@gloforex, I entered on 15- minute time frame, once i saw that price went below the first 15-minute candle that formed at 6 am, i took it as a sign to short. To make it clearer, only enter a trade at the start of a session.
So, London session starts by 6 am so wait for the first 15-minute candle to form then after that wait for the next candle to move below or above it. If the next candle moves below it, you sell; if the next candle moves above it, you buy.
However, if you are on a 5-minute timeframe, these rejection candles can serve as a sign to sell. Alternatively, you can use the bearish engulfing candlestick pattern beside the rejection candles as a sign to sell.
The Bank of England has released its inflation report (CPI) and it has affected eurusd price action. I am not trading again, because volatility is high. I am done for the day.
I close the short position with 10 pips profit. I am up around 8 pips today because i was stopped out on the first long trade i took during pre-franky as i thought pre wouldn't interfere with the trade. I am done for the day.
I was stopped out on my long trade which targeted the 650 barriers. Liquidity was really low in the market this morning. Not the outcome i expected but i am done for the day; it has been a good week in general.
I am down 4 pips today. I took five trades and while two were profitable, the other three were not.
The first two trades were long trades during pre-franky and i exited them prematurely because i entered the market with a short bias. If i had not exited them too early, they would have been profitable.
The third trade was a long during the start of franky (after price rose above the first 15M candle of franky, but price suddenly reversed downwards and it was a loss.
The last two trades were short trades at the start of London, and they were profitable and satisfied my short bias.
