 1,325 ·1,32 ------------SHS--�----------- !!! <i>!!Cp.oReom.!!! ome�!;!!! !!.._ ______ �--------�--------�--------�--------__ --------�-----1 ,315 07:00 08:00 09:00 10:00 11 00 12:00 13:00 1200 14:00 tt is usually not a gOOd idea to trade a news breakout tor continuation, and even less so in the highs of the session €NOiJi from a round number. 16:00 17:00 18:00 291 1 ,32
Understanding Price Aaion jFig 9.43aj _.ProRe.mme.com eur/usd 5-minute April3J-2012 Typical round number battle in the absence of a dominant party. 04:00 05:00 OProRelIITime.com oe:oo 09:00 292 06:00 07:00 10:00 11:00 12:00 Doable, but it remains to be seen if prices could make it to the 50 level against the earlier pressure. Best to deploy a reversal exit should the trade run into trouble. 1 3:00 1,33 1 ,32 1tlOO 11;00 1 ,32 14:00 1 ,33 1 ,325 1.32
Chapter 9 I Fig 9.44al www.ProReaITime.com eur/usd 5-minute May 01-2012 03:00 04:00 05c00 Consecutive Intraday Charts - April/May ---- Mm--- EO ProReellTi:me.com 07:00 08:00 OPfoRealTirne.com 12:00 09:00 13:00 10:00 11:00 14:00 15:00 12:00 13:00 14:00 16:00 17:00 laoo 293 1 ,33 1,33 1 ,325
Understanding Price Action I Fig 9.45a I www.ProReamme.com eurlusd 5-minute May 02-2012 The bars are not really squeezed out of the pattern by the 25erna. Consider also the UK Open at 09:00. , �25 CProRealTrne.com T 04:00 05:00 06;00 07:00 00:00 � Best to trade such patterns for failure on a fi rst strong pullback to the 25ema and preferably With a favorable magnet - M - � Jt _ n PI_ ac_ e ______ -,� ________ � I '"" '· gol � 'j ===== 07;00 294 oaoo 09:00 10:00 11:00 Bear trend peters out below 50 level. this will have some scalpers on the lookout for a round number test. Not a great efl'lironment to aim for a serious bullish break. though. 12:00 14:00 15:00 12:00 13:00 14:00 16:00 17:00 16:00 .,.32 1 ,32 1.32
Chapter 9 Consecutive Intraday Charts - May I Fig 9.468 I www.ProRealTime.com eur/usd 5-minute.com May 03·2012 UK Open brought prices back above the 50 level, but the bears put up too much resistance, demoralizing bulls. --- pb / pbp 0.:00 06:00 07:00 06:00 10:00 11:00 o ProRealTirne.com 09:00 1 0:00 '3:00 14:00 1S:00 11:00 Both are technically valid trades, but with the ECB interest rate decision coming up at 13:45, it is best to stay out. Note also the hefty' r.eact on to the follow-up ECB speech at 14:30. 12:00 1�00 1·4:00 Do not trade a news move for conti· nuation. Do not look to shon it either. 16:00 17:00 18:00 19:00 15:00 295 1 ,315 ·1,31 1 ,315 ' ,31 1 ,31
Understanding Price Action I Fig 9.47a I wwwProRealTime.com eurlusd 5·minute May 1).4·2012 I EU Open adds nothing I I VelY tight Asian range I C ProRealfme.com 02:00 03:00 04:00 05:00 06:00 07:00 08:00 09:00 I Fig 9.47b I 07:00 oaoo Rather weak entlY. 25ema and the 50 level working as adverse magnets. Market taking it V91Y slow throughout the London morning session. which is usually a good indication of traders waiting for a US news report to come in at 14 30 CET. 09:00 10:00 11:00 1200 I ·J News releases are notorious j*W 't. � fortrapping both bull and bear. 14;00 1 �1 1 ,32 1 ,315 '1�1 1 ,315 �. +������ �� 1 ot*+ "'''__________ 1,31 +01'4'0 .1�1�� C ProRealfrne.COItI 1�00 14:00 15:00 16;00 17:00 18:00 19:00 296
