I did poorly last night on my EUR/USD trade and lost $2.94, so I decided that my performance wasn’t great and got out of trading for the day.
I avoided the big news from CAD and AUD. Fortunately, I did, since I invested too much of my time reading the market, trying to get into small wins when instead I should be patient, believe in the market cycle and use some of my technical analysis while combining some of my fundamentals, economic events and news, of course
From what I am experiencing and looking at price action and chart analysis, the market cycle is heavily based on market sentiment, so in a form, i am combining all three technical, sentiment and fundamentals altogether.
I got up in the morning early yesterday with an intention of just trading without considering how sleepiness is more prone to making bad decisions. Hence, today I decided to sleep in and get my mind working at a better level than yesterday in hopes my trade will be better.
I also believe I was trading emotionally, so, therefore, decided to make some technical analysis decisions today
This is my end capital from yesterday.
I decided that I will take three trades based mostly on technical analysis this time, as I cannot predict how the US DXY will fair today, so I went for high probability trades instead.
Firstly, the GBP Stochastic was oversold, however, the US DXY is showing a recovery also no new news to see the US DXY from rising or lowering, a possible consolidating period with ups and downs for roughly 12 hours, leave the trade on for 8 to 12 hours.
Secondly, the AUDUSD, with the bitcoin showing signs of decreasing, investors have went to gold as a safer investment alternative increasing gold prices. Also, with the past news gone and the market trend is back into effect, the current situation of gold will show good signs of recovery for the AUD/USD.
Lastly, USD/CHF, solely based on technical analysis and market cycle, I want to learn more about what moves the CHF actually. I base my decision mostly of the US DXY cycle and how AUD/USD will appreciate alongside with gold.
I’ll be consistently looking at the trades for the day, in hopes of keeping the trades on for roughly 8-12 hours depending on the market cycle, I assume.