It is a cool and relaxing day for busy traders. But those who are emotional could feel bored as the major market has been closed for two days. Yesterday was a good day for me because I earned a lot of good trades. Now I will note down the gain and pain that I got from last week’s market.
I have a lot of raw materials to share here. Yesterday, I took three more new entries to make a quick profit. Yeah, every new trade could close with a handsome profit. I will discuss it one by one.
U.S. Dollar Index.
On the closing day, the US dollar developed some power over its rival that I expected. I had four buy orders on the price, which closed at the same time with some profit. Indicators CCI and the 50-days moving average are both now bullish on the price. From the view of the candlestick pattern, the US dollar is interested in continuing the bull’s movement on the pair as we have three consecutive white candles.
I had a massive gain in GBP/USD. I made deals with both sides and all positions on the price hunt a big amount. In my previous analysis, I shared my two buy orders. Before submitting my update, those trades reached their target price and closed.
Yesterday evening, I felt some positive approach in the US dollar and got a good selling setup in the pair. When the price dropped, rebounding from its channel resistance line made by bearish engulfing and the 34 and 50-days moving average indicator withdrew their support from bulls, I took double sell entry. A more technical view is available in my attached chart-1.
Trading terms: short.
Lot size: 1.0 and 3.00.
Number of Trade: 02.
First Entry point: 1.4156
Take profit: 1.4123
Stop Loss: Not set
Status: $33 profit.
2nd Entry point: 1.4113,
Take profit: 1.4100
Status: $39 profit.
Trading Base: Technical.
To pick up some green pips, I kept my eye on the pair for a long time. I set Fibonacci tools, moving average, and MACD indicators in the daily chart to detect a valid signal. The market gave respect to the 78.8 Fibonacci value at 0.8983 and formed three more bottoms. When the price returned bouncing from the support, I added a position from 0.8963, my lot size was 1.0, and my target level was 0.8993. More details at chart-2. Happy to say, my opening position earned a pretty profit by half an hour.
Nine trades are still active, with an average loss of only 4.81. So for three more days, I have been on hold. I still believe my analysis was good, so all of my running trades will do good business for me.
For the Silver price, I was aggressive last week and added seven more businesses. Yesterday the price fell, touching the zero Fibonacci level, and my two trades now hover green pips, and the rest of the trades are still on floating loss. I have explained the reason behind my aggressive attitude toward Silver. Today I will add just one thing: the Fibonacci level has been getting respect from the market for a long time, so 95% I am confident my all open position on Silver will make me happy given good business.
I indeed bought the pair based on the fundamental report plus technical report. Unfortunately, DXY looks too strong to the north side, so I hope these trades will hit their target level by the first session of the coming week.
---------- Post added 13-06-2021 at 02:48 PM ---------- Previous post was 12-06-2021 at 05:18 PM ----------
Good evening, dear friend and reader. I hope you enjoy this weekend or travel to different areas with your friends or family members. Last Friday, we got a good trend and made some of the desired profits. However, your success in the previous few days can create overconfidence, which is detrimental to this business. Therefore, keep emphasizing business rules and procedures during your next trading time that protect you from over-trading and excessive stress. It is a way to increase the success rate of our operations.
This morning I got the Bitcoin price in the corrective phase. The bulls recovered many trades in two days. Two days ago, this price broke the symmetric pattern’s lower boundary line, but a few hours later, the seller closed their position when the price entered its old range. Finally, the price stalled at zero Fibonacci and, taking two minor retracements, reached this pair at 100.00 Fibonacci value at 37782.81. I took two positions which I booked at 61.8 Fibonacci at 35233.43 level. The bullish momentum of the price got weaker, and bulls continued this power toward 100 Fibonacci at 37782.81. A few hours later, the price reached 100.00 Fibonacci level and found some tops and a downtrend line that served as strong resistance. In the meantime, the buyer promptly closed their trades, and the seller took control of the pair. As a result, the couple failed to continue their uptrend and reached 50 Fibonacci at 34445.93.
This morning, I observed the case and thought Bitcoin had taken enough correction, and now the price will start its primary trend toward Fibonacci extension 161.8 Fibonacci at 41907.19. While we found several bottoms just above 50.00 Fibonacci in the hourly frame, Stochastic was also very optimistic about bullish momentum as prices broke the overbought boundary.
I added moving average indicators to the four-hour chart in different time frames, all time frames signaling bullish momentum except for the daily and monthly frames. There is enough space to move up between the stochastic and overbought limit line in the lagging map. So I hope my running trade in Bitcoin will close with a handsome profit in a few hours.
Entry point: 35815.32.
Take profit: 37810.73.
Stop loss: 34475.67.
What do you think about my open positions? I think this price will test 100 Fibonacci to do business above that level, and both of my businesses will close after making good trades. Last Friday, we saw wonderful power in US dollars. I expect next week will respect the pattern of the closing week and that all my silver orders will close upon reaching their target.