Chapter 9 Consecutive Intraday Charts - May IFig 9.48a I wwwProRearnme.com eur/usd 5-minule May 07-2012 � Sel�off in early Asian hours 1 ---'-----------------1 Beartrend absorption 1-------------1 ('''00 02:00 Accept onty if the rev. exit is part of operating tactics. Should the 00 level start to rebel against the trade, this could call for an earty exit. o ProRe8lTime.com 07:00 08:00 oioo --M-- I mag--net! mM-- -------- 1 Pretly aggressive 1 13:00 14:00 0<:00 05;00 06:00 07:00 1 Bulls keeping the pressure up I 09:00 10:00 11:00 12:00 15:00 16:00 17:00 297 1,305 1,3 1 .295 1,305 1,3 1.295 1,3
Understanding Price Action I Fig 9.49a I www.ProR.ammo.com our/usd 5-minut. May (lj.2012 03:00 04:00 05:00 �oo 06:00 �oo 10:00 11:00 o ProRealTirne.CQm 1�00 14�OO 15:00 298 01:00 16:00 Best to lay low on both sides of the fence. The UK Open kept the pressure up, but the bull break faces obstructi on overtlead. Shorting the break for failure seems quite aggressive here also. 12:00 08:00 10:00 Bulls cannot make it to the 50 level above. Thay capitulate below the M-pattern, straight into the 00 level magnet. 1�00 -M - 15:00 ISkip longs I 17:00 1S:00 19:00 1 ,:lOS 1 ,305 1,3
Chapter 9 IFig 9.50al _.ProReamme.com eur/usd 5·minute May09-2012 OProRealTime.com 07:00 0It00 04:00 06:00 It's a personal call whether to deploy a reversal exit when already very close to getting stopped out. If there is reasonable chance for the trade to recoup, you might as well stay in. 09;00 . lnoo 11:00 Consecutive Intraday Charts - May 07:00 Bulls are aiming for the 00 magnet. Pretty aggressive entry, though. A quick test of the 25ema would already jeopardize the stop. ------- SHS------ 08:00 09:00 10:00 1·tOO 299 " ,3 1,295 1,3
Understanding Price Action I Fig 9.51a I www.ProR.alTime.com eur/usd 5-minute May 10-2012 • ProReaffme.can 03:00 04:00 05:00 06:00 I Fig 951b I 07:00 08:00 09:00 07:00 1 1:00 ---M--- Weak setup in UK Open. plus 50 level magnet. 06:00 @ 10;00 This is not a trending market and !he adverse 50 level magnet is quite strong. -W1 2:00 14:00 I Bulls still strong (higher lows). 1100 14;00 1�00 16:00 17:00 I�OO 300 1.3 ·1,29 . 1.3 1.3
Chapter 9 Consecutive Intraday Charts - May IFig 9 52al �.ProRealTime.com eu,/u.d 5·minute May 1 1·2012 1 ,295 ----��------------------------------------�L--------------- rtbC Pb----� ,� 05:00 o ProRellTime.com 08:00 09:00 1();00 o ProRe8lTlrne.com 12:00 noo 14:00 ------ Ww·variant ------ 07:00 08:00 ------ ---===I skip sho�� rts I 11:00 1200 Uoo ---- I no trades I w--- 15:00 16:00 17:00 09:00 10:00 14:00 • 18:00 1 ,29 1 ,295 301
Understanding Price Action I Fig 9.53a I www.ProReaITime.com eu./usd 5-minute May 14·2012 05;00 06:00 I Fig 9.53bl 01:00 08:00 0!l00 10':00 · 1,29 08:00 0!l00 OProReafTirne.com 302 pb ! 1200 13:00 H:OO b �����""tl I bear pressure petering out I 16:00 17:00 18:00 1,295 ·1,29
Chapter 9 IFi9 9.54a I www.ProR •• lTime.com eur/usd 5-minute May 15-2012 OP:'oRealTIne.com 02:00 o:loo 04:00 05:00 @ProRealTime.com 08:00 �oo 10:00' 13:00 14:00 1�00 1 1 :00 16:00 Consecutive Intraday Charts - May 0000 07:00 08:00 T 12:00 1100 Both entries quite aggressive. but bear trend is very strong 17:00 18:00 1,28 �oo pbp 1- 1 ,285 r 10'1,. 14:00 I Fig 9.54c I 1 ,2e5 1,28 ·1 ,275 19:00 303
