Trading day 19 (23Aug2019)
23th Aug 2019
0800HR SGT
Symbol : EURJPY
Action : Short
Lot : 0.01
Open : 118.018
Target : 117.949
Stop : 118.221
Trade consideration,
Expecting price to bounce of 61.8% fibo level. Yesterday’s price showed 2 levels of overbought exhaustion region at 118.2 and 118.1 . The immediate stochastic 60% and 80% also suggestive that may not go higher than 118.2 . Price should at least attempt to test 117.9
At 0830HR SGT, candlestick long wick shows my short trade is hopeful, i was tempted to pump in another 0.01 lot. But decided to pass, since there was not much value, as my 2nd entry will still be at the same price level and not any higher as per say. The closing gap between Stochastic slow and fast MA are also suggestive of weakening bullish momentum.
23th Aug 2019
0943HR SGT
Symbol : EURJPY
Action : Short
Lot : 0.01
Open : 118.017
Target : 117.949
Stop : 118.221
Earlier i say there was not much value to put in another at the same level. However, right now because of the current price action, price breached the low of that long bullish candle stick. I’m pretty sure price is going down at this moment in time, and decided to shoot for another 0.01lot EURJPY short trade.
On the 1hr chart, it is even more convincing that price is going down from the stochastic slow and fast ma cross over. There is also a previous signs of exhaustion from the hourly candle as well.
And just like that, i hit target!! 2 successful scalp trade to begin the day with. Ain’t scalping easy. I hope that my price action chart reading and use of stochastic oscillator may be able to shed some light in how to scalp the market. Although i may make it seems so logical and easy, but the hard truth is, it is by no means simple. Successful scalping took me years of deliberate practice and screentime.
Early lunch
After a short break, i’m heading back to work while drinking mocha.
Price successfully tested 117.9 . Gap between stochastic slow and fast MA never fail to amaze me.
23th Aug 2019
1307HR SGT
Symbol : EURJPY
Action : Long
Lot : 0.01
Open : 117.965
Target : 118.391
Stop : 117.679
There was a super long hourly candle during the EUROPEAN opening session. When i look back from Monday to Thursday. There was no such phenomenon. However, the bullish spike was shortlived and price promptly retraced all the way down in the subsequent few hours. But nevertheless, from that 1400HR candle onwards till today. Price action is telling me that Thursday daily Low 117.7 is a significant support level as evidenced by 2 stochastic slow and fast MA crossover. At current point of technical analysis, a 3rd stochastic slow and fast MA crossover is forming on the 1hr chart.
My impression is as follow,
- Yesterday, during EUROPEAN sessions opening market participant demonstrated full confidence that price will go higher.
- Stochastic is slowly revealing a state of oversold exhaustion.
- Yesterday daily Low 117.7 serves as a immediate level of support, once breached lower, my bullish bias for EURJPY will be nullify.
- Since yesterday European opening session’s trader is so confident, i’m joining them in the bandwagon.
23th Aug 2019
1716HR SGT
Symbol : GBPUSD
Action : Short
Lot : 0.01
Open : 1.22131
Target : 1.22049 (hit target)
Stop : 1.22321
GBPUSD is treading steadily downhill. On a 5min chart, i feel that a small pullback is about done. Thus, i went ahead to shoot for a short GBPUSD trade.
Yike yike yikes! My EURJPY underwent drawdown. So sad, hopefully, my technical analysis is right. I have been just using raw price action and stochastic oscillator to trade this 2 days. I was too lazy to continue tabulating the SW rankings, now i’m pretty much blind in terms of the strength of every currencies in relation to each other. Nonetheless, my GBPUSD scalp trade turn out well. Something for consolation at least.
23th Aug 2019
1307HR SGT
Symbol : EURJPY
Action : Long
Lot : 0.01
Open : 117.965
Target : 118.391
Stop : 117.679 (hit stop)
23th Aug 2019
1706HR SGT
Symbol : EURJPY
Action : Long
Lot : 0.01
Open : 117.868
Target : 118.051
Stop : 117.679 (hit stop)
117.7 support level is well bolstered by 3 stochastic crossover at 40%, 20% & 40%. At current point of analysis, stochastic slow and fast MA gap is closing in. A 4th stochastic crossover in the making, i believe.
Today’s Asian and European lackluster effort to push prices down was obvious. IMHO, all Hell should break lose onto the upside, when Asian and European trader start booking profits to end the week ahead of weekend break, before US session starts. It is already happening as i type my post. Henceforth, are my trade consideration for the 2nd Long EURJPY trade at 117.868 . Also, i stand by my 1st EURJPY trade target opinion as well.
Woah… 
. Bear fighting voraciously to take down 117.7 support level. Now, i can only pray… 
And the bears won, my losses on Friday erases all gains from Thursday. 
Retrospectively, i really wonder if i should have set an additional sell stop at 117.7 price level and hitch a hike down.
In the event that support level 117.7 were to be breached. Should i have set an additional sell stop order at 117.68 before hand so as to hitch a hike down?
I also hope you take enough time to rest every now and then. 
Good luck alpha!
Not good to check out when one is hungry.
)? You have a busy life with work and a family with young kids. But I would guess your mind is almost totally dominated with your trading - is that an optimum formula for you - or even a winning one?
