How are you all? I hope everyone is good and enjoying the weekend. As well as take care of your health and protect yourself from the coronavirus. Everyone has done well during the week and now enjoying the weekend. But it is also essential for us to maintain our trading journal. It is also necessary to spend time with your families and friends on weekends.
My last order was a buy order in GBP/USD. I've opened my position at the 1.3766 price level with a 1.50 lot size. I've risked 40% i.e. about $200 from that trade. Before opening the order in GBP/USD the price was going up. In the 4 hours chart, there was a clear bullish trend. So I've decided to open a buy order.
The price of the Bitcoin pair is unable to hold the last session's high level. The price is trying to go down which can be visible at the 4 hours and 1-hour chart. I've decided to open a sell order when the price started to form lower high and lower low levels in the 1-hour chart. In the 4 hours chart also the price action suggests a clear downward movement.
My trading strategy:
My trading strategy:
From the very beginning, I am trying to trade on support and resistance levels. I’ll try to open orders by looking at support and resistance levels. So my main focus would be to see the support and resistance levels of a particular pair daily before opening any order. In addition, I’ll try to take decisions of opening any order by looking at price action. Most probably my buy orders would be above support levels and sell would be below resistance.
After the market opening this morning, the US dollar index is fluctuating in a narrow range in the hourly frame, near the resistance level of 91.87. After the opening of the market, the price started to decline, completing what it started last week, but what is new today is that the price was able to break the bullish trend line.
Thus, the bullish trend is still continuing for the pair, and with the beginning of this week, the price stability above 110.40 will be a good buying entry area. On the 4-hour chart of the pair, we notice the price movement in an upward direction for several previous weeks, and in the previous week the price started to rise, receiving support from the cloud, then forming a price top and falling, and again the price received support from the cloud, a price peak was formed, and the price fell to the weekly close above the cloud.
Today, GBP/USD moved very aggressively downwards. I traded around 1.3766 level and made a profit of $175 from that one trade. When I saw the market and noticed a change in its direction in a short time. So I benefited then reiterated to close my position.
USD/JPY can have a serious trend movement up to 100 pips, so the question now is, when can we sell it? The 110.10 support is a good target profit in case we sell it before the market closed. If you are a conservative trader, then the 109.90 support is also a good target for swing trading. I'm fairly certain that the 110.50 resistance is the top of this uptrend.
I just opened a new buy position on EURUSD on confirmation by trendline analysis on the 4-hour chart. But in all of them, the movement is going against my trade direction. This trading is considered risky as it is entered from a strong resistance area where many tops were formed during the previous weeks, as we can see on the chart.
EUR/USD corrected shortly after I opened the position, this delayed the rightness of my prediction, yet the market preserves the long-term bearish trend.
I closed a trade on USD/JPY today. You can check my previous post to see my trading plan for this pair. I think the USD/JPY can go down soon to the 110.35 level, but I prefer to stay away for the short term from the JPY pairs. So, my total trading result for today is $29.81, which is good.
New trading opportunity:
The AUD/USD currency pair is trading at 1.7454. An additional signal in favour of reducing quotes will be a rebound from the upper border of the Wedge pattern. AUD rate slightly recovered due to the local weakening of the US dollar in the world arena, but by today's trading day everything has returned to its former positions. All I can say is that if the AUD/USD successfully sets above this resistance level, it will return to the next resistance level. This is increasingly convincing that AUD/USD will be able to continue to fall further down to the next support area in the 1.7380 price range.
I have running positions of crude oil buying from the level of 72.46, and the price of crude oil hit the lowest level yesterday at 72.30. This trade is currently losing 3 dollars, but I have set a profit target of a few points. Also, the price behavior yesterday was a bearish behavior, where the price moved in a downward wave.
I have closed my previous EUR/USD positions with big profits of over $51. I think the closing position of EUR/USD was perfect, but in the meantime, I took a high risk on EUR/USD which also worked properly.
I closed the trades manually after 4 hours of holding them in profit because I was in a buy position, and since EURUSD was bearish in trend.