Understanding Price Action I Fig 9.558 I ww...ProReaITime.com eur/usd 5-minute May 16-2012 0<:00 05:00 06:00 I Fig 9.55b I aeoo I Fig 955c I 1200 1100 304 07:00 09:00 i --- --- pbc 11:00 50 level resistance. but market too strong to short. 15:00 16:00 12:00 13:00 17:00 16:00 1 ,275 moo -1,27 1(:00 1 )7
Chapter 9 Consecutive Intraday Charts - May I Fig 9.568 I www.ProReamme.com eur/usd 5-minute May 17-2012 --M02:00 03:00 04:00 05;00 06:00 07:00 09:00 09:00 06:00 07:00 oaoo 09:00 10:00 11:00 12:00 13:00 1 ,275 I skip shorts I 1 ,77 11:00 1loo 14:00 15:00 16:00 17:00 18'00 305
Understanding Price Action I Fig 9.57a I www.ProReaITime.com eur/usd 5-minute May 18-2012 OProRealTme.com Oloo , 04:(10 05,00 Bulls did break out, but I would advise against trading this flag for immediate continuation. 07:00 08;00 0000 I Fig 9.57cl 10:00 - M- --� ProReaJTrne.com 1200 13:00 1 4:00 306 t .O'LOtCl'T 'tJ�" t!i60? 06:00 08:00 1 ,27 ·1,265 skip 09:00 1 ,27 skip Adverse magnets of 25ema and 00 laveL trading this second bearish break for failure ,1,265 In the light of the bearish Asian session, J is very aggressive. No del1)'ing the bullish dominance in this UK session, though. 1200 13:00 14:00 1 ,275 90nttl'Oft 1,27 Bulls are still the dominant pa/ti (higher lows throughout), but their momentum has definitely weakened and the 00 lavel is not exactly helping out (adverse magnet). Best to stay out. 1,265 15:00 1 S' 00 17:00 16:00
Chapter 9 � www.P.oReaITime.com Consecutive Intraday Charts - May eu,/usd 5-minule May 21·2012 Bulls fail to break bearish resistance, which could � resutt in a 50 level visit. The action is quite jumpy, � though, and tile bars are relatively tall. So be patient and await the proper moment hili, skip @ --. tr_+·__ ��!�! ].Dr� U'Itl�il'i ...:==; _"""", ! _______ \!f �s��� s � _-=� b 05:00 06:00 o ProRe8lTIrne.com 00:00 09:00 OProRetiTirne.com 1200 13;00 . 14:00 t ',�· · ! � . 0 � -w - .���� V--±���=I=-' 1 0 01:00 moo 10:00 An option could be to exit the short in this stalling phase, and then put the position back on at a later stage if warranted. I Bulls throw in the towel. I ___ ---'- pb 11:00 12:00 A bear in position could deploy a rev. exit Bulls aiming for more than a quick scalp should probably lay low. ------- skip SHS------ 15:00 16:00 t 13:00 14:00 11:00 18:00 19:00 307 1,275 1,28 1 ,28 1 )15
Understanding Price Action I Fig 9.598 I _.P,oR.aITime.com eurfusd 5-minute May 22-2012 " ProReslTine.com 04:00 I Fig 959bl • III ProReSTrne.com 07:00 06:00 � ProRe�Time.com 1200 308 05:00 06:00 10:00 14:00 15;00 07:00 11:00 16:00 08:00 An understandable short, but doesnl real� meet the requirements of a conservative bet. W you accept. consi der a res. exit in dotted line (ceiling test). 09:00 lnoo Evening-stars. The second has more merit from a short side perspective, but nothing to pursue from where we stand . 12:00 13:00 14:00 anticipating a move back to the 50 level 17:00 16:00 1�00 1,29 1 ,275 -1,28 1 ,28 1 )75
