Trade Journal 20/11/17
I looked at the economic events and found out it’ll be a quiet day; therefore will be focusing on price action.
I mapped out my long-term perspective of the market, without the gold market perspective which I will consider reviewing after my trade entries.
The long-term trend overall is bearish for AUD/USD.
At the moment I am looking for possible future support and resistance levels that could be turned into high probability trades, which I have execute buy entry and sell entry for the day.
Currently there is no trend that have started, there is a squeeze on the Bollinger band, if I am reading it correctly, need to revise on it. Looks like a fake out.
The market looks like a ranging market and the price action currently looks like it’s going to head upwards to test a old support level and rebound. (blue star, will be my sell entry)
MACD is currently in a crossover, moving average on an uptrend, stochastic is around the middle.