I lost the trade on GBPAUD, the trade was lost due to the indecisive movements and the high volatility experienced on the market yesterday. From the whole scenario, my analysis was right as GBPAUD sold significantly yesterday, only that it was too late as my stop loss of 1.8700 was triggered prematurely before the start of the US session. This is part of the game when it comes to trading, and I lost $115.30 in this trade.
Additional Trade Of Yesterday
Though not updated, I opened a second trade yesterday, the trade is on Ethereum, it is working nicely in my favour now. I discovered that Ethereum was choppy in movement this week but has the tendency to break to the bullish side, this made me buy the market with the help of trendline and candlestick analyses. I, therefore, bought the market at 3043 for a target at 3541 and my stop loss is at 2992. The trade is floating at an astonishing profit of $207, I might earn over $700 in it as it's still in its beginning phase.
I bought Ethereum and holds it till today as the market is trending upward and has broken up from the former choppy movement to validate the bullish trend. The market had faced and overcame many hurdles of trendline resistances on its way, it is set for my target at 3541, which is an important high in September. I remain bullish above many trendline support levels on the 4-hour chart, but the immediate one is at 2978, and my stop loss is at the low of the preceding candlestick at 2992. The MACD on the chart is also positive in support of my position.
It's been a while on the forum, I decided to take a break due to some injustice that I believe is being metering at me on the forum. I guess the encouragement of users of the forum is paramount irrespective of other beliefs. Well, I will continue with my journal to the best of my knowledge, and I will like you to know that I'm painstakingly using both phones and a faulty laptop to make my regular posts. I can't even log in to my Instaforex account on the laptop, I'm just managing the already installed platform on it. I will do this until I have money to buy a new laptop.
I had a few trades when I was absent from the forum, I traded markets like GBPUSD EURUSD, AUDUSD, USDJPY, EURUSDWEEK and Crude oil. In a nutshell, I lost a higher percentage of my trades, this led to a loss of $140.16, but I also gained 75.39 during that time. With these, $64.77 was lost primarily last week, I will do better this week.
I managed to withdraw 0.2749 LTC last week, the amount was processed into my account after some brief wait. The equivalent amount in US dollars was $46 at that time, and I appreciate Instaforex so much for this successful withdrawal.
I opened four different trading positions today, they are on Ethereum and GBPUSD. I have a single position with Ethereum which is floating in a loss of 16.03. My stop loss and take profit in this trade are at 3503 and 3681 respectively, just as the trade was opened with 0.4 lot at 3609 striking level. As for the three trades on GBPUSD, they were opened with various lot sizes and market prices. One thing that is common in them is the stop loss of 1.3459 and take profit of 1.3912. The three trades also float in a total loss of $6.4, making my total position to be floating at a loss of $22.43.
Reason For Buying Ethereum
Ethereum managed to reach the bottom at 3372 today but it had spiked over 250 pips upward after then. It broke the important resistance levels on the 4-hour chart at 3553 and 3574 to confirm a bullish trend again. This was why I bought this market and my stop loss is at the low of the last closed candlestick on the 4-hour chart. The MACD on the 4-hour chart is likewise positive, Ethereum will use the opportunity to reach my target of the high of last week at 3681.
Reason For Buying GBPUSD
GBPUSD has confirmed my bullish trend by closing last week positively. This week's candlestick is also bullish as the stochastic oscillator on the weekly chart has just had a bullish cross, which suggests a bullish trend for the market this week. I remain bullish on the market above the trendline support at 1.3459, and my stop loss is at that level. If GBPUSD truly rises this week, it will reach my take profit level at 1.3912.
I realised it's difficult to handle the major markets this week, especially the EURUSD and GBPUSD. I had in particular lost in many of my analyses on GBPUSD this week, the market is ranging, I will not deceive myself about a specific direction on it this week anymore and I will cleverly close my trades on it with time. My resolve goes to the greenback itself, it's indecisive on the higher charts but has the opportunity to touch 95.00 on its index this week.