Chapter 9 I Fig 9.60a I www.ProReamme.com eur/usd 5-minute May 23-2012 04:00 os:oo �:oo 07:00 06;00 ----WW-variant Consecutive Intraday Charts - May 1J!t00 10:00 pb @ I Bulls are persi stant I 1,21 1)7 1,265 :!!! oR�"'�" .... com!!!.- __ � ___ � ___ � ___ � ____ .,--- ___ � ___ �_---.Jl ,26 oo 0900 10:00 11:00 12:00 1100 ,·tOO 15:00 1Z�OO 15:00 16:00 17:00 18:00 19:00 309
Understanding Price Action 1 Fig 9.61a 1 www.ProR •• mme.com .urfusd 5-minut. May 24-2012 00:00 04:00 0000 09:00 10:00 1 Fig 9 61cl -Mo ProReaITirne.conl lZ00 13:00 14:00 15:00 310 0000 12:00 16:"00 T I same here I 07:00 0000 09:00 -. Mm-variant-- 1 ,255 skip 1�00 14:00 15:00 A first pullback after a fresh break is normalty not an eXit candidate, but the fat M-pattem on the left just offers too much resistance to anticipatE! yet another bull attack. T.9�·' "OII�'ll!1 t,2S5 r, 1 1:00 laOO 19;00
Chapter 9 Consecutive Intraday Charts - May I Fig 9.628 I www. ProReaITime.com eurlusd 5·minule May 25-2012 -------- Ww-variant t pbc EU pen � morning-star 03;00 05:00 00:00 07:00 I Fig 9 62b I � O �A poor� set bearish break in a 6 / I �UlliSh market is a contrarian , L / �� fworite. __________ � '-'roO� 07:00 DaOO . 09:00 10;00 ,zoo 1.3:00 14·:00 1 5:00 16:00 08:00 09;00 13:00 17:00 14:00 31 1 1,255 1,25 1 ,16 1,255 ·1,26 1 ,255 1,25
Understanding Price Action I Fig 9.63a I _.ProRealTtme.com eurfusd 5-minute May 28-2012 oil. o�rme.com 03:00 05;00 0&;00 I Fig 9.63b I OProRealTrne.cClm 07:00 0000 09:00 I Fig 9.63c I 11:00 I both entries are valid I OProReafTime.ton 11:00 uoo 15:00 312 -',255 08:00 1 .2S5 12:00 13:00 14:00 ·1,255 16:00 17:00 16:00
Chapter 9 Consecutive Intraday Charts - May I Fig 9.64a I "'-.ProRealTIme.com eur/usd 5-minute May 29-2012 '1,26 ��� ______ � ____ � ______ � ____ � ____ �t==-__ � ______ � ProRe8fTine com 03;00 04;00 05;00 06:00 07000 ()8;00 09;00 ¢HbO' �i'C9.� ---=, �C-1-I!"I ..,I,....I.!� � I skip shorts I h l� �.of Il. o.\>+ "'7±I'tftt< ........ _ 6�.!..llJ,...: �r.- '�iOT o�O ttl�O , t There is no real trend. Do not look to --W __ _ OProRealTime.com 07;00 08:00 I Fig 9.64c I (f) ProReSTine.COI1'l 1200 noo. trade for continuation � from the round number. 09;00 11:00 1200 ----------- SHS ----------- --- M -pb t 14;00 15:00 16:00 17:00 13:00 14;00 Entry slightly aggressive, but stop resides beyOnd ceiling test level. 18:00 1�00 313 ·1,255 1� 1 ,255 1�
Understanding Price Action I Fig 9.65a I www.ProReaITime.com eur/usd 5·minute May 3().2012 03:00 04:00 I Fig 9.65b I 05:00 0000 01:00 Not rTr'/ favorite short. Pullback is a bit shallow and prices didn't yet make it to the 25ema. Even the ceiling test level might start to pull (dotted line) 08:00 10:00 I bears counter the news rally I --M -- I round number skirmish I 10 ProRctiTime .com 07:00 06:00 oioo 10:00 I Fig 9.65c I 13:00 14:00 314 16:00 11;00 12:00 1�00 I round number skirmish I --w -- 1 7:00 18:00 t � �+¢r t �,+u. � , 19:00 20:00 1.25 1 )<5 1,25 1 .2<
Chapter 9 I Fig 9,66a I www,ProR.aITima,com au,/usd 5·minule May 31·2012 OProReaITIne,com, 04:00 05:00 06:00 07:00 I Fig 9,66b I Consecutive Intraday Charts - May I evening-star I --L Bulls are keeping tile pressure uP. but tile action is too feverish (bars too tall) to particpate, 09:00 10:00 1 , 45 1 ,245 ""$Pr"-,""�!!.!! TIme",,,,,, "'--� ___ � ___ � ___ � ____ � ___ � ___ � ___ .-J.l. 3 5 00:00 09:00 10:00 11:00 12:00 13:00 14:00 1200 13:00 1 4:00 15:00 16:00 17:00 19:00 315
