There were massive reversals on my trades of yesterday, GBPUSD and GBPAUD made bullish reversals when GBP was strengthening, I had no choice but to close my sell positions on these trades. I wouldn't blame myself concerning the losses incurred in them, the markets were indecisive yesterday, the two markets moved in the opposite directions several times in the same day. I lost $115.16 on GBPAUD and $91 on GBPUSD after the closure, which makes it a total of $206.16 loss.
Additional Opened Trade Of Yesterday
I made mistakes to have opened buy positions on EURUSD and GBPUSD after closing my initial trades, the trades are running in a total loss of $183. I wouldn't say I was emotional yesterday, I followed my trading strategy as EURUSD and GBPUSD were buying and the trendline and candlestick analyses confirmed it before opening the buy position. My only fault was that I didn't place my stop loss and take profit in the two markets, I was in a hurry for some personal engagements. I saw these losses today because I wasn't available till now, I might close the trades first thing on Monday.
Today's Opened Trade
In a bid to try to recover some of my losses, I've opened a buy position on Bitcoin today. This is risky though since it's a reversal plan, but I made sure that my stop loss is right enough. I bought Bitcoin at 45047 with 0.05 lot size. My stop loss is at 44132 and my take profit is at 47387. Bitcoin will likely reverse today and my present loss of $7.92 will soon turn to profit.
Although Bitcoin is selling and looks more bearish in trend, it might not be able to break the 4-hour chart trendline support at 44237. The level might reject any bearish attempt around it and cause a rebound back to the high of Thursday at 47387 where I locate my take profit. While my stop loss is at the low of yesterday at 44132, the stochastic oscillator is pointing higher in support of this bullish expectation.
Being a weekend, Bitcoin was the only market traded yesterday. I also traded it with low risk and a single position since it is a market with high volatility. I'm only happy now because the trade didn't let me lose my money despite that it was a reversal trade, the risk was high. Yet, I didn't make much money with the trade when I eventually closed it. I closed the trade since Bitcoin was indecisive in its movements, I needed to try another market and I closed the trade in a profit of $6.42.
Newly Opened Trade
Ethereum is my preferred market to trade today, which was one of the reasons I closed the one on Bitcoin, Ethereum is more responsive since yesterday. I've therefore opened two sell positions on the market today and the trades are floating at a total loss of $83.61. The total loss is as much as that because the trade has lasted seven hours already. I'm still optimistic about this trade despite the huge total loss, I knew it would happen, this was why my stop loss is at a far-high of 3514. I opened the 1 lot trades at entry levels of 3264 and 3260, and I aim to target 3008 in each of them.
I sold Ethereum since it has initiated a bearish trend since last week Thursday, it maintains the bearish trend and the Stochastic oscillator is in support of this disposition. The daily chart of this market is also bearish in outlook as its candlestick pattern is bearish and this takes place below the main trendline resistance at 4001. Therefore, I remain bearish on Ethereum till next week, any bullish correction should halt at a high of 3567 or below the level and bring a fall resumption for my take profit of 3008 to be reached. Lastly, my stop loss is at the high of Friday at 3514.
Just as I had indicated during the weekend, I've closed the trades on EURUSD and GBPUSD, the two trades were opened regrettably. I waited for the markets to decide where they are heading today, which was why I didn't close them immediately after the market opened. I closed them since EURUSD and GBPUSD are practically selling today, and I closed the trade on EURUSD in a loss of $132 and that of GBPUSD in a loss of $138.
Old Floating Trades
My trades on Ethereum that was opened yesterday are still active despite the bullish movements of Ethereum yesterday. I planned much stop loss in this trade, this saved the positions. Ethereum has been responsive towards the bearish trend since late yesterday, it will sell lower as the daily chart is returning to being bearish in outlook. My total floating loss in this trade is $27.31.
Ethereum is still bearish in trend on the daily chart, it has been weak since last week Thursday, it only corrected lower during the weekend, it is returning to its bearish trend now. I remain bearish on this market as long as it holds below one of the highs of last week at 3567. The market will then aim to target the key low of last week at 3008. The RSI on the daily chart is pointing lower to support this bearish expectation.