Weekly Bonus And Yesterday's Trades
I wasn't active since about a week ago, I expected nothing much like some forum users for the two weeks bonus paid. I received a total of 23.94 for the 40th and 41st weeks of 2021, let's see what I will receive next week. In addition, I bought GBPUSD and EURUSDWEEK which lead to the liquidation of the trade on GBPUSD as it was traded with a higher lot of 0.50 than that of 0.06 of the EURUSDWEEK. This resulted in a loss of $23 on the trade on GBPUSD but the EURUSDWEEK position is still active.
I'm left with the trade on EURUSDWEEK, the trade has distributed itself into two positions of 0.05 and 0.01 lot sizes. The two trades now float in a total loss of $0.86, it will be disastrous for me to close them manually, I will continue to watch them until they either profit me or liquidate naturally.
The indecisiveness of the USD is affecting Ethereum the most, this was why I lost $42.62 and 26.68 in two different positions of the market yesterday. Ethereum continues to range as I update my journal, more losses are expected since I also have open trades on it.
I have five split trades on GBPUSD and Ethereum, three of the trades are on GBPUSD and had been opened since yesterday, they are floating in a total loss of $59.10. While the two trades on Ethereum were just opened today with 0.1 lot size each and they float in a total loss of $3.40. The trades were opened at 3469 and 3473, while their stop loss is at 3546, their take profit levels are at 3372 and 3270.
Review On Chart
My analytical review on GBPUSD continues to hold just like I analyzed it yesterday, there is no point in repeating myself on the same thing. But for Ethereum, the trades and positions are new. I sold the market since it has broken the 4-hour chart trendline support levels at 3553 and 3574 and has a bearish engulfing candlestick pattern below the levels. The market will reach my take profit levels of 3372 and 3270 one after the other as the 4-hour chart MACD is negative. While my stop loss of 3546 is at the current trendline resistance.
I think I'm in a tight corner this time with the way I managed my trade, I will need to pay for my lost bonus due to my carelessness in handing the trade on EURUSDWEEK. When my trade on GBPUSD got liquidated yesterday, the trade on EURUSDWEEK with lower lots did not close and it has made my current bonus remains $25.25 which suppose not to be so if I had closed the trade earlier. This is a warning to traders that don't know of a thing like this, it's better to close the trade with the EURUSDWEEK before the main trade gets closed.
Trade Update (Closed and Open)
Since my main trade of this week has been liquidated, I'm left with the trade on EURUSDWEEK, but one of the split trades closed yesterday. The one with 0.05 lot size has closed with a loss of $1.65, it remains the one with 0.01 lot size to close which floats in a loss of $0.34. This trade needs to close before automatic closure of it on Friday to save me more trouble.
Trade Update (Closed and Open)
My trade on Ethereum didn't make it yesterday, the two trades were closed automatically when they reached their stop loss level of 3546. The trades closed in a total loss of $14.85. This left my account with the three trades on GBPUSD and the trades float in a total loss of $30.20. Afterwards, I opened two trades on Ethererum and Gold, I sold Ethereum at 3462 with 0.05 lot size, my stop loss is at 3547 and my take profit is at 3270. I also bought gold with 0.05 lot size at 1762, my stop loss is at 1729 and my take profit is at 1833. The two trades float at a loss of $3.58, which makes my total floating loss to be $33.78.
Trades Review On Chart
I don't have to repeat myself with the trades on GBPUSD as the conditions for opening them and the chart representations remain the same. As for Ethereum, I remain bearish on the market, it tried to buy yesterday but was unable to break the 4-hour chart trendline resistance at 3553. It presently has a bearish candlestick pattern on the 4-hour chart, it should reach the 3270 level this week. The MACD is negative on the 4-hour chart, it should help pressure the market further, while my stop loss is at the high of yesterday at 3547.
Gold is bullish on the daily chart, this made me buy the market. The candlestick on the daily chart testifies to that. It needs a break above the daily chart trendline resistance at 1774 to continue its journey higher. If that level breaks, my take profit at 1833 will be the next destination of the market. The stochastic oscillator has just had a bullish cross to support my claim and my stop loss is at the level of the trendline support on the daily chart at 1729.
Yesterday was a tough day for the USD, it didn't reach the psychological level of 95.00 that I thought it would reach this week. It rather reversed lower and this favoured my opened positions on Gold and GBPUSD. More selling of the USD will happen this week, I'm prepared to sell it further.