Understanding Price Action I Fig ------------------------- 9.67a I www.ProReaITime.com .urlusd S-minute June 01·2012 SHS ------------------------ 04:00 05;00 06:00 01:00 08:00 moo ,noo • ProReaITime.com 12:00 13:00 14:00 15:00 316 00:00 10:00 11:00 12:00 13:00 skip Personally, I am not a big fan of trading news releases for continuation. This trade set up quite 1,23 '1 ,245 1 ,235 well, though (deep pullback and interesting setup) 1 ,23 16:00 17:00 16:00 19:00
Chapter 9 Consecutive Intraday Charts -June I Fig 9.68a I www.ProRe.mme.com eur/usd 5-minute June 04-2012 ----- ----- I hi ger lows throughout 03;00 04:00 05:00 06:00 07:00 08:00 ·1�45 OP1oRealTirne.com 08:00 09:00 10:00 11:00 12:00 13:00 1.;00 I Fig 9.o8e I 1,25 1 �45 � � pbe 1�00 13:00 14:00 15;00 16:00 11;00 18:00 317
Understanding Price Action � Bullish market I • _ .. Tme.COIn 03:00 04:00 05:00 06:00 • ProRealUne.com 08:00 09:00 10:00 I Fig 9.69c I It ProReatTime.com 1200 14:00 318 11:00 Shorting a bull break for failure is best applied in a bearish market, not in a bullish one . 07:00 08:00 1,25 09:00 I Fig 9 69bl l ·1,25 I skip shorts I 1,245 12:00 13:00 14:00 1,25 ---- ---- -1,245 1). 11:00 1�00
Chapter 9 Consecutive Intraday Charts -June I Fig 9.70a I -".ProReaITime.com eur/usd 5-minute June 06-2012 An extra bar [0 fatten up the buildup (think combi) would have been nice, but the prospects are good. J'.a+TOtT' ... � / � ___________ � -� ---- w ____ � EU and UK Open keep the pressure up in a 50 percent retracement of the Asian bull rally OProReaiTime..com A bullish sign, favoring continuation. oioo 04:00 0000 0000 10:00 1 ,255 1,25 1 ,245 1 ,255 L-��====��1 ECB interest rate due at 13:45. ,25 o ProRealTlme.com 0000 09:00 10;00 1200 13:00 14:00 11:00 Best stay out. Follow-up speech due at 14:30 (note the spiky bar). 12:00 1�00 14:00 � s�p tt -r LB_U_II_ro_I__ Iy _art_e_d_rr_o_m_a_b_e_a__hS_S_iru_a_ti_On __ _o_n_ot � look to trade for continuation, and certainly nol m the highs of the current range. 15:00 16:00 11:00 319 · 1 ,245 1 ,255 1 ,25 1 ,245
Understanding Price Action I Fig 9.718 I www.ProRearTime.com eu,'usd 5-minute June07-2012 I Fig 9 7 1 b I o ProReelTiTIe.com I Fig 9.71c I 12:00 13:00 320 09:00 10:00 14:00 1�00 1 ,26 1 ,255 11;00 12:00 13:00 1(;00 1 7:00 1aoo 19:00
Chapter 9 Consecutive Intraday Charts -June www. ProReamme.com eur/usd 5-minut. June 08-2012 (0 ProReelTine.COITl 03;00 07:00 08:00 I Fig 9 .72c I OProRe6lfme.com 12:00 04:00 05:00 09:00 13:'00 06:00 Descending triangle (bear-flag with horizontal pattern line) 07:00 06:00 I skip longs I 11:00 12:00 '1,255 09:00 10:00 1,25 I�S 14:00 1,25 i ... . - -. 1 �S Should prices have broken below pbp ------ these double bar lows, a rev. exit SHS -----@ may have been an option. 1.:'00 1 7:00 1 !tOO 321
