Good evening. I made some quick trades today while I'm still holding my previous trades. My NZDJPY sell trade reached its TP at 76.10 support yesterday, but I did not expect it would fell further. I made a brief trade on EURNZD by buying it; I know I said before that I would not buy the EURNZD, I guess I'm still irrational when it comes to it. So far, I'm still in profit this week due to the trending market.
Earlier today, I bought the EURNZD and closed it prematurely. I don't know why I always feel jumpy every time I see a buy setup on this pair. My TP should be at 1.7100 resistance, but I closed it at 1.7055. I think the current uptrend will test the 1.7500 resistance, but I find it hard to hold my buy position. I need to find another buy setup that has a good risk-reward ratio.
NZDUSD active trade:
I decided to sell the NZDUSD based on its bearish daily and weekly charts. I sold it at 0.6943, and my TP is 0.6850 support. Overall, the NZD is weak against other currencies, and the USD is now getting stronger. This downtrend should last for months; that's why I will keep selling it until August. I think by tomorrow, it will hit my TP.
I'm a bit confused with USDJPY because I have no idea how to trade it. The USD is strong, but the JPY is stronger. I think this downtrend is short-lived since the 109.00 support is strong. But I may change my mind depending on its price action in the upcoming days. There are better currency pairs to trade with, so I will stand aside on this one.
Hello everyone. We only have two medium impact news today, and AUD Retail Sales m/m got a negative result. I'm still waiting for the USD Crude Oil Inventories that will release its result later on. As of today, the AUD is weak, and we should take advantage of it by selling. If the USD gets a positive result, then I may sell the AUDUSD.
CADJPY active trade:
I'm selling the CADJPY after it rebounded from 85.44 support. I sold it at 86.64, and my TP is 85.60 support. This is a classic downtrend based on its weekly and daily charts. But this is also a risky sell trade since it already fell deep, and a sudden uptrend reversal could happen. I'm prepared to perform a Grid Strategy in case it goes upward.
NZDJPY active trade:
Just like the CADJPY, I also sold the NZDJPY due to their positive correlation. They have identical technical analyses, so deciding to sell it was not that hard. I sold it at 75.98, and my TP is 75.30 support. The current price is around the SMA 200 that gives us a signal that it may bounce upward.
The EURUSD bears look exhausted because they can't break the 1.1750 support. Its weekly chart is now showing a double bottom formation at 1.1775 support. We can't ignore this signal because the market may move in range in the upcoming days. It's better to wait for another upward retracement to see if there will be a bearish consolidation.
Good evening. What a terrible week for me because I lost more than $50. I think this is part of our trading activity where sometimes we win, and sometimes we lose. It was a bad idea that I overtrade in AUDCAD due to boredom. I was too confident that the AUDCAD would rise, but I was wrong.
AUDJPY active trade:
I sold the AUDJPY after it retraced more than 100 pips because I believe that the downtrend will continue until August. I sold at 81.22 resistance, and my TP is 79.85 support. I'm constantly monitoring the pivot level at 81.25 since it's around the SMA 200. It's the end of the week, and the profit-taking will take place later on.
NZDJPY active trade:
I sold the NZDJPY thinking that it would go down, but here it is, still going upward. That's why I put a pending sell limit at 77.65 resistance, and my TP is 75.50 support. I think the downtrend will continue since the monthly and weekly charts are bearish. It's still recommended to sell the NZDJPY.
GBPCAD active trade:
I'm a bit nervous about my buy position in GBPCAD because it may go down if the CAD medium-impact news turned out positive. The GBP Flash Manufacturing PMI result is negative, and it's making the GBPCAD fall. I bought it at 1.7291, and my TP is 1.7427 resistance. The daily chart looks messy, but the monthly chart is clearly bullish. It needs to break the 1.7300 resistance before we can confirm the uptrend continuation.
Happy weekend everyone. My trading activity last week is a bit okay since most of my trades are still valid. This week is mostly focused on the AUD, CAD, and USD since these are the currency that has high-impact news. I'm hoping that the market consolidation is done so I can start looking for another trade setup. I'm still in profit of $44, and I'm contented with it.
The USDJPY looks like going to have an uptrend continuation after it closed above the 110.50 resistance. The 110.00 is an easy target for buyers this week, and I may buy it too. Let's wait for the Federal Funds Rate decision and FOMC Statement to see if there will be an uptrend breakout. It may move in range in the upcoming days, but it's not advisable to sell the USDJPY.
