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Thread: wise-man's - Trading journal

  1. #691 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default SETUP UPDATE & TRADING IDEA FOR 03/05/2021

    AUD/USD, AUD/JPY, GBP/CHF, GBP/NZD, GBP/AUD SETUP UPDATE & TRADING IDEA

    Yesterday night was the new week market opening, and already we have witnessed a decent move in the currency pairs we are trading, which is THE AUSTRALIAN DOLLAR BASE PAIR and GREAT BRITAIN POUND BASE PAIR, the most of the move basically start with the London session so let's see what happens with our currency pair and our trades briefly by now.

    The following picture represents the currently opened trades and their results




    So let's start going throw the AUD/USD, AUD/JPY, GBP/CHF, GBP/NZD, GBP/AUD SETUP UPDATE & TRADING IDEA one by one


    AUSTRALIAN DOLLAR TRADES

    AUD/USD setup update & trading ideas :


    This currency pair shows a reverse move by the beginning of the new trading week and returns against us by 50pips after we were in positive 90pips now we are running with +40pips in profit, but am still on the trade as I see the price hit in a resistance area at levels 0.776064-0.776479 I see a high possibility that the price will not manage to go above it.
    As for trading on the AUD/USD currency pair, I have opened a new selling trade at 0.7763 with a stop-loss order at 0.7794 targeting the same level as the first trade, also I have moved my stop-loss of the initial trade to break even.

    AUD/JPY setup update & trading ideas :

    This trade also shows a reversal from last week move as it was in our favor with +70pips and now it's only +28pips, for this trade, I will keep the same setup and same trading idea, the stop loss order will remain at 85.11 and the take profit order will remain at 83.34.



    GREAT BRITAIN POUND TRADES

    GBP/CHF setup update & trading ideas :


    By the opening of the market, the price starts moving upward, and that I see it because of the DIVERGENCE built on the daily time frame, so the second opened trade is running in positive and the first trade is still on negative PNL, I make the decisions to continue in this trade at the GBP/CHF currency pair, especially if the price manages to break above the shown little downtrend.

    GBP/NZD setup update & trading ideas :

    The price of the GBP/NZD couldn4t break the uptrend shown in the 4hours time frame before and so we continue with this trade, the price is running in our favor since the opening of the market and we will continue in the trade especially after we saw a break above the minor resistance level 1.931319 also we will be keeping the same stop-loss order at 1.9112 and the same take profit at 1.9466, no changes to be made.

    GBP/AUD setup update & trading ideas :

    The price is move kind of in a sideways trend as I see, but we still running in a positive PNL so we will keep this trade too with the same setup and trading idea no changes to be made.




    for now, this will be all, see you later as I might be closing some trades because am seen a better trading setup getting close to being ready on other currency pairs, so I will be closing soon the current trade and be opening others.

    ---------- Post added 04-05-2021 at 03:09 AM ---------- Previous post was 03-05-2021 at 06:13 PM ----------

    AUD/USD, AUD/JPY, GBP/CHF, GBP/NZD, GBP/AUD SETUP UPDATE & TRADING IDEA

    As for the current trades we have in the currency pairs AUD/JPY, GBP/CHF, GBP/NZD, GBP/AUD there s no big movement on them, they are almost as we leave them before but was there some action on the AUD/USD so we will be updating this setup and we will be having a new trading setup on a new currency pair which is the CAD/JPY, so let's see the setup and the trading idea together and the update of the AUD/USD.

    AUSTRALIAN DOLLAR TRADES

    AUD/USD setup update & trading ideas :

    previously we took another trade on the AUD/USD which is a sell position at 0.7763 after the price hit at the resistance area 0.776064-0.776479 and doing a retest to the broken uptrend, the price shows a nice bearish move since then so we will continue in the both trades



    CANDIAN DOLLAR TRADES

    CAD/JPY setup update & trading ideas :

    as for our new setup on the CAD/JPY I have opened a sell position on it at 88.81 with a stop-loss order at 89.41 and a first targeted level at 84.73, the setup is based on a bearish butterfly pattern on the daily time frame as we can see the price reaches the upper level of the potential reversal zone but it looks like it's a fake breakout as we see the price returns inside the zone, another signal for the expected bearish move is the bearish divergence on the RSI INDICATOR at the daily time frame also.
    the expected returns in this trade are very nice as I expected a risk-reward ratio of 1:4 just for the first targeted level and the trade has the potential to get more because we take it at a very nice price.