Understanding Price Action I Fig 9.73a I www.ProRealTime.com eurfusd 5-minUle June 1 1·2012 OP'roRetWTrne.com 02:00 03:00 04:00 05:00 Would have been nice to have seen another bar next to the tall signal bar so as to fatten up the squeeze and turn the setup into a combi. The UK Open is known to speed things up a little. 00:00 07:00 09:00 \ ttt, I magnet I Pullback didn't quite make it to the pattern l. ClI� r'1IL line extension. but did correct 50% of the � ' bear swing when setting up the reversal in �T the 25ema. Good enough to go m .. # ·1,265 , 1 .26 1 .265 1.26 O���.������ ________ ________ � ________ � ________ � __________ � ________ � __ � ____ 1 ;55 07:00 08:00 09:00 10:00 OProReafTime.com 11;00 322 1200 uoo 14:00 1 1;00 12:00 I ski P shorts I 15.:00 I US news at I 1600 CET I 16:00 13:00 I Fig 9 73c I ' .26 1 ,155 tt�� �'� 17:00 18:00
Chapter 9 Consecutive Intraday Charts -June I Fig 9.74a I www.ProRearrime.com eurlusd 5-minute June 1 2-2012 04:00 05:00 06:00 I Fig 9.74b I �----------------- - ------� ce combi trade but still pretty aggressive, considerng the UK Open and with prices still below the 25ema. The big 1 25 was likely to help out, though. --w --pbc @ 07:00 06:00 09:00 1000 323 1 ,255 1,25 1 ,2'5 11:00 1 ,255 1 ,255 1,25 1 ,245
Understanding Price Action I Fig 9.75a I OPrQReclfme.com o ProRealTirne.com 0000 324 WINI. ProRealTlme. com eur/usd s.. minute . June 13-2012 06:00 0&00 Would want t buildup befor� �ee more from the 00 l ading awi!'j evel magnet 1,25 1QOO 11:00
Chapter 9 Consecutive Intra day Charts -June I Fig 9.76a I www.ProRealTime.com eur/usd 5-mIOute June t4-2012 04:00 05:00 06:00 07:00 08:00 09:00 1froo I Fig 976b I 0; ProReeHime.com 08:00 09:00 12:00 Iloo 14:00 Conditions not favorable enough to trade long. Adverse magnet also 11:00 1200 13:00 Not a very pleasant Hag to trade for continuation straight into the 00 level resistance. 15:00 16:00 17:00 14:00 16:00 325 1,26 1,255 1 ,26 1,255 1 ,255
Understanding Price Action I Fig 9.778 I www.ProRealTime.com our/usc 5-minule June 15-2012 @�alrrne.com 03:00 !Fig 9.77bl 01 06:00 I Fig 9.77C! 326 I vetY thin price action I a.:oo os:oo 06:00 07:00 06:00 09;00 09:00 This is a good example of a tricky rev. exit situation. Where exactly should one exit? Above bar 1 looks rather premature. Above bar 2 seems a little too late. Should one exit at all?These are questions a trader will have to answer for himse�. If out on the short, ttY pb nOllo miss the re-entry, though (tff). t tff �������� ! 10:00 This short probably made it 20 pip out, but consider for a moment the rev.exit opti ons as stated above. 11:00 12:00 14:00 1,265 1 ,265
Chapter 9 Consecutive Intraday Charts -June I Fig 9.78a I wnw.ProR •• lTime.com eurlusd 5-minute June 18-2012 oioo 0.:00 05:00 OProReaITine.com 08:00 09:00 [§I7&] 06:00 07;(10 11:110 � Ceiling test, round number and 25ema fW '1t,. '''' (. ' �T TT' ti+1'1' � o ProRe.eITime.com 12:00 noo 14:00 15:00 16:00 I, 08:00 Looks nice in hindsight, but these are not the kind of shorts that qualify as high-odds wagers when playing COnS9Mltivety. 1200 13:00 14:00 Not my favorite setup. The price action may have taken care of the adverse magnets, this is a short almost in the very lows of a bear ralty, away from a round number to boot. 17:00 16:00 327 1 ,275 ·1 ,27 1 ,265 1 �7 1,265
Understanding Price Action I Fig 9.79a I www.ProRealTime.com eurfusd 5-minute June 19-2012 I Fig 979b I I Fig 9}9c I 12:00 13;00 '4:00 328 us ""'" '" ""'" ".. �+4.k"'l.� Just let go I tPr� 04t�tf1oJ.O � 16:00 17:00 18:00 1 ,265 1,26 1,265
