My analysis for today.
I started looking at very specific candle patterns on key levels to help trigger entries and to move stops. To know, stars, inside and outside bars with confirmations. Also, for moving stops only I’m looking for pinbars on key levels.
Note that sometimes I look for this patterns as 3 candle patterns, but some other times I look for multibar patterns, like when the star candle is formed by 2 or more “star like” candles.
Note also that today I had strong loses on BALANCE, but my equity is still above initial deposit. As a personal note, I need to remember to move my stops on losers the same way I move them on winners, or maybe more aggressive.
[ol]
[li]GBPAUD bias neutral. Looking for more signals to define my bias.[/li][li]EURNZD bias long. I see a just formed outside bar, so I’m moving my stop to the right level. Locked profit: +476 pips[/li][li]EURJPY bias long. I’m looking and I see mixed signals. I’m moving my stop just below S/R[/li][li]EURGBP bias long. Waiting for a signal.[/li][li]EURCHF bias long. Price is pretty near the 78.6 level, where my entry rests, maybe tomorrow I will buy the pair.[/li][li]EURCAD bias long. Moving my way, no signals, but I see a good S/R to move my stop. +257 pips locked[/li][li]EURAUD bias long. Bullish outside bar found. Above my channel, so I’m moving my stop to lock profits. +266 pips locked[/li][li]CHFJPY bias long. Waiting for my entry.[/li][li]CADJPY bias long. Price made a bearish pattern, also big red candle, so I’m adjusting my stop.[/li][li]CADCHF bias short. Price is moving my way. Just made an bearish outside bar move, so I’m locking more profits. +277 pips locked.[/li][li]AUDNZD bias short. It made a higher low, and that could pose a risk, so I’m reducing my stop to the previous pattern stop level.[/li][li]AUDJPY bias long. Stopped out for -584 pips OUCH! biggest loss for the moment I think (you can check and say ouch on myfxbook) Waiting for a signal to buy it again.[/li][li]AUDCHF bias short. Moving my way, just made a bearish outside pattern, so I’m locking more profit. +155 pips locked.[/li][li]AUDCAD bias short. Previous candle closed like a pinbar, so I’m moving my stop. +40 pips locked.[/li][li]USDJPY bias long. Price touched the 100 % retracement. My stop is near that S/R so I’m not moving it for the moment. If this trade is really wrong, tomorrow will be closed because the NFP.[/li][li]USDCHF bias long. Price moved to the south and stopped me out for -103.7 pip loss. Waiting for a signal. Something that I’m looking now is that price action gave me two bearish patterns to move my stop and I failed to do that. Some reasons are HOPE and maybe GREED; another reason could be BE TIRED, so I’m adding two PIPs to my trading at the bottom of my analysis[/li][li]USDCAD bias long. Price just made an evening star at key level with confluence of upper trend line, so that is good reason to not make any trade on it.[/li][li]NZDUSD bias long. Price just made a bullish pattern (star) on key level. Not moving my stop because it happens to be at the right place for this pattern. If my trade is wrong, it will be stopped out tomorrow for sure![/li][li]GBPUSD bias long. Bullish pattern today, moving my stop to lock profits. +30 pips locked.[/li][li]EURUSD bias neutral. Price made a new higher high after making a lower high. It was stopped out for -359 pip loss[/li][li]AUDUSD bias short. Waiting for a signal to entry[/li][li]BRENT bias long. Price is wondering what to do. Not moving my stop yet.[/li][li]XAUUSD bias neutral. Some signals that the bottom is here for gold, will see in next weeks.[/li][li]XAGUSD bias neutral. The same as gold.[/li][li]USDSGD bias long. Waiting for my signal.[/li][li]USDHKD bias long. I tightened my stop a little because I see a bullish inside bar and that bar gave me a new stop level.[/li][li]NZDJPY bias long. Waiting for my signal. I see most bearish signals for the moment, but my bias say long, so I’m waiting for a long.[/li][li]NZDCHF bias long. Pair is at the bottom of a huge range channel (+500 pip width!) It is not respecting the S/R. This level is a major one, so maybe the price respects this. Next major level is at 0.71, will see if the price extends to that level or not.[/li][li]NZDCAD bias long. Waiting for my entry point.[/li][li]GBPNZD bias long. Locked more profit because I see a outside bar. +296 pip locked.[/li][li]USDMXN bias short. Price is around a S/R and a trend line. Just made a pattern against me, so I’m moving my stop.[/li][li]GBPJPY bias long. Waiting for my entry. Current PA is bearish, and I see a some type of head & shoulders pattern in progress, so that could move the price up to 143.31, waiting for my signal.[/li][li]GBPCHF bias long. Price is on the 23.6 % retracement and is wondering what to do. My stop is so near that tomorrow this trade could be stopped out.[/li][li]GBPCAD bias long. Moving my way, but I think it is time to move more my stop because it is near S/R and upper part of my channel. I’m moving my stop to previous pattern place. +245 pips locked.[/li][/ol]
I’m evaluating this other pairs: EURINR (3 pip spread) and USDINR (5 pip spread). That is Indian currency. I see they are not very liquid, so I’m thinking about them.
PIP1: Never trade tired, if at the moment of market analysis I’m tired, better take a nap, and try it again later.
PIP2: Try to handle HOPE and GREED in a better way. HOPE can be controlled by using objective levels. If price failed to respect that levels, hope must go out of the game. GREED can be controlled using objective signals at key levels. If a reverse signal happens to be on a key level, I must tight my stop, trying to lock some profit if possible.
In my previous account I made money also, but it took me 4 months to develop enough winners, and I got 40 % of my account before I switched to a new one dedicated only to this method (on May 10). So based on my stats I need 1 month more to start closing big winners.
