Hey guys,
I consider myself a beginner in trading, and in the process of completing babypips edu.
This is my first attempt at creating a trading journal, I will try to update as frequently as possible and as honestly as I possibly can. I currently run a live account, that I have managed to run down to $66 from $100.
Clearly, I’m losing, but I’m hopeful that with consistency I’ll be able to break even.
I’m fully focusing on trading AUDUSD as I find it less volatile and its structure friendly to the eye. I consider myself a naked trader, sorely focusing on technical analysis, and never do I trade fundamentals. However, for this journey I will rely on 3 indicators; ADX, ICHIMOKU and PIVOT POINTS for my long term bias.
Kindly Note; I have previously blown 2 accounts, Yeah, we’ve all been there. So this is my third attempt and I’ll use tradingview for my analysis.
UPDATE
Overall View
Saturday, July 6, 2019
6:53 PM
Anticipate, a sharp drop on the 1HR, till the next daily that is 0.69120. Here there is a sort of confluence. Candle reversal pattern on daily, is something to watch for as it confirms my theory that the market is gonna drop. Expect a bullish pull back to maximum 0.69982. Enter on the next confirmation of bearish. i.e engulfing on 1HR and 4HR. At this point, I will have multiple confluence as price will touch the trend line bullish, and is also fib level 61.8% on IHR bearish fib analysis.
So, 21 pip move on bullish, then possible 80 pip drop.
I hope so!,
Currently waiting for the market to complete the retest, or to break the 38% fib level (confirming the move down). I however still think the market structure is bullish.
Glad to see you’re doing your own work on this. It’s been forming a falling wedge for a long time which is due to break eventually, most likely to the upside. I’ll be waiting for that move.
Respect!
Here I was trying to catch 20 pips . That’s a whole clear perspective of the market. I have been looking at 4 HR and 1 Hr. Checking out your journal
May I ask what do you mean here that you previously have blown like 2 accounts ? You mean with that $100 min deposit from some broker or what really ? Something else matters here ? And AUDUSD is less volatile than what for example ?
Hi,
I have previously blown 2 $100 accounts. I’m currently on my third one using the same broker. In my opinion, I consider AUDUSD less volatile than say most London pairs; GBPJPY, GBPUSD.
MA’s crossed bearish 4hr. However, the market failed to break the previous higher low at 0.6930. Instead forming the last kiss. Candles have long lower wicks, indicating seller exhaustion.
The fib level (uptrend) market is failed to break 38.2%. Clear market is still uptrend. If the market reverses, it’s possible it will go till -27%. However if the market really is bearish it will reverse when it touches the trend line.
Market went as per my analysis. While it didn’t quite reverse at 61% fib level, it reversed at 50%, that also happens to be a pivot point off 1 HR and 4HR. The bullish move was approximately 19 pips. It then formed a three candle reversal pattern off 1HR and dropped a further 79 pips.
. That’s a whole clear perspective of the market. I have been looking at 4 HR and 1 Hr. Checking out your journal