I'm still stuck with the trade on EURUSDWEEK InstaFuture, it's not easy to close this trade at this time, this is why I've been keeping it since Monday. The trade is surprisingly floating in a profit of $0.16 when I was hoping it will liquidate and avoid paying an extra $25.25 when another bonus is paid. I will continue to watch the situation, I am optimistic of a liquidation soon.
It was great to have bought gold yesterday, despite buying the market with just 0.05 lot size, I was able to earn $156.60 with it. I also closed two of my trades on GBPUSD to reduce the risk of holding them longer, and I closed these trades with a total profit of $31.00. Regrettably, the trade on Ethereum became unsuccessful, but it closed at a little loss of $4.22. This made my total gain yesterday reduced to $183.38.
I have only a 0.1 lot buy position on GBPUSD running in my account, the trade is floating at a profit of $4.10 and I don't have the intention of closing it any time soon. The USD is getting weak, there is a chance that GBPUSD will rise further.
My buy position on the GBPUSD was drawn from the bullish disposition on the weekly chart of the market. I remain bullish on the market above the trendline support at 1.3459 for a target at 1.3912. The stochastic oscillator also shows its support for this bullish disposition.
I was so right about the forecast of the USD this week, I knew it does not have the chance to make it when it could not break its key weekly resistance at 94.58. The greenback will continue to be weak for the rest of this week and it's an advantage to my bullish positions on GBPUSD.
I continue to face the hurdle of the EURUSDWEEK InstaFuture, I know that I will manage my account in such a way that I will not be paying the $25.25 bonus lost when the next bonus is received. If I couldn't guide this market to a safe liquidation, there is no way out for me in this situation, so I'm planning actively for it. I need to build the account to the point that I can open a 0.02 lot size, which was why I closed my initial position on it at a profit of $0.30 yesterday when I realised the market is already at a high price.
I opened a reverse position on the EURUSDWEEK InstaFuture by selling it with 0.1 lot yesterday to earn more money for the plan of opening 0.02 lot size to be realized. Though the trade still floats in a loss of $0.02, it might be a saving grace for me before the market closes for the week today. I wish myself the very best in this plan because I have a limited time to execute it.
I have much confidence in the trading of GBPUSD this week, this is my reason for trading the market majorly this week and even holds one of its positions since Monday. The old floating trade is the one with 0.1 lot size and it floats in a profit of $5.30. While the rest are the two trades on the same market opened today, they float in a total loss of $17. The same trading parameters apply to the new trades like the old ones.
GBPUSD Trade Review
GBPUSD has been responsive to my bullish position on it, it reached the high of 1.3734 yesterday, making it climbed over 100 pips in support of my bullish disposition on it since the beginning of the week. The market had made corrections, this made it safe for me to add two extra positions today for a target at 1.3912. Also, my stop loss on all of my positions remains at 1.2459.
The market behaved as I expected this week but there was no substantial money to trade it and earn. I lost my first opportunity this week due to a lack of seriousness and I paid dearly for it. The weakness of the USD is still an opportunity for me next week, I believe the greenback will continue to fall since there was more bad news for it than good ones, this might linger more. Except for a few news like Retail sales, Core retail sales and Core CPI that were positive for the US, most of its news this week were negative and will hurt the greenback till next week. I will be preparing for that for me to earn easily with this outlook.
I received another weekly bonus yesterday, I received $13.24 for the 42nd week in 2021. I sincerely don't understand this bonus program anymore but I will continue with my good work on the forum, maybe one day someone will have mercy on me.
Hurdle To Face
As I've been mentioning in my last update, I wanted to get liquidated before the last bonus was received but it was unsuccessful. A $38.48 total bonus is recorded for me due to mismanagement of this week, whereas I have $13.99 as my balance. This will force me to pay a $25.25 bonus before I can have the chance to make a withdrawal. I will try to overcome all these next weeks.
Yesterday was yet another exhausting day for me. In the bid to guide my account to liquidation before the bonus arrival, I opened series of trades in which most of them are unsuccessful. I eventually closed the trades on the bonus arrival for better planning. I lost $0.33 in my closed trades, but the successful one earned me $0.12.