I opted for a buy position on GBPAUD today, I've been hoping for a bullish trend on this pair since last week. I acted this way for it to have confirmed the trend on the 4-hour chart with the help of trendline, candlestick and MACD analyses. The trade is still running at a loss of $47.72, yet I'm positive about it. I bought the pair at 1.8832 with 5 lots, an unusual increase for me to recover my losses. My stop loss is at 1.8767 and my take profit is at 1.9152.
I bought GBPAUD since it's clear on its 4-hour chart that it's bullish in trend judging by the bullish candlestick pattern on the chart. The MACD is also positive on this pair, just as the trendline analysis on the 4-hour chart shows a bullish trend. I remain bullish above the crossed trendline support at 1.8767 where I locate my stop loss. GBPAUD should be trending higher this week towards the 1.9152 where I placed my take profit.
The trade on GBPAUD was the only one opened yesterday but the trade didn't make it. GBPAUD was indecisive in all its movements yesterday, that is why one will see it up this minute, but it would have sold again the next minute. I regret trading such a market that made me lose easily, though I closed the trade by myself before it had the chance to reach its stop-loss level since I realized it was a bad market to trade. I lost $239.04 in this trade and the pair have been trying to go back in my direction since then. This is just a bad market to work with this week, yet it maintains a bullish trend, I will avoid it.
My two trades on Ethereum remains floating in my account, I don't have the intention of closing them soon. I was slow in action and overconfident in them yesterday, which was why I've not closed them till today despite that they earned me over $300 total profit at a time yesterday when Ethereum was selling heavily. This is the financial market where such a situation happens often, so I will not think bad of myself and my poor trading decision. The trades are floating in a total loss of $57.51, there is still hope that I can earn big income in them.
I still have hope in the sell position on Ethereum for what the market performed yesterday as it sold to the low of 3109, despite recording a weekly high of 3473. So, a mere correction since yesterday shouldn't be a threat to my bearish preference on it. The daily chart of Ethereum also preserves its bearish outlook, though the last three candlesticks are choppy in pattern, yet I remain bearish on this market below 3567 as said since Sunday. The level is a corrective high attained last week Thursday, it will take a break above it for a sustainable reversal to happen on Ethereum. This market should sell towards my take profit of 3008 this week since the accumulation indicator has a dwindling buying on the daily chart, this is a preference for the sellers.
I'd finally closed one of the trades on Ethereum today. I couldn't bear the way the market has been going up and down, yet it was more bullish since yesterday, which made me close the trade to reduce my risk of holding two trades on the same market since Sunday. I closed the trade in a loss of $153.37, the remaining trade on the same Ethereum will cover the loss incurred in this closed one and even earn me profit with time.
The Active Ethereum Trade
It remains one trade on Ethereum that is active in my account, this trade has lasted over 72 hours and I don't have the intention of closing it, the stop loss or take profit set in it must decide its fate. The trade is floating in a loss of $14.74, I believe Ethereum still has the chance to sell below the 3567, it might reach my take profit of 3008 if it continues to hold below that level.
The markets traded today are two, and they are on GBPAUD and USDCAD. I bought the two markets and used 1 lot on each of them as they float at a collective loss of $11.27. I bought GBPAUD at 1.8856 and aim to target 1.9152, while my stop loss is at 1.8790. As for the USDCAD, I bought it at 1.2687, my stop loss is at 1.2601 and my take profit is 1.2761.
I expected the current correction on GBPAUD, which was why I prefer buying it today. The pair will not correct lower than the level of the 4-hour chart trendline support at 1.8790, this is why I placed my stop loss at that level. I remain bullish on this market above the level, and Ethereum will reverse higher to target my take profit level at 1.9152 after completing its correction today. The MACD on the 4-hour chart supports this bullish position.
It's clear to me since yesterday that the greenback is strengthening, the MACD on the 4-hour chart of USDCAD is also positive, therefore the market is still bullish in trend. This bullish trend will reach a short-term target of 1.2761, which was why I placed my take profit at that level. USDCAD will achieve that target provided it holds above the 4-hour chart trendline support at 1.2634. My stop loss is lower than that level though, it's at the low of yesterday at 1.2601 for safe trading.
It was as if it would never end, the trade on Ethereum had finally closed yesterday, the trade lasted over four days, I'm happy that I closed its duplicate yesterday to avoid the risk of losing more. I'd determined that I wouldn't close this time by myself, and the stop loss did the justification to that eventually. I lost $249.38 in this trade, the loss was this much because I wasn't paying much attention to the changes on the market's chart.
