Went on a vacation and was not trading at all. I have returned now and made an order.
UsdJpy Sell
https://www.tradingview.com/x/tTFHATsC
TP: 105.750
SL: 106.385
Entry: 106,230
Sell stop AUDNZD
Trendline resistance on 4h and we can see how the buyers volume decreases as it approaches a resistance level under the trendline too. (Previous support level)
https://www.tradingview.com/x/wbuHSoXz
For extra intel I went to the 1H and drew a trendine below the price. https://www.tradingview.com/x/8eouYAD7
If the price closes under the 50 and 200 EMA then I will sell.
USDCAD - Buy
https://www.tradingview.com/x/NaoxD1Uf
The price was in a downtrend but finally broke it, as it reached a new high it went down to test the support which was a previous resistance, the price is showing reaction to that level. There is RSI divergence indicating a reversal too on the 30M time frame. if I see buyers pressure and confirmation that it is a good trade, then I will go long, SL is at the 31250 level under the support and 200EMA while TP is at the 31900 level, if all goes well I will just trail stop loss this trade and move the TP to the 32300 level.
It was a bit difficult for me to update daily what’s happening, so I kinda gave up on the journal. But I decided now to give it a second go and update only weekly or maximum twice a week. I can say that, the past two months have been really amazing, I will see if I can somehow connect my mt4 account to myfxbook through my phone. I did a challenge where I’ve turned a $50 account into $1450. It was a random experiment which turned out pretty well on a kamikaze account. My trading has changed from two months ago, now I strictly use support and resistance levels, combined with patterns, volume profile (fixed range from Tradingview), price reaction to the levels, and all of this to make an entry based off my macroeconomic outlook on the currencies, where I look at the expectations and reality of the economic news. So lets see what will happen to this account. I am strong believer that you can learn a lot from the people you surround yourself with, and all the comments here contributed to my trading journey so far pretty well, and I am grateful to you all for the warm welcome and everything.
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I can see some pretty good GBPUSD short here. There were news how Brexit deal won’t happen, so we can see liquidity hunt at the top which also shows rejection of the resistance area above, then a trendline break. I think it is fair to believe that it will hit 1.32000, we need a H4 candle close under 1.33000. I have already entered based off my gut at 1.33600, but this analysis just reinforces my idea.
Eurusd seems really bullish to me. But then I ask myself the question why is it raising so much? I got caught pretty badly by selling at 1.18300, not gonna lie. Right now I am hedging it, so I even made some money off this rally and plan to re-enter it Monday. This looks to me as if the price is being manipulated. Friday, no news, suddenly it takes off flying to kill sellers and trap buyers into the upcoming week. I think 1.18 is a good first level for taking profit and then just trail stop it until either it closes by itself or hits my second take profit target if 1.17 and possibly 1.16(maybe unlikely but we will see).
Gold, more accurately said XAUUSD.
The only thing which in my book can be classified as a permanent bull run. Let me first explain why. I remember reading an article where a gold miner was interviewed. We are 21st century. Even though we are so advanced with the mining technologies, the expectations of the near future are that gold’s supply is decreasing. We are advancing in this thing, yet the supply is decreasing. I think that a correction to the 1750 zone i’ve drawn is inevitable and I have begun looking for levels to buy and hold, because in my eyes this zone (1750-1800) is priceless and will pay off in future.
Good stuff!
Our analysis is similar, I went short on GBPUSD today and I have a short order waiting for EURUSD. I expect it to get picked up next week.
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I am really glad to see you are still here, being the first person I interacted with on this forum. And yes, I also introduced a wide stop loss to avoid the random swings, stop loss hunts and spikes up with any positive Brexit news.
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S / R level trading helps a lot to earn the profit. However, it should be a combination of money management and risk management.
I would like to see you succeed. keep updating. I am new to this too!
Good luck!
Good luck with your trading plan. I use just FOUR indicators on the WEEKLY/DAILY charts as I now know that you CANNOT profit on the shorter time scales, as there is just too much “NOISE”. If I were to offer ONE tip, it would be, AVOID dollar pairs!