The GBPAUD already moved more than 500 pips this month, and I think it will now have its consolidation. It's the last week of the month where profit-taking will take place, therefore, standing aside is the best option. The 1.8700 resistance should be enough to fend off buyers as this is a good selling area. The AUD will release its CPI q/q on Wednesday, so we need to be cautious.
Now I'm going to analyze the currency pair that gave me huge losses. I was bull bias in AUDCAD last week because there was a bullish price breakout last Wednesday, but unfortunately, it reversed to a downtrend. It made a brief 100 pips movement upward before it fell to 0.9217 support. It was my mistake that I did not use money management that cost me a huge chunk of my equity.
Good evening. It's been 2 days now, and still, the market is moving slowly due to a lack of market catalyst. Later on, RBA Deputy Gov Debelle will have his speech in regards to the Australian economy. Let's see if there will be a price movement in AUD because it's medium-impact news. So far, everything is doing good with my open trades because it's now gaining positive momentum.
GBPJPY active trade:
I sold the GBPJPY yesterday because I believe that its uptrend retracement is at its limit. My sell entry is 151.90, and my TP is 150.20 support. There's a high probability that the sellers will retest or break the 150.00 support before Friday ends. I think the long-term downtrend is just beginning, and we can find plenty more sell setups.
The EURUSD looks exhausted on its downtrend movement, but the sellers are still going strong. If the downtrend continues, then the 1.1700 support will break. I'm waiting for the USD CB Consumer Confidence because I'm planning to sell it at a higher price. The ultimate resistance should be 1.1900, and if it breaks, then the trend will reverse.
It's easier to analyze the weekly chart of the USDJPY compared to its daily chart, where the market range is visible. At the moment, the market price is testing the 110.00 pivot level. I have no idea where its next price breakout will go because it looks like it can either go up or go down. I need more market news for USD and JPY to properly gauge its trend direction.
Hello everyone. I have another bad week in trading because I'm losing again. As of now, I have a $325 balance where it had reached $399 last week. I think I have a problem with my trading system because I can have a winning streak, and at the same time, I can also have a losing streak. I'm still waiting for another set of the trading signals before going all out again.
I never thought that the GBPUSD price could revisit the 1.3970 resistance. I can't say that the downtrend is still certain at this moment because the month is almost over. I'm not sure if there will be an uptrend reversal, or it could be a bearish consolidation. I'm still planning to sell it up to 1.3600 support if there's an opportunity.
Although I'm not a fan of trading the USDCHF, I'm interested in analyzing its current price action because it almost touches the SMA 200 around 0.9070 support. Its daily chart shows how strong the sellers are in July due to the strong bearish candle. Maybe it's time to do counter-trading since there could be buyers waiting around the SMA 200 support. The 0.9150 resistance is a good TP if ever we want to buy the USDCHF.
The AUDUSD is now trying to make a short-term uptrend rally, and tomorrow could be a good time to buy it. If the buyers persist in raising its price, then I will also buy it. I will try to aim for 0.7500 resistance as it will give me a good risk-reward ratio. Having a bull bias in AUDUSD is a safe choice due to the weakening of the USD.
Good evening. The month of July is almost over, but I'm still suffering from losses. At the moment, my active trades are in floating loss, but I'm hoping that it will turn positive in August. I'm scared that the profit-taking might affect my current trades. Both these trades are based on a counter-trading strategy, even though I'm not a contrarian trader. There is still USD Chicago PMI and Revised UoM Consumer Sentiment to be released later on.
GBPJPY active trade:
I'm currently selling the GBPJPY based on its overbought status. Counter-trading is not my style, and I opted to use a stop-loss at 153.70 resistance to avoid huge loss. I'm sure other traders are also selling the GBPJPY due to its monthly bearish candle. I sold it at 152.68, and my TP is 150.20 support. The monthly chart is showing a bearish pin bar that indicates another selling rally.
NZDCAD active trade:
My buy trade in NZDCAD is not doing good since there's a probability that the market trend is reversing in the downward direction. I bought it at 0.8729, and my TP is 0.8800 resistance. I have a realistic target, but my problem is the strong selling pressure from bears. I'm already mentally exhausted just by thinking whether to keep holding it or to cut loss immediately. Its market structure has a bullish characteristic that can push the price higher.