    The following picture represents the currently opened trades and their results



    Thanks for visiting and supporting friends, see you later when we check what happens with our trades....peace.

    Approved

  2. #692 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    AUD/USD, AUD/JPY, GBP/CHF, GBP/NZD, GBP/AUD SETUP UPDATE & TRADING IDEA

    Hello traders, readers, and the mt5 forum members

    As we know the market has closed and I want to take advantage to go throw last week trading performance especially since this trading journal didn't been updated for 3 days due to a traveling situation and this didn't allow me to follow my trades in a proper way and unfortunately, I face some losses so let's see what happens

    Let's start with a history of closed trade and the opened trades





    So as you see we had the trade of the GBP/AUD and the GBP/NZD hit the take profit level and closed in profit



    And for the AUSTRALIAN DOLLAR PAIRS, the AUD/USD and the AUD/JPY hit my stop-loss orders after we were running in good profits, more the 100pips and just before 15pips away from taking profit order the price turns up against the trade again, and this ok it only means I didn't study my take profit level well and the same thing happens with the AUD/JPY



    Regarding the CAD/JPY trade also it hit the stop-loss order and the pattern failed but we will keep following it it might return to the position where we can sell it again in case the price went below the reversal zone



    And two trades still opened on the GBP/CHF, the trades are running in negative PNL, and actually, I don't see a big chance for the price to go in my favor again, so with the markets opened next week probably I will close the trades on losses



    Performance evaluation:

    the overall performance so far is at medium level, the choice of trades is good the execution is good even the effectiveness of the harmonic pattern is great for now the negative point is setting take profit level order it will need some adjustment in the next trades

    PS: if you can notice we have more losing trades than winning trades for the closed trades so far but if you calculate the outcome you will find it positive and this the amazing thing about having a good risk-reward ratio.

    that will be all for this post, for the next one we will be looking through some opportunities and setups for next week trading sessions as there is many and we will put our trading plan for next week along with our trading goals

    Peace.


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  4. #693 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    EUR/USD & CHF/JPY TRADING IDEAS AND SETUPS

    Hello traders, readers, and the mt5 forum members

    The forex market will open later on today, any forex trader should be preparing for next week's trades and setups, and prepare his trading plan. so I went over some pairs and found some nice trading opportunities for the forex market when it opens in the EUR/USD currency pair and the CHF/JPY currency pair, we will discuss the technical point of view and set up for these pairs briefly along with the trading ideas and trading plan for them too, so let's get started.

    EUR/USD SET UP AND TRADING IDEA :

    With the opening of next week's market, I will immediately execute a selling trade on the EUR/USD as I see a nice bearish set up on it based on 3 technical signs :
    *On the 4hours time frame, the first indication or technical setup is a bearish shark pattern, as the price completes this pattern just as the market closes, so if the market opens with no price gap, the price will be exactly at the possible reversal zone.
    *The second sign of the bearish move will be a nice price action formation which is a pin bar candle at the 1hour time frame, the candle formed exactly at the reversal zone of the bearish shark pattern.
    *The third sign will be at the daily time frame as we notice the price reaches a supply zone which makes a high expectation for the price of the EUR/USD to fall for the upcoming days.



    EUR/USD TRADING PLAN:

    As I said before with the opening of the market I will open a sell position at 1.216421 with a stop loss level at 1.219105 which is 25 pips and the first target at 1.210055 which is 65 pips and this makes the ratio for this trade almost 1:3 just when it hits the first target.

    CHF/JPY SET UP AND TRADING IDEA :

    For this currency pair, we will just monitor when the forex market opens, as my general view is the price will be in a bearish move but no trade will be executed at that moment and I will trade it based on the following plan, but before that let's see why I think the CHF/JPY pair for the bear's ground

    *The first sign is a bearish harmonic AB=CD pattern completed at the 4 hours time frame, but the price passed the reversal level by few pips so we can say the pattern still can be valid.
    *The second sign is a bearish divergence formed on the RSI indicator at the 4 hours and the 1 hour time frame.



    CHF/JPY TRADING PLAN:

    So for trading, the set up is a sell position but it will only be executed if the price goes below level 120.232 again with a stop loss above the previous top the price will be made and a target level at 118.64, the expected ratio for this trade is 1:3.


    Peace.


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