28/06/2023
Today, I took two trades that really fills my favorite setup. Execute, manage risk, and let the trade play out.
USD/JPY LONG
Timeframe: 1H
Price: 144.18
SL: 143.66
TP: 145.25
Holding period: 24 Hours
Reason: Break and retest pattern in a nice uptrend with fundamental confluence as previous durable goods and new home sales came out better than expected, which can boost the USD.
AUD/CHF SHORT
Timeframe: 1H
Price: 0.5943
SL: 0.5968
TP: 0.5890
Holding period: 24 Hours
Reason: Break and retest pattern in a nice clean downtrend, and price making a nice rejection of the resistance level, which aligns with the 0.382 Fibonacci level.
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Update:
USD/JPY BEP
Okay, as trade expires turns out price fails to go further upward and ending the trade and a break even, which at least no money is lost.
AUD/CHF BEP
Similar to the previous trade, this trade also ended up as a break even trade as the trade expires. Again at least no money is lost and the trade did not work out as anticipated. So move on and focus on execution and risk management.
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30/06/2023
Okay, another day another trade, today I take two swing trades which is my go to setup.
AUD/NZD SHORT
Timeframe: 4H
Price: 1.0882
SL: 1.0947
TP: Trail stop
Reason: A nice clean break and retest pattern and also to be the first pullback after the recent sell off which can signal a new potential downtrend in the making. Price makes a retest of a solid resistance level which aligns with the 50 EMA, Fibonacci levels, and stochastic validating the swing pullback. Fundamental wise AUD have falling inflation and RBA to show signs of easing their monetary policy in their meeting minutes. NZD on the other hand experiencing improving confidence among consumers and businesses in New Zealand during June.
EUR/JPY LONG
Timeframe: 4H
Price: 157.37
SL: 156.19
TP: Trail stop
Reason: A break and retest pattern in a nice uptrend with a bullish engulfer pointing the entry. Trend seems to remain strong as both the MA’s are still expanding, Also, ROC seems to validate the support level as previous readings shows how price make move up at the similar value.
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Update:
AUD/NZD SMALL WIN
Evaluation: Price unable to break the previous low. Setup was good but exited at a partial win as I do not like how price cannot just break the low.
EUR/JPY SMALL WIN
Evaluation: Similar to the previous trade, price unable to break and make a new high, also looking at the daily trend seems to be overly stretched. Exited the trade at a small win.
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Same kind of price action with the smaller TFs, kinda choppy and directionless the past few weeks. Having to settle for small scalps instead of swings. Get enough of them, and they add up. Keep on truckn’ dude.
One other thing, these both look like basing structures (pre-breakout coils). I may have held a while longer just to see if they would break. Gotta do it if your intention is to swing and not scalp. JMO
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