I want to journal my journey to consistency here. Starting from March. I will be posting analysis. And I will post the trade after the trade. My strategy is normal price action with no indicators. You are welcome to take my trades but I will not be responsible for the gain or losses. .
CADJPY
i am looking for the strength of CAD to continue for this week. therefore am concentrating on cad pairs. Pair the cad with the weak currencies for this week. Am looking to add more position to my CADJPY.
I am waiting patiently on this pair because of Brexit. i am bearish on this pair. But at the moment both pairs are strong. However the scenario below is what am looking for. A push a little higher and then i short it.
i am very bearish on this pair. I believe it will be the trade for the first half of the year. It’s going to drop more. I took my position off this pair because it was going forth up and down for the week so I closed my short. But Friday price action has given way for the down side to continue. So I will be adding my position back on again.
i am not going to take any position on this pair. I don’t trade it on my live account. For personal reason. You are welcome to trade. But I personally don’t trade. So I will not post anything about.
NZDCAD
I am bullish on both the CAD and the NZD therefore this pair will be in a sideways for a while. So I am going to play the high and lows. I will be buying and selling. Image below.
I understand the risk. And I trade them according to my risk management. Every pair is different. I might get a trade on one during the week and not get there others. So yes I understand the risk. I will be posting and learning from my mistakes. Thanks for the heads up.
Sorry I meant to say money management. So I trade a 0.50 lots. But I don’t take all that on a single pair. I allocate them based on certain rules guiding my entries.
I am looking to take a trade tomorrow on CADJPY & CADCHF. I’m waiting for confirmation on the other pairs for price to go in the direction that I want them to go to. Until then I am patiently waiting till I get a real signal.
First of all this is a good idea to keep your journal available to public, this could work as a public commitment and you feel more obliged and committed. That would be also great if you share your thoughts together with the graphics. Definitely there some signs or risky movements but it is interesting to follow your logic.
i will update the trades for this week by 4pm GMT today. I usually don’t take trades on Fridays unless there is certain conditions. Which i might discuss in future. For now I will only share where i think price will go for the week and I will update on Friday or over the weekend.
Look at the analysis from last week and see where I said price will go first before dropping. Ultimately price has reversed but I got my take profit before price reversed.
As I said earlier in first post, I do not trade this pair.
NZDCAD
Going into this week, i mentioned am bullish on both pairs so I will play both side. Price didnt come to where I wanted to buy. Neither did it get to where I wanted to sell so I stayed out. But looking at price action it went both sides for during the week.
I took intra week long and I got my take partial profit and stop loss put moved to entry. I got stopped out. I didn’t like the location of price in the higher time frame. So after i got stopped out I didn’t take anymore trades.
This week I am going to be on the sideline on currencies in terms of weekly trade. This is because there are a lot of high impact news coming out this week and price can go anywhere. No trading is also part of trading. Capital reserved is a good thing for your account. However i might take some day trades depending on price action during the day. But i have Gold and Oil on my table for swing/position trade.
GOLD
Gold has give me reasons to look for shorts. So I am going to monitor Gold for next week for an entry to go down.
Oil retrace but not to the level I wanted. However price is price and I have to respect that. So I was able to add to my long position on oil on Friday.
Gold did not retrace much as i wanted and the level I have is still waiting. Looking for next for to reach for the shorting. However i did play the short term rally last week. Its a counter trend trade but it paid out nicely.
I am enjoying sharing my ideas and seeing them go according to script. This week is another one. I have a few pairs am looking at. JPY are weak for this week so I will be selling this pair against the strongest pairs.
NZDJPY
I am going long on this pair because NZD is bullish to me.
Again and again price is very predictable. This is due to spending a lot of time on the charts. This week is no exceptions. i took these trades this week and they all went in the direction. Only one of them hit the target marked. The rest will get there in their time. But my bias will not change. More weakness to come on JPY for next week. Bullishness on NZD and AUD continues for next.
NZDJPY
This pair hit take profit and I took partial profit. I still think it has some room to the upside due to the weakness in JPY.
I like price action on this pair during the week. Lots of consolidation. Hint:-) When price is in consolidation what is actually happening. Study this and you will see something very interesting.
UPDATE ON GOLD & OIL FROM WEEK 04-03-2019 – 8-03-2019
Gold is going according to script. Look from second post and you will see what I am talking about. I took my long profit and it dropped again. But It didn’t give me enough reason to short it yet. So I have another long to go up a little bit more. I will see price action next week. I love price action.
Oil is my favourite trade of all. I have been long since January. I think it still has room to the upside. I added another entry late today. A bit late for entry. I will see next week. Might close it and wait for deeper reteracement.
Had a busy weekend so I couldn’t send my forecast for this week. Here we go. i am still on JPY pairs for a continuation to the upside. Paired with NZD and AUD. For high probability trades for this week. I went long last Friday on both so i will might add more position by Wednesday. I am also looking at Gold for it to go up a little bit more before coming down. Oil is still bullish. Cadjpy will also rally. AUDUSD and NZDUSD are my pet pairs. And they are going to rally this week. It’s going to be a very good week.
Being a dad and trading sometimes is very had. When you have to attend to wife and baby. However this will not stop us from trading. I have now got time to sit and update my journal. Here we go. How did last week go. It was an interesting week. The wee started very well and then towards the end of the week things turned upside down. So I managed to get some targets on NZDUSD, AUDUSD, GOLD, CADJPY. I managed to take some profit of the table on Jpy pairs before the declined happened. Eventually I got stopped on on all the JPY pairs trade but because I took some profit it was ok. Oil might go for some reteracement before continuing the up movement. Gold has reached where I want to go short. I will be shorting it this week. I will update with this week forecast when the baby sleeps.
I managed to get my analysis done. I am not looking much this week because is the last week of the month and usually a lot happens. I will be trading mostly today till Thursday. Friday no trading. i will sit back and enjoy price action. What am I looking at this week? For high probability trades am only looking at 3 pairs. The fourth one is on my watchlist. if it does move according to what I have outlined then I will join in. Am looking at NZDUSD, EURGBP, GOLD, USDCHF.
NZDUSD
I am still bullish on this pair and I think it will push higher again for this week.
Again another busy weekend and now back from an away trip. Here we go. What happened last week. NZDUSD was disappointing. I got stopped out on this at a break even. GOLD is the best trade for last week. I went according to what i have been waiting for. EURGBP hit first target and then dropped again. I have re-entered looking to hit target 2. Whiles USDCHF is moving towards where I am looking to go short.