For me to continue trading this weekend, I opened a buy position on Ethereum for the first time on my bonus account. I could only open this trade with 0.01, this makes my risk to be minimal. My entry point is at 3900 and my take profit is at 4000. Ethereum is bullish but it might want to correct lower before further buying, which was why I didn't add a stop loss in this trade.
Ethereum is bullish in long term outlook, the way it had made a test on the 3900 level makes me know that it will reach a higher level with time. The psychology level of 4000 is looming on this market since it is well supported on the daily chart by the trendline support at 3631. I don't think the market can reach that level again before testing an all-time high at 4030. My take profit of 4000 will be triggered on its way to that peak.
There were three tiny inflows to my bonus account last week, they were the bonuses for the 40th, 41st and 42nd week of 2021, and they are $20.36, $3.58 and $13.24 respectively. This makes $37.06 the total inflow in my bonus account last week, let me hope that it will be better from this week. Unfortunately, there was no withdrawal in the account this week, the tiny amounts received didn't motivate me, this might be the major reason for that.
There were not many trading activities in my bonus account last week, I managed to trade GBPAUD, GBPUSD and EURUSDWEEK in ten positions. The larger portion of these trades was negative with $24.94 and I gained a total of $0.44 to reduce my total loss to $24.50. I admit that this is poor performance but I have the belief that this week will be better.
My buy position on Ethereum remains active, I will let it remains like that unless I see a better trading pattern with another market when the market opens for the week. Ethereum has no choice but to appreciate until the target at 4030 is reached, and my take profit of 4000 must have been triggered before it gets to that historical level. The trade floats in a loss of $0.30 with no swap charges, this is because I opened the trade about 150 pips late.
I've come lower to the 4-hour chart since Ethereum corrected yesterday. The trendline support at 3837 is presently rejecting a further fall for the market to return to higher levels. I remain bearish above the level for my target of 4000 to be achieved this week. The MACD is positive, it will help the market to maintain a bullish trend this week.
WEEKLY DEMO ACCOUNT HISTORY
I performed better in my demo account last week, I traded eight positions and I won three of them with a higher value than the five lost trades. I gained a total of $187.60 in the week, while my total loss is $88.37. This reduced my total earning to $99.23, which is still good for a week. I'm ready for the market this week, I hope my trading performance of the week will be outstanding.
I made a terrible mistake today by selling the USD, I did that since the USD didn't have a good fundamental review and chart patterns to support itself till the market closed last week. Not considering the tapering plan in the asset purchase program of FED in November. This is largely important since the yield has risen significantly. This will have a huge positive impact on the USD, but it's late for me to undo what was already done.
Ethereum dropped so much today, this made me close my bullish position on this market before it gets worse. Ethereum reached the daily low of 3640 but I was able to close the trade at 3770, which limit my loss to $1.34 if the commission is added. The trade has spent three days, it's enough for it to have earned profits if it would. The market has started rising again, it looks like it just corrected at the falling time.
I hastily opened buy positions on EURUSD and GBPUSD, I'm regretting it as the positions float in a total loss of $5.60. I could have analyzed the market for both short and long term effects when I knew I had a little amount in my account. The trades will rely on initial losses before gaining, my account equity will try to hold it till then. I bought the markets with 0.1 lot size each, I bought EURUSD at 1.1605 and GBPUSD at 1.3758.
Chart Review Of EURUSD
I analyzed the market with the weekly chart trendline and I remain bullish above 1.1545. Though the present candlestick is bearish in pattern, this might be for a correction since the stochastic oscillator on the weekly chart supports a bullish trend with its positive cross. I expect EURUSD to fall a little and rises back to the high at 1.1908.
Chart Review Of GBPUSD
I remain bullish on GBPUSD just like last week, the market preserves its bullish trend on the weekly chart and it will continue to do so provided it holds above the trendline support at 1.3459 on the weekly chart. The market is aiming to reach the high of 1.3912, it will likely get to that level this week. The stochastic oscillator continues to support the bullish trend, GBPUSD might make a short-term fall, it will resume its bullish trend eventually.