The market holds a bearish candlestick pattern below a daily chart trendline resistance at 72.50, which is a bullish signal for it. This has initiated the resumption of a bearish trend on crude oil as a bullish candlestick pattern is formed below the trendline resistance, which is a bullish signal for the market. But at that time, the resistance had also deteriorated, and the market price had gone up. Then again made the bearish pin bar pattern at the level price of about 72.60, then I took the sell trade, but at the same time, the second candle made another bullish pin bar, and the market again moved towards the 71.00 resistance level.
This strength affects many pairs, and it affects the crude oil as well. But I don't think the US dollar will be more stable. This area scares me with my trades and account balance. But soon, it made a strong bull candle and broke the 72.80, which's good for me.
I have a single floating trade on crude oil, I bought the pair immediately I discovered that a trendline breakout had happened above the 1-hour chart yesterday. Overall, the weakness of crude oil is seen now. It might come back down below 71.35 soon. Crude oil was my next traded pair, I traded the pair twice yesterday. I will hold this position for a long time until it hits 73.20 today.
The important news like Core Retail Sales m/m and Core Sales m/m data is the most important news for this week, and we have to look for those news effects on the USD index and other USD-based pairs. So I am expecting this data to bring a positive impact on the US dollar.
The trading ideas of crude oil and gold I can share now. It's a slight drop of the US dollar seen today, so a short-lived bearish momentum has already been observed for both pairs. Looking at the daily chart of crude oil, you will see a resistance level of 72.30, and if the breakout of this position happens soon, then I will change my trading plan and go for a long-term buy, and the target will be 73.20.
The last time we checked, the price was holding a strong support zone at 1822. A short-term buying opportunity is here, and a target for crude oil at the level of 72.30 and gold target at 1835 is possible today, but a strong swing back is also possible later on.
Enjoy the trending holiday on a sunny sunny Saturday morning this weekend, friends! How about the final result of the final trade execution that you guys made yesterday? Good luck increasing the accumulated profit! Because even though the higher 92.80 has not succeeded in breaking up. With such conditions, I think the buyer's forces have succeeded in dominating the profit! Then how about the trading plan that you will prepare for trading next week. Because I think higher 92.80 will be easily broken up to become USD bullish foothold next week, which is at least to chase 93.40 resistance.
I continue to hold my buy position on crude oil, the trade was opened on Friday. The trade is floating at a loss of $56, I believe it will end in my favour. Then I'll think of another pair and try to close this trade at a loss. This resistance level can also push the price downwards. Crude oil will have to break it to continue its rapid rally.
Yesterday's decline in oil led to a breakdown of the next support level at 70.40, while volumes continued to increase actively during the decline and breakdown of this level, which indicates further entry of large bears into the position, and the very fact of consolidation below 70.40 opens the way for a deeper decline, however, not everything is so smooth and for the implementation of the decline we need a correction, which today the bulls will try to form. In general, my priority is selling, but at first I will wait for a pullback from the pair to the recently broken resistance level at 72.25, followed by a rebound from it and renewed decline towards targets around the level of 72.47, where I will try to carefully enter purchases with short targets.
There was a very uncertain movement seen in the currency market last week. We are waiting for a new trading week in which we must have a plan to trade by analyzing the chart while the market is closed.
I am waiting to break through that area first, and therefore my entry is considered early. Then the following target will be breaking through the resistance level of 73.50 to confirm the bullish move. The truth is that I have been waiting for a breach of that area for weeks, as I see that the crude oil continues to rise.
Sellers have gone on the offensive on gold, but it is not yet active. This is the third testing of the horizontal support level 1805. There is a possibility to build the support level of the uptrend line several more times and we have already rebuilt it. Now the main thing for the seller is to pass this range with the horizontal support level of 1803. After the breakdown of the specified range in the technical version, it will be possible to look at the testing of the horizontal support level of 1798.
On the hourly timeframe, the price has only been going down since Friday, and since the opening, the downward movement has continued. We are in the buy zone, but I would not rush to buy, it seems to me that the price will still squeeze to the level of 1825, and there it is quite necessary for the price to turn to the top.
So far, the price is under pressure and is not being pushed back at this point in time, so I expect that the price will be lower, and there it will become more interesting, so you can try to buy 1825 , as for me a good level.
