Its important in trading to figure out what lines actually matter when trying to figure out how to pull a little money out of this market . While everyone can make their case for whatever they believe, one must first figure out in general what types of time frames they would like to work with as a starting point. 10 pip handles might be significant to some , while for others they are insignificant. i ll attach a chart with an example of how to approach a market using a daily timeframe as a framework for trades. The idea ( and i know its not new ) is to define the trend, then trade with it in the belief that the legs with trend hold more potential than the legs against the trend.
starting from left to right , and trying to visualize it in real time as it happened, we start with the market making a new high around 1.38. Trend was up . A quick sell off gave no long opportunities, the market stalled and then continued down ( marked with a line to show potential trend change ). No tradable moves down and the market actually whip sawed up. it stalled out at the previous consolidation point then gave a strong move down ( engulfing bar ) and signal short. Traded this short on lower time frame and had a loss, basically a trap , that's life, the market moved up past the swing high indicating a trend change back to bull. it then gave 2 nice tradable moves with that trend , the second one was quite nice, after which it stalled out at the major 1.38 level. it then gave a little double top , broke the swing low signalling a trend change to bear. It gave three nice tradable noves down , two of these i posted so don't think im just making this stuff up with hindsight bias, the fourth signal down failed with a small loss, the market reversed , broke the swing high for a trend change to the up side again. We wait for a price action signal that we like long and we are into a the current trade. being Friday, and being close to and aware of the major resistance at 1.38 i tighten the stop to break even. i anticipate a break to the up side because the LL are rising within the the larger market structure , but i have no idea, this is just the better bet in my view.
That's my rubber boots look at market structure , and how to interpret and trade it. No fuss no muss approach. no magic. hope it helps.