Chapter 9 Consecutive Intraday Charts -June I Fig 9 80a I www.ProRealTime.com eur/usd 5-minute June 20-2012 \I ProRealTine,com 0<,00 05:00 0000 07:00 OllOO Round number defense formed M-pattem --- M--- i --- pb SHS--- 10:00 1 .27 1,275 '''' ProR''-'.'''' .rr ''' ''' ·.com ____ ____ ____ -,-- ____ �----�----�--- 1 ,2S5 oaoo �OO 10:00 . 11:00 12:00 1�00 14:00 I Fig 9 aOc I I Market is ranging on top of 00 leveL ·1 ,275 --- M --- @)ProRetliTIme.com 1200 1�00 14:00 16:00 17:00 18:00 329
Understanding Price Action I Fig 9.81a I """".ProR.amme.com eur/usd 5-minul. June 21-2012 02:00 03:00 I Fig 9.81b I 0!i00 0000 Conditions not favorable enough to play long. 08:00 -- M- __ �� --_____ s�P ______________________ J Wv;-- ,. ProRealTirne.com 00:00 10:00 11;00 12;00 13:00 330 00:00 1 .21 1 ,265 '(:00
Chapter 9 Consecutive Intraday Charts -June I Fig 9.828 I www.ProReaITime.com eurlusd 5-minute June 22-2012 1 ,26 1 ,255 �0������� ____ � ______________________________ � ________ -r ________ � ____________ 1� 03:00 04:00 05:00 06:00 07:00 0000 09:00 10:00 1 ,26 I 50 level tug..e-war all through the UK session. Stay out. ",�=",�.com",-__ � __________ ________ ________ � ________ � __________ .-- ________ __ I� 07:00 . 08:00 09:00 . 10:00 11:00 12:00 13:00 1400 --- M --- I ski p shorts I 1 ,255 -w - --wo ProReefTine.com 1 4:00 15:00 11>00 16:00 19:00 331
Understanding Price Aaion I Fig 9.83a I _.ProRealTime.com eur/usd 5-minute June 25-2012 CProReaIfme.com 03:00 04:00 05:00 I Fig 9.83b I 09:00 I Fig 9 83c I 06:00 07:00 10:00 I anticipate 00 leYeI skirmish I skip L 11;00 08:00 12:00 Bulls building up pressure in the lows of the range. No setup provided 09:00 13;00 ----- Ww-Yeriant --- 1 ,155 1,25 14:00 1 )55 �®!:!CProR�.!!..! �.com!!!L __ � ___ ,--____ ,--____ ,--____ ,-- ____ ,-- ____ ,--_J-1,245 12:00 13:00 14:00 15 00 16:00 17;00 16:00 332
Chapter 9 I Fig 9.84a I www.ProRealTime.com eur/usd 5·minute June 26·2012 • J.,.c.,. ... Consecutive Intra day Charts -June 1 ,255 __________________________________________ � ______ ���------------� 1� 02;00 oioo 04:00 05:00 o ProRealTitne.com I Fig 9 .84c I .� ", 'l00 06:00 01:00 Contrarian style (gunning for the 00 level magnet). 00:00 1 ,255 13:00 1 ,245 333
Understanding Price Action I Fig 9.85a I _.PfoR.amme.com eUf/uod 5-minule June 27-2012 03:00 04:00 05:00 I Fig 9.85bl o ProReaITime.com 08:00 ""00 10:00 I Fig 9 85c I OProReaITrne.COIn 12:00 13:00 14:00 334 I Asian sessions getting very stale lately 0000 07:00 Bulls cannot get a gri p on . the big 1 .25 06:00 00'00 annotated as aggressive but certainly doable. 1200 Pullback quite strong, but the bearish pressure remained intact in the turn. Strong 50-level magnet also. 13:00 15:00 16:00 1 7:00 1·tOO 18:00 10:00 1 ,255 1,25 1 ,245 1,25 1,2'5
Chapter 9 � www.ProReaITime.com eu,/usd 5·minute June 28-2012 03:00 04:00 0500 0+,,* �'tTT+t¢+. " 0000 Consecutive Intraday Charts -June 07;00 08:00 09:00 I Fig 9.86b I This is not the kind of 25ema pullback you should be looking to short. Market is still digesting the big sel�off in the UK Open ., ,�� \ OProReelTine.com 07:00 08:00 00:00 . 10:00 11:00 12:00 13:00 1.;00 I Untradable chop. Let go. I F lZoo 13:00 15:00 16:00 1 7:00 1�00 335 1 ,255 · 1 �'5 1,25 1 ,245 1,25