My demo account continues to be active with the three trades on GBPUSD. A total swap of $1.40 has been charged to date and all the positions are floating in profits. They have earned me $93.30, yet I expect a reduction in this total floating gain because of the tendency of an initial correction of the market before it will rise again. My stop loss and take profit levels on these trades remain the same and the review of GBPUSD above remains valid for this trade as well.
There is a good mood in the market now, my expectations on the USD is realizing, it almost got me confused yesterday on what the greenback would do. Lower price will be visited by the end of today, the Industrial production that was forecasted at 0.3% but came out to be very weak at -1.3% is one of the reasons that is making the greenback depreciate. Thankfully, I am bearish with the USD in all my trading positions. Yet, the extra $25.25 bonus to pay in my account is still disheartening to me, I have long miles to go this week because of that, but I'm optimistic of success.
The EURUSD and GBPUSD negative floating trades have become positive floating trades, the trades are floating in a total profit of $6.70. I also opened two 0.1 lot size positions on USDJPY today, I opened the trades at 114.17 and 114.15 when I realised that it's a sure reversal pattern on USDJPY. The two trades are also floating in a total profit of $0.35. This has increased my total floating profit to $6.94 and my total trading lot is now 0.1 lot. I also set random targets of 112.72 and 112.68 in these trades.
I remain bullish on EURUSD, it's becoming more visible on the weekly chart that the market is trending upwards. My key support level remains at the trendline support at 1.1545, the market will preserve its bullish trend holding above the level. The main target of this disposition is at 1.1908, yet the bullish trend has just started since the stochastic oscillator just had a bullish cross.
GBPUSD is bullish on the weekly chart, the market has broken the neckline of the market close of last week which is proof of a bullish trend continuation, there will be a test of my main target at 1.3912 this week. I remain bullish on this market above the trendline support at 1.3459 and the stochastic oscillator is positive with the trend.
There has been more tendency of falling for USDJPY since yesterday, the market is heavily overbought, it is now having the bearish divergence that will make it depreciate further in price this week. I will uphold this bearish outlook provided the market is holding below the trendline resistance at 114.42, and the possible target of this bearish disposition is at 113.38. Yet, I set my targets below the level for more opportunities.
There have been many improvements in my trades on the demo account. The trades have drastically gained and I will hold them to know what Friday will say of them, they may have reached the take profit level of 1.3912 by then. I will be so glad if such could be the situation. The trades are floating in a total profit of $196.20. Also, note that the above analysis on GBPUSD applies to these positions as well.
Forex Forum fx.co – Introduction.
The Forex market is a high-yield and risky means of making a profit by trading on currency markets. The work tools at the Forex market in many ways determine the result of trading by participants, the brokers’ clients. Every Forex broker offers its own platform; however, most brokers and traders concur in choosing MetaTrader 4 and MetaTrader 5 platforms. This forum is for those who prefer the MetaTrader series platforms in trading on the Forex market.
Forex Forum fx.co – trade discussion.
Forex market forecasts, independent opinions of novice traders and experts – all this you will find in the Trade Discussions section. Solid experience of work on Forex is preferable, but everyone, including Forex newbies, is welcome to share their opinion. Mutual help and dialog are the main goals of communication in the Trade Discussions section.
Forex Forum fx.co – Dialog with brokers and traders (about brokers).
If you have a negative or positive experience of work with a Forex broker, share it here. Leave a comment about your broker; describe the advantages or drawbacks of working with it. The aggregate traders’ reviews of brokers constitute a rating. In this rating, you can see the leaders and outsiders of the Forex services market.
Free discussions at the Forex Forum fx.co
You are a trader and want to relax? Then the Free Discussion section is exactly what you need. No doubt, conversation on subjects related to the Forex market is preferable. Here you will find jokes about traders, caricatures of Forex brokers and full-swing Forex off-topic convo.
Bonuses for communication at Forex Forum fx.co
This forum is created by traders, for traders, and revolves around deriving a profit. However, each post at the Forex forum yields its author a forex bonus that can be used in Forex trading from the account opened with one of the forum’s sponsors. This small gift is presented with the aim to reward professional traders for spending time at our forum.
We appreciate your choice of Forex forum fx.co as a platform for communication.