GBP/CHF - (Short) - Daytrade - Yestarday the pull back wasn’t good enough but today just got into the trade. This is slightly aggressive entry before the breakout. I am in the trade.
Daily - Wedge Breakout
4H - Price bouced off Right shoulder
1H - Price making a Lower Low confirming a possible trend
Concerns: See what happens if price comes to 1.31484 & 50 EMA possible support
AUD/NZD: - Daytrade 1/7/17 (OPENED) - 1/12/17 (CLOSED) [4%] Entry: I saw the 2nd bearish candle form on the Daily chart (1/5/18) then was suppose to go look for a entry but I completely ignored it. Market had a nice pullback on on the 1H candle with a great risk to reward Management:
Day 1: 1/8/18 - Trade Trigger with Daily Ending with Bearish Candle.
Day 2: 1/9/18 - Deceleration - Could we see a possible Head and shoulders pattern? Maybe, Move Stop to Break Even. It was either take 2% or wait it out for the 4%
Day 3: 1/10/18 - Bearish Candle - Price broke below
Day 4: 1/11/18 - Price Hit profit target of 4%
This week, I don’t see much for a possible entry that could be happening. There are a few pairs that are retracing but going to take some time or might just show up this week on my Daily watch list.
Let’s get started
GBP/CHF 1/14/18 - Short
Daily - Head and Shoulder looks to be forming on 1.332 resistance with 1/10 with a strong bearish momentum. A Wedge breakout has happened around 12/28 but price did retrace on 1/03 forming a low test. I myself thought getting into the trade on 1/03 but decided not to. The H & S forming will give me a chance to enter at around 1.33
Daily - Price Decelerated at 1.52681 with a strong bearish candle forming on 1/17 then on the 18th a High Test formed around the Head and shoulders pattern with strong Major Weekly Resistance
4H - Looks like a range formed 1/14/18 until the 1/18 forming like a Triple Top
1H - Price is just Ranging. Price go for either way.
- This could just possible be a pause in the lower time frame but still going to put an entry to go short based on Daily.
Reward:Risk: 5:1
Psychology:
This week was pretty crazy with some opportunities that have have been losses. Normally, I would look at these results of the last two weeks and feel a slightly hesitation when taking new trades. Not really, this is just probability and had come to the fact that their is a random distribution between wins and losses for any given set. The only thing I could do is keep taking trades and wait until March to make any changes to my plan because I would have good enough trades to see what is working and what is not.
Weekly Price already bounced off the support at 1.52979 last week on the weekly candle 1/08 then started to consolidate.
Daily - Price broke out a Wedge Pattern on 1/12 then decelerated on 1/15 & 1/16 forming a minor Resistance before heading down to 1.52979 completing a head and shoulder pattern with deceleration. All is left is a entry signal.
Weekly - Price Bounced off 50 EMA + .618 + Support on 1/08
Daily - Price started to possible formed a head and shoulder Pattern with some minor resistance at 1.7321 with deceleration. Overall the pair is in a uptrend.
EUR/CAD - Swing Trade Short
I was in this trade previously for the Pinbar Candle on the 1/18 but that ended being a loss. Today, another Pinbar formed. I put a limit order. Just waiting if market triggers the order.
Daily - High Test Candle (pinbar), Deceleration, Resistance, Head and shoulder Pattern.
EUR/AUD - DayTrade Long
I wanted to get into trade on a Swing trade but didn’t have a entry signal but will look for opportunity in a day trade. Price has already bounced off the support only leaves me with a 1H entry.
Daily - Bullish Candle
1H - Waiting for a retrace (will post if got into trade)
EUR/CHF [Daytrade] 1/25/18 (OPENED) - 1/26/18 (CLOSED) [2.5%]
Entry: Breakout of Head and shoulder
I didn’t get into the trade because of the the other EUR pairs entry opportunities. Looking it over the trade after the market has closed that I should have been in the trade.
You may be wondering the EUR entries were losses and this one ended up being a winner is very something to consider. Could this just be a biased based on it being a winner? This is something to really ask myself because I could have a belief based on the few losses I just had.
Something to consider?
At the moment, I haven’t missed any trades for swing trades based on my plan. Day trade is new to me but I expect to make mistakes but learn from them. These are the small kinks to work on my trading but reviewing is helping.
The two trades in daytrade I have missed. The mistakes were:
AUD/NZD: I saw the candle on Daily form but when I did a watch list, I completely disregarded the trade.
how to fix it? Take time reviewing each 28 pairs. If I don’t have any trades review it a 2nd time.
EUR/CHF: I didn’t take the trade because of other EUR pairs with similar entry.
how to fix it? In the end of December, I was trading about 19 pairs which this year increased it to 28. Which some have some currency have correlation which I need to improve.
Weekly- Price is still on the weekly with a Longer Upper wick.
Daily - Price bounced from 1.2720 to 1.5470 then bearish candle at neckline of the head and shoulder.
Just waiting for Price to come back to 1.5270 to look for a Long
Weekly- Price is at Support .87708 with a 4th Touch on a weekly Support + 50 EMA. Price was unable to close below.
Daily - Price looked like a false breakout of the support at .87708 with bullish candle
This is a nice low test candle at the bottom of a range ascending triangle. I am going to see what happens in the next day because I need a bullish candle to look for a daytrade entry the next day.
Weekly - slight bullish with price still in the descending triangle
Daily - on 2/06 Low Test at the top of the triangle then a two bearish candle down to the support with 2/09 a strong bullish candle back to the top of the triangle
Both buyers and sellers are holding. Price could break either side.
