Trading day 3 ( 31JUL2019 )
According to my latest SW ranking, CHF dropped from rank 2 to rank 4, but momentum index is showing still showing signs of strength. Which means, CHF is being dwarfed and sandwiched by other major currencies, directionless.
For JPY, it is still holding its ground at rank 6, with a significant increase in net momentum index. Giving hints of forthcoming ascent.
Which is sort of a good news for my Short CHFJPY from yesterday.
TPO charts showed that the trading range narrowed to between 109.30 - 109.70 , with price bouncing off 109.70 and heading towards lower border of range at 109.30.
Interestingly, POC zone yesterday and value area are exactly the same, within 109.60 - 109.70 , deplorably tight. Price breached yesterday’s lower border of value area 109.55 , which IMHO is sellers initiation of short selling.
Overall, CHFJPY is skewed towards the downside due to the rising strength of Yen, with likelihood of being supported by Friday’s POC level at 109.30
Member Spotlight
30JUL2019
1305HR SGT
Symbol : CHFJPY
Action : Short
Lot : 0.06
Open : 109.507
Target 109.409 (adjusted to 109.469, manually closed at 109.483)
Stop: 109.801 (adjusted to 109.901)
Last of my open position finally closed out in the green. I’m satisfied now. The remaining open position are in perfect hedge. One EURUSD hedged with floating loss of about 13pips. One CHFJPY hedged with floating loss of about 25pips.
I decided to temporary pause my trading and do some trade review. Reason being, FOMC interest rates decision is just on the horizon. Adding fuel to fire, another NFP monster lurks just around the corner. I reckon it would be wise not to get tangled up with these two mobster.
Late lunch at McDonalds
Happy Trading everyone!
Plenty of Green
pips ahead…
29JUL2019
2233HR SGT
Symbol : EURUSD
Action : Short
Lot : 0.01
Open : 1.11286 ( daily swapped to 1.11300 )
Target 1.11199 ( adjusted to 1.11270)
Stop: 1.11401 ( adjusted to Buy stop order at 1.11701, Changed to 1.11601 )
30JUL2019
0110HR SGT
Symbol : EURUSD
Action : Long
Lot : 0.01
Open : 1.11419
Closed : 1.11459 (manually closed with positive pips)
31JUL2019
2051HR SGT
Symbol : EURUSD
Action : Short
Lot : 0.01
Open : 1.11512
Target 1.11449 (hit target)
Stop: 1.11701 (Buy stop order cancelled)
Although i say to stop trading, boredom got the best of me. I took a look at the chart and feel there might be an opportunity to closed off both the Long and Short trade with positive pips result. My long EURUSD was closed at 1.11459 with a few positive pips. I adjusted the previous Short EURUSD with new targets and stop order. I also make an additional Short scalp entry of EURUSD at price 1.11512, targeting 1.11449
Technically, today is the 3rd day of EURUSD bearish retracement. An hourly candle closed below Daily pivot level during London Open session signal a potential end to the current bearish pullback phase. Price is also steadily treading towards daily S1 price level. Although a breach below daily S1 price level would be a more valid sign that marked the end of the bearish retracement, I decided to go with my gut and make assumption that price will test daily S2 price level.
29JUL2019
2233HR SGT
Symbol : EURUSD
Action : Short
Lot : 0.01
Open : 1.11286 ( daily swapped to 1.11300 )
Target 1.11199 ( adjusted to 1.11270, manually closed at 1.11280)
Stop: 1.11401 ( adjusted to Buy stop order at 1.11701, Changed to 1.11601, buy stop order cancelled )
I finally manage to close both my Long and Short EURUSD position with positive pips. A case of squaring off a hedge that went well. On a side note, i’m lucky to have square off my Short position just before the FOMC interest rate fireworks.
Currently, i only have a remaining Long and Short CHFJPY position to deal with another day.
Current net equity gain
[(1088.98 - 1007.62)/1007.62] x 100%
= + 8.07%