JOURNAL UPDATE ____23/02/2021
Everyone, take my warm love and greetings. Today is Tuesday. Last we get our weekly bonus on this day. I hope today again we will get a bonus. We will know in a few hours whether our bonus will be updated or not. I think forum authority very helpful to all members of this forum, They have already realized our wanting and may quite ready to update our profile. This is a good week because the market looking very modest. Gold now happy overcoming from the negative pressure, gbp does not lose any place against the US dollar, New Zealand dollar is trading above last week resistance, eurusd about to get success to establish his bullish trend crashing its strong resistance 1.2170. Energy pair oil now changes its phase by making an uptrend pattern. So this is a beautiful condition to trade the market.
My Closed Trades:
It is a great pleasure to share here that no trade closed with the loss yesterday and today. Basically, I tried to read the forex market with the help of technical tools, particularly candlestick pattern, and take entry on various pairs. My gold, oil, and eurusd opening position were closed by hitting my take profit.
Oil: My entry on the oil price was at 59.73 with the target of 60.29. For a few days, this price has been trading sideways. At the entry-level, I got a bullish pattern. As you see my stop loss was 28.24. Later I had a buy order that closed a few minutes ago conventionally.
Gold: My two orders on the gold was closed by hitting take profit at 1789.35, stop loss was 1758.13, and entry-level was 1785.11.
eurusd: At yesterday morning time, eurusd pair came down but as I was overconfident with the uptrend of the pair, so I took a third entry on the pair which I closed manually.
My Running Trades & Eurusd Analysis
Today I am going to share my running good trades. I have given different analysis, but all analysis was uppish on the eurusd. After three working days of floating loss, my two trades now showing a very good value. I said to you that I am on a new strategy to build up. With every position, I have a clear explanation and before taking entry I have to define what will be my target and how much loss if my trade leaves me.
Yesterday, the EUR USD pair dropped below 1.21, but the pair was able to recover above 1.2130 in a short time. The German IFO business climate has worked behind the rise in the price of the eurusd instrument.
The German IFO business climate came in at 92.4 points in February, better than the expected 90.5 points. The sector was at a four-month high which helped the Eurozone pair recover from the 1.2090 prices.
Yesterday ECB President Lagarde:
I found some strength for the euro. I have highlighted some points of Lagarde's statement.
- How the epidemic will unfold is still highly uncertain but nothing to worry about if we work together against the epidemic.
- The ECB will continue to support all sectors of the economy while maintaining favorable financing conditions.
- Legarde is optimistic that Europe can emerge stronger from the corona pandemic
- I see Respective ECB President Lagarde’s statement made strong the euro as we see eurusd is trading in the market map.
Technical Analysis on Eurusd:
At present, the price found a strong resistance 1.2170. The h1 and h4 chart showing a lot of tops around the level which is proving the breaching the level will ensure its uptrend. According to my analysis, this pair has taken enough correction. From the point of view of the candlestick pattern, the price has formed a lot of bullish patterns that are working to increase its value during the upcoming period of this week.
OVERVIEW ON GBPUSD
Fundamental Analysis & My buy entry:
For three more weeks gbp has been bringing the gbpusd pair in the area of the new rise. I was not interested in the pair. Yesterday The Prime Minister of the United Kingdom Boris Johnson has made a good statement that he is going to step up the lockdown step by step. He said his government is very careful about the coronavirus and Four tests for easing lockdown are currently being met, so that the first step will proceed from 8 March 2020. I was convinced with this statement and took buy entry on the gbpusd. He added more that they will make a strong plan to bring them out of lockdown cautiously. I do not see any fear or weakness on the pound to carry the pair at 1.4143,1.4263
This is week gbpus is very powerful in his uptrend. Yesterday the price made a bullish pin bar with the help of 10 periods moving average and after that, the price is flying above the MA line. I think the MA indicator of 10 days is working tremendously using the h4 frame. The power of gbp makes think quickly the pair will break the h4 ascending channel to climb more impulsively.
Forecast for US Crude Oil
Like other pairs oil prices also were in a correction. Last night he closed his correction and shifted to its main trend. By looking at the pair this morning, I get a strong bullish pattern, and I do not make it late to trade the pair. Equally, by the support of moving average 10, bulls created a clear bullish engulfing candle which indicates a strong uptrend market. The level 66.72 is the target price of my buy trade. Stop-loss definitely will be long and the level is 58.34. This is a potential signal to trade, so you can join me in buying the price.
Earlier after gaining 62.21 oil price lost its power and came down to test his recent support. I see the price formed triple bottoms with the level of previous resistance. It means after establishing concrete support at 58.50 the price now keeps on running to the north side. Therefore, dream with my buy trade will bull so far.
My Running Trades:
CHFJPY: With the pair, I had a sell order. I informed you yesterday that I got double confirmation of the downtrend that's the reason I sold the price. It has been taking a little more time to be closed by hitting my take profit. Currently, the quotation is a few above from my take profit. I expect by today my sell trade will be close with good profit.
NZDUSD:I had an analysis on New Zealand against the US dollar pair yesterday. The uptrend continuation of the pair had a strong confirmation from price action as well as fundamentals. Happy to say this trade also running with good value. Now Asian Session, the market is slow, but it will be strong again in the European session.
Bye For Today