The AUDCAD managed to fell more than 250 pips from its higher high at 0.9418 resistance. I never thought that the sellers would dominate the entire month because it was bullish from the start. Sad to say, I missed the sell rally, and worst of all, I lost a huge amount from it. My buy trades in AUDCAD taught me not to get overconfident no matter how good the signal is.
Happy weekend everyone. Last week was a good wake-up call for my aggressive trading activity because it gave me losses. But I'm not giving up yet since my trading balance is still healthy with a few dollars of profit. I will try to recover what the market has taken back away from me, and I will do that by taking advantage of the upcoming Non-Farm Payroll on Friday. It will be another exciting trading week since it's riddled with multiple high-impact news.
Does anybody want to dare to buy the EURNZD? I had terribly experienced buying it last month due to ranging and whipsaws. It was clear that the market was going up to 1.7100 resistance, but every time it made a downward retracement, I always exit my buy trade with a loss. The daily and weekly charts might be ranging, but its monthly chart shows bull flags. I will try to buy it tomorrow once the market opens.
I want to talk about the USDJPY weekly chart because it's now showing a strong bearish candle. Although this might be a limited or near-term downtrend movement, it's still a good selling opportunity. We should be looking at 108.00 support as our initial sell target because once the price reaches that level, it may bounce upward. Anyone who wants to buy it should have a second thought since the market price is now under the moving average.
I think the GBPUSD just finished its Head and Shoulder pattern, and it may fall any time. There is much high-impact news both for GBP and USD, so we need to be careful. If the sellers persist in selling it, then I will also do it. The 1.3700 support is attractive for swing trade strategy, or it can even turn to a long-term downtrend rally. I will wait for the UK Official Bank Rate and US Non-Farm Payroll before trading it.
Good evening. I'm not expecting too much volatility on my open trades since it doesn't have high-impact news yet. I'm concentrating my analysis on cross pairs because I want to avoid the huge whipsaw of USD due to the upcoming release of Non-Farm Payroll. I'm not sure what will happen to my trading activities, but I want to win this time. I will keep my eye on USD ISM Manufacturing PMI to see if major pairs are good for trading tomorrow.
GBPJPY active trade:
I'm selling the GBPJPY for the second time after my previous failed attempt. It's the first trading day of the month, and I want to think that this is the beginning of the downtrend rally. I sold it at 152.68, and my TP is 150.20 support. Actually, this is my previous TP that was hit two weeks ago.
EURNZD active trade:
I can't believe that I bought the EURNZD after a traumatic experience I went through. It has been ranging last month, and it will continue to do so. I bought it at 1.7032, and my TP is 1.7245 resistance. This is another compulsive buy trade since I don't see any trading setup from other pairs yet. I hope that I can withstand its ranging behavior until my TP is reached.
Tomorrow the RBA Rate Statement and Cash Rate will be released that can make the AUD very volatile. I'm standing aside at the moment in AUDUSD because I have no idea if this uptrend consolidation can last. There's still a possibility that it will fall to 0.7200 support and break the SMA 200. The best thing to do right now is to wait for the release of AUD high-impact news.
Hello everyone. In today's market news, the RBA has a hawkish tone regarding its economy. Even though they did not increase their bank interest rate, it managed to make the AUD rose even for a short period. The current market volatility is not enough to satisfy the needs of intraday traders, but this is good for swing and long-term traders because they won't miss the trend rally. We need to be patient and wait for the big Friday event for US Non-Farm and CAD Employment Change.
The GBPAUD has been trending upward since the beginning of the year, and it's only a matter of time before it will fall. Maybe the 1.900 resistance is the buyer's limit, and there might be huge pending sell orders on that price level. The RBA hawkish tone is good news for GBPAUD sellers because the trend may now reverse to a downtrend.
USDCAD active trade:
I decided to buy the USDCAD based on its long-term uptrend rally because I can feel that it may test the 1.3000 resistance. The sellers were not able to break the moving average support at 1.2400. I bought it at 1.2508 level, and my TP is 1.2688 resistance. At the moment, the New York traders are buying the USDCAD, which is great for my buy position.
I hesitated in buying the GBPCAD, even though I noticed that the CAD is weakening due to the OIL selling rally. But I can't say that I regretted it because I saw other GBP pairs that are overbought, which is not valid on my trading system. If we analyze its monthly chart, we can see that the 1.7550 resistance is the nearest target for buyers. Too bad, it's now risky to buy due to possible downward retracement.
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