After opening market USD index pair, due to the uncertainty of the fundamental background, found itself in a wide triangle of trend lines, subsequently trading with the nearest targets, zones of extreme volumes when exiting in the northern direction, with a test of the upper volume zone 92.90- 93.10, and when exiting in the southern direction, with the test of the lower volume zone 92.75- 92.60, in the very same triangular figure, when approaching the upper border of the time frame- H1 downtrend channel, breaking its upper border, reached the first upper target, having tested the resistance level 93.36, further consolidation behind the support zone 92.85-92.76 will continue the upward movement to the upper edge of the figure, and in case of entering the zone and continuing the movement to the lower border of the channel, it will give a test for the volume zone 92.80-92.88, as the first lower target.
My trade from crude oil is running in loss of $126. I had open my trade last Friday. The immediate target of buyers, I see a breakdown of the resistance located in the area of 1.3897. If the bulls manage to overcome this level, then the growth of quotations may continue to the area of 72.80, 73.20. Happy trading everyone!
Looking at the H4 chart, I want to note the fact that the H4 MACD is making its downward spiral, while the price is decreasing. However, most likely, the price will no longer go down, but we will turn up and the same H4 MACD will give signals to buy a pair today. At the moment there is an upward dynamics along the H4 zigzags, after all, we do not update the low, but the highs are increasing. So today I don't expect two H4 lows to be updated at 1.3740-1.3730.
According to the H1 chart, in general, it turns out that the pair can already be bought out from the current ones, I had a mark at the level of 1.3793, but it may not be taken either. On MACD M30 and M15 there are already signals to buy a pair.
Nothing interesting happens for the US dollar, the price on the 4-hour chart is inside the ascending channel, the pair has not yet reached the lower border of this channel, so it is possible that there will be a slight decline to the level 93.10, from where the pair will turn around and begin to move upward, to the upper border of this channel is towards the level of 92.85. And there may be such an option that the price will go down from this channel, then it is possible that the growth in the pair ended there and in the future the price will start moving down.
My trade from crude oil since last week is running in a huge loss. Currently my loss is $271 I have take a huge risk to open this trade. Frankly, I will close this trade soon because my loss is increasing. Crude oil has been falling steadily since the market opened. I intend to take another position after closing this trade. So let's see what happens next.
As I have explain above that after closing my current position, I will trade again in crude oil. So now I'm making my trading plan for recover my loss. There is such a thing and in fact we can continue the flat movement in this range. A sell signal may follow in the event of a rebound from the level of 67.77, and the market movement does not show that the bulls have any strength to break through the resistance.
True, bears are still quite passive and apparently everyone is waiting for the American trading session and there the volumes will already rise and there may be either a consolidation above 68.83, or an attempt to exit the range with a test of the level of 68.50, which will show the beginning of working out an inverted bowl.
The US dollar, as expected, continues to decline in price, with a squeeze yesterday they knocked out the shortists and we can see the turn of the day already today, the priority of work remains short. Today, for US dollar, it can be seen that trading takes place in the price range of 93.28 - 93.36. If the price approaches the upper or lower border of the range and rebounds from it, a signal can be formed in the form of an entry point, the target of which can be the opposite border of the channel. The implementation of a further decline in price should be supported by a breakout of the support level located at 92.68.
I closed my trade according to yesterday's trading plan. As I mentioned yesterday, if my loss continues to grow, I will be forced to close my trade with $301.
I have traded on crude oil again. I have take a huge risk with 0.10 lot size. After closing my yesterday's trade immediately I opened a new order, now which is running with loss of $5. I will hold my this order for long- term. So let's see what happens next.
Once again, the price got between the levels on GBP/USD. As soon as we hit the price of 1.3600, it will be necessary to buy the currency, and if we hit the price of 1.3681, then we must immediately sell the currency. We hide the stops behind opposite levels. And we will take takes on new fractals. We pull the stop to the place of the newly appeared fractal.
Before opening trades, let's look at mark which I marked on chart. If we see that the colors of histograms are green both above and below the zero mark, then the trend is in the active phase of its movement. And we can use it.
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