Update to Trade 6 Long USDJPY, I manage to hit target and gain +13pips.
Update to Trade 2 Long USDJPY,i’m changing my target from 112.601 to 112.801. Reason being US Index Futures is showing me potential DOLLAR Power Bullish breakout. Just formed this conclusion after i attempt to find a reason to enter a Long trade for GBPUSD, unfortunately, i was unable to convince myself. I’m aiming for USDJPY Daily R2 level.
Trade consideration,
- AO breakout
- Price trading above 3 Alligator lines as well at both EMA240 and EMA480
- US Index Futures illustrating bullish sentiments for the dollar
Trade 7,
Entry : Short 0.01 Lot GBPUSD at 1.35109
Target : 1.34999 (Fibo 38.2% level)
Stop loss : 1.35401 (Immediate 5min Swing High)
Trade consideration,
- Weaken bullish AO histogram
- Price seem to bounce off ema240
- My bias for USD is bullish
Bingo! Trade 7 hit target in 13mins, gain 10pips.
5 Winning trades so far
Actually 4 winning trades, 1st trade of the day was an error.
2 open trades at the moment, Long USDJPY in the red & Short AUDUSD in the green.
Use of current leverage : 5%
Trade 8,
Entry : Short 0.01Lot GBPUSD 1.35157
Target : 1.34999 (Fibo 38.2% level)
Stop loss : 1.35501 (Major level midpoint)
Use of current leverage : 9%
Update to Trade 8 Short GBPUSD, Hit target gained +15pips.
Update to Trade 2 Long USDJPY, Hit STOP LOSS! Lose -51pips.
Update to Trade 3 Short AUDUSD, manually closed at 0.79510 gained +1pip
Reason for closing my Short AUDUSD is mainly because my Long USDJPY hit stop loss. I felt particularly unlucky. I think there is a need for me to re-assess market conditions. My initial judgement was wrong. Need to chill a bit, look thru the charts and browse thru the news for more clarity. Fortunately, i was available enough to execute some hit and run scalping trade to offset my overall risk.
The Long USDJPY losses bite a big chunk out of my overall gain.
Trade 9,
Entry : Long 0.01 Lot NZDUSD at 0.72631
Target : 0.73101 (Fibo 38.2% level)
Sell stop order : 0.72499 (Major level midpoint)
Trade consideration,
- Price close to 1HR chart Swing LOW support level. Expecting a bounce.
- Daily average range for NZDUSD is 78pips, current daily High Low range is 76pips. Price correction expected.
- 1HR Awesome oscillator bearish histogram bar weakens.
Day 7
Trade 1 of the day,
Update to previous NZDUSD, position got hedge at 0.72499 level.
After reading Jerome’s Trade journal. I decide to give market profile indicator a go. And i lost 3 trade immediately. I guess my understanding of Market profile is not quite there yet.
Trade consideration, upon seeing price breached the peak of the red colour activity at 0.72730 level. i closed my 0.72499 Sell stop at 0.72761 and lost -26pips.
Trade 2, i quickly entered another Long NZDUSD at 0.72748, the next level of red peak activity was around 0.73120, but i was only aiming for 0.72901. Which got a stop loss at 0.72499.Lost -15pips I thought the price wouldn’t come back down to the support level.
Update to my Trade 9 Long NZDUSD at 0.72631 from yesterday, i place a stop loss at 0.72499 as well and got stop out as well. Lost -13pips
Total losses accrued from the 3 NZDUSD trade was -54pips.
Trade 3,
Entry : Long 0.01 Lot EURJPY at 132.458
Target : 132.901 (Immediate next major level/ red peak)
Sell stop order : 131.899 (yesterday daily LOW)
Trade 4,
Entry : Long 0.01 Lot GBPUSD at 1.34785
Target : 1.35201 (edited) (yesterday’s Highest red peak activity)
Sell stop order : 1.34499 (Immediate Major level midpoint)
The yellow colour activity represent asian session
The blue colour activity represent asian Euopean session
The red colour activity represent US session
The peak of the horizontal mountain represent highest amount of price exchange taking place. In theory a level of significant S/R. My trade consideration is base on the level being breached and aiming for the next level of S/R as target.
Trade 5,
Entry : Long 0.01 Lot NZDUSD at 0.72515
Target : 0.72901 (Immediate Major level)
Stop loss : 0.72099 (Immediate Major level)
Use of current leverage : 10%
Update to Trade 3, Long EURJPY 132.458 Position hedged at 131.899 floating loss -55pip
Update to Trade 4, Long GBPUSD 1.34785 Position hedged at 1.34499 floating loss -28pips
Update to trade 5, Long NZDUSD 0.72515 cut loss at 0.72099
Trade 6,
Entry : Long 0.01Lot GBPUSD at 1.34411
Target 1.34601 edited
Stop Loss : 1.33999