I have the trades on GBPAUD and USDCAD that were opened yesterday as my active trades, I don't also intend to close these trades until their stop loss or take profit do justice to them. The trade on USDCAD has never been positive since I opened it yesterday, and it is floating in a loss of $42.75. But the trade on GBPAUD has been positive since I opened it, though the profit has reduced to $20.51, it has the opportunity to earn me over $150 today.
I will continue to hold my bullish position on GBPAUD, the market had tried to sell but was rejected by the 4-hour chart trendline support at 1.8846, thereby creating a daily low of 1.8840. The low is another support today which is distanced from my stop loss of 1.8790. This means my trade is safe above 1.8846, especially as a bullish candlestick pattern is being formed above the level. GBPAUD is now heading for my target of 1.9152, the MACD and Stochastic oscillator support my position on the 4-hour chart.
It's risky to continue holding my trade on USDCAD, yet I will continue to do so since a bullish candlestick pattern is seen on the 4-hour chart of the market. What is important now is whether the market can break above the trendline resistance at 1.2652. If it does, then USDCAD will return higher to reach my target of 1.2751. If not, the market will be pressured lower, but I will only close this trade when a bearish candlestick pattern is formed on the 4-hour chart. The MACD is neutral on the chart and the Accumulation indicator suggests that buyers will prevail today.
I've finally closed the trades on GBPAUD and that of USDCAD manually, the trades were not worth holding further since they had spent three days with nothing substantial to show for them. The 4-hour charts of the instruments were warning of a potential reversal, this made me close the trade on GBPAUD at a profit of $29.22 and the one on USDCAD at a loss of 20.54. I still earned a little profit of $8.68 in the closed trades.
I opened a buy position on GBPJPY today, GBP has the chance to be rising as it is stronger than many other currencies in the market. I bought the market with 3 lots at 151.77, my stop loss is at 151.19 and my take profit is at 152.84. My floating loss in this trade is $21.84, it should soon earn me more than $100 today being Friday. I will make sure I close this trade today irrespective of its outcome.
The outlook on the 4-hour chart of GBPJPY is bullish, so are the signals given by the RSI and Stochastic oscillator on the chart, this made me bought the market. I remain bullish on the pair provided it holds below the trendline support at 150.98, yet my stop loss is a lot higher than this level, it is at the low of today at 151.19. The GBPJPY should retest the high of this week at 152.84 where I locate my take profit if it holds below 150.98 for the rest of the day.
Please, drop your suggestions and comments in the comment's column below. Thanks for reading!
It saddens me that the only trade opened yesterday was unsuccessful, I knew the GBP would appreciate in rate, but it didn't include the GBPJPY amongst the pairs it appreciated on. The pair made me lose as much as $158.23, this is not making me feel good about my trading performance of this week. The success of the trade would have helped me recover a lot of initial losses.
Ethereum is the only market I love to trade today being a weekend and I've opened a buy position on this market. Ethereum sold yesterday as a means to correct itself, it is ready to buy this weekend. I bought the market at 3366 with 1 lot size, my stop loss is at 3366 and I aim to target 3676 in it. The trade floats in a loss of 17.96, Ethereum will likely earn me over $150 with this trade.
The 4-hour chart of Ethereum shows that the market is ready to buy as its wavy pattern has a current bullish leg. With the market holding above the current trendline support at 3366 where I locate my stop loss means that it is bullish in trend, it also has a bullish candlestick pattern above the level to confirm the bullish disposition. The MACD and Stochastic oscillator also validate the bullish position. Ethereum will use this opportunity to trigger my take profit at 3676, but it has to first break the trendline resistance levels at 3527 and 3609 before achieving that.
I've pended another order on Ethereum in case of a second scenario happening this weekend. I used a "Sell stop" with 1 lot size in the pending order. The trade is expected to trigger at an entry price of 3366, my stop loss is at 3396 and my take profit is at 3109.
Reason For Pending Ethereum
My actual preference is to buy Ethereum today, but I pended the market in case of a reversing scenario. The market can reverse lower to break the 4-hour chart trendline support at 3366, and if this happens, the market will retest the low of this week at 3109. This was why I placed my take profit at that level, and my stop loss is 30 pips higher than the striking price of 3366.
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