Understanding Price Action I Fig 9.87a I _.ProReaITime.com eur/usd 5-minute June 29-2012 �"��I """'� 05;00 I Fig 9.87b I 01:00 08:00 09:00 I Fig 9.87c I 14:00 336 0It00 09:00 10:00 11:00 10:00 11:00 Market is ranging aimlessty through the UK afternoon. 12:00 13:00 ��.lQ ', ,+ T J 1",2::::"'."1 14:00 � Longing for failure is not a good Idea, either (bi 9 block to dig through). Just stzty out. 15:00 16:00 18:00 1,265 1,26 1,265 1.26
Chapter 9 Consecutive Intraday Charts -Juneljuly I Fig 9.88a I www.ProRealTime.com eurlusd 5·monute July 02·2012 �'i'f'"'---" '-" �r IPt ¢ ... '1' skip 03:00 0<:00 I Fig 9.88b I o ProReeiTime.eom 07:00 12:00 08:00 05;00 06:00 09:00 13:00 14:00 T 07:00 00:00 13:00 A'r#ays be cautious trading a second pullback reversal awf!i from a round number. If thi s Nag breakout was triggered by US news released at 16:00 CET, then the first entl'{ was a skip for sure. \ 15:00 16:00 17:00 1QOO 14:00 I Fig 9.88c I 1�00 337 1,265 1 ,26 ·1,265
Understanding Price Action I Fig 9.89a I www.ProRe.mme.com eur/usd 5-minule July 1J3.2012 o ProReafTme.COITl 04:00 05;00 06:00 I Fig 9.89b I o ProReafTime.com 01:00 DEtoo 00:00 10:00 I Fig 98gc I 11:00 1200 13:00 14:00 338 Best skipped because of the tall signal bar and the risk of an adverse 1,265 triple (�O, 25ema and pattern line test). Should the enny bar have put in the magnet tests prior to taking out the signal bar, the short enny is of better quality (not very likety because of the enny bar's opening price). 01:00 DEtoo 09:00 10000 Demoralization about to kick in. The short needs to surpass the bottom of the range, so keep an eye out for adverse buildup in that region and deploy a reversal exit if necessary. 11;00 - T WSecond W-pattern also fails to provoke a bullish tumaround. 12;00 13:00 ........ , . . . . --- Wv; -- 16:00 16;00 1.255 1.26 '1 ,265 1,265 1.255
Chapter 9 Consecutive Intraday Charts -July I Fig 9.90a I _.ProR.alTimo.com eur/usd 5-minute July 04·2012 00:00 I Fig 9 90b I OProReal1lme.com 01:00 08:00 09:00 1�00 + 05:00 06:00 07:00 Reversal exits in a pattern line extension can backfire painfulty. � shaken out, always monitor tile follow-up action closety and re-enter if tile situation calls for it. --- w --- 1<4:00 10:00 � tile trend is agonizingty slow and fi nalty reaches its round number target, a resistance exit is always an option. 15:00 16:00 1200 08:00 09c00 13:00 14:00 17:00 '6:00 339 1 ,255 1 ,26 1 ,255
Understanding Price Action I Fig 9.91a I www. ProRe.ITime.com eur/usd 5-minute July05-20t2 I Another very thin Asian range. 02;00 03:00 04:00 tioo 00:00 I Fig 9.91b I Should you get shaken out of your trade by a failed reversal break, dont hesitate to put the position back on, even at a seemingly less economical level. A trade is a trade if the odds are good. ECB interest rate decisions come out once a month at 1 3.45 CET If the rate itse� does not bring surprises about, the speech starting at 14:30 may still have a strong impact on the market. ., ProRealTime.com 11;00 12;00 uoo 14:00 15:00 340 1,25 07:00 08:00 1,25 1 ,245 I skip shorts I 1 ,24 1�00 17:00