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Thread: loaded-prof's trading journal

  1. #4811 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    HOW HAVING THE KNOWLEDGE OF THE DAILY RANGE HELPS

    The forex trader should go for everything that would give him an edge when trading in this challenging yet highly profitable market. Apart from being skilled in technical analysis, fundamental analysis and market psychology, the trader needs to boost his chances with a good knowledge of the daily range.

    THE DAILY RANGE DEFINED

    Different assets in the forex market exhibit different price movements which are consistent as per the space covered in a period of time though little differences might be seen in the highs or lows. This space covered on a daily space is what is known as the range. Having a knowledge of this would surely be helpful to the trader as he now knows the probable extent of price movement the asset could cover in a day. For example, taking the year 2020 as an example, the daily range of the usd/jpy currency pair falls around 65 pips, all things being equal, while with the gbp/usd currency combination the daily range is between 110 pips.

    ADVANTAGES OF THE DAILY RANGE

    1. Helps pinpoint entry points: When the trader knows the daily range, he can start looking out for buy opportunities when price gets to the low of the range as well as looking for sell opportunities when price gets to the high of the range.
    2. Helps in setting take profit and stop loss points: The forex trader will be able to set the best stop loss and take profit points to his trades if he has a knowledge of the daily range of the asset.
    3. Helps is setting buy limit and sell limit orders: The trader would be able to set the best limit orders if he has a knowledge of the daily range and from there get the best entry levels.

    HOW THE TRADER BENEFITS

    Though the fundamental analysis traders might not care about the daily range of the asset they are trading, such knowledge should not be ignored by the technical traders, especially the day traders. Being aware of the probable space an asset price could cover in a day gives additional information to the forex trader. This information when combined with the other skills of the trader ensures better trading results.

    USING THE DAILY RANGE WHEN TRADING

    If i were to trade the gbp/usd currency pair with the knowledge that the asset could cover 110 pips easily in a day, especially when ranging, then i start looking out for either the low or high of the range whichever comes first. If price moves to the upside with 90 pips, i place my first entry, an instant sell order. I will then set two pendings, sell limits 20 pips apart. The idea is that in a range bound market, any additional move would not be more than 40 pips, hence my pendings wait here. This gives me an edge in that i get the best entry points and when the trade goes wrong my loss is insignificant. Trading support and resistance with the daily range sure is a very good approach to successful day trading.
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal

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  2. 10 users say Thank You to loaded-prof for this useful post.

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  3. #4812 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    BENEFITS OF THE FOREX TRADING BUSINESS

    The forex trading business is about the best business with great benefits. The participants of the market could boast of the benefits they get through their venture into the business. Though the forex trading business is a high risk business, people most times still opt for the business for the following reasons.

    BENEFITS OF TRADING FOREX

    1. High profit opportunity: The forex trading business is a high profit potential business if the forex trader get the necessary trading knowledge and skills. People normally go for businesses where profits are mouthwatering.

    2. Earning the USD from the market: Since most brokers use the USD as the deposits currency, withdrawal of profits are also made via the USD. This gives a traders in a location much away to the United States of America to have access to the USD. When converted to the trader's local currency, the result is interesting.

    3. Gives trader knowledge of economic events: The forex trading business helps the participants have a good knowledge of economic happenings, social happenings as well as political happenings all over the world. One is therefore not ignorant of world issues.

    4. Employment opportunities: One of the major benefits of the forex trading business is the opportunity of employment. The unemployed could easily get into the forex trading business without anything to hinder them. No need for a big certificate or a big capital, and the trading equipment are cheap and affordable.

    5. Opportunity to trade at any time: The forex market runs 24/7, giving all and sundry the opportunity to take part in the market when they like. This makes it possible for those engaged in other businesses to participate in the market at their spare time.

    6. Opportunity to trade from anywhere: The forex market allows trading from any location in the world. This makes the business an easy one since one could trade from any location whether a village or a city.

    These benefits of the forex trading business makes the forex business attractive to lots and lots of people. Hence you see new participants coming into the business every day.
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal


  4. 15 users say Thank You to loaded-prof for this useful post.

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  5. #4813 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    PRACTICE MAKES PERFECT

    Of a truth the saying, "practice makes perfect" is true! Activities would only be mastered after one has been doing the same activity over and over again. In economics we learn about specialization of labour which is an idea of doing or engaging in the same activity over and over again. When this is the case, the person carrying out the activity becomes experienced in that field. The more he practices the better skilled he becomes. Again, look at a young child just trying to walk. The first periods he falls but after a continued attempt, the kid masters how to walk without falling. And let's look at a young boy learning to ride the bicycle. He does not get it right at the first attempts. It is only after he practices again and again, not discouraged by the several falls, that he gets to master the art of bicycle riding.

    DOES THIS APPLY TO FOREX TRADING?

    Of course, the forex trading business is more of a practical thing than anything else. The forex trader needs to practice over and over again before he could master the forex trading business. This is the reason we have the demo trading account. Forex trading requires consistent practice if success would be achieved. It is quite unfortunate that most forex traders want to bypass the learning and practice part of the business. Little wonder we see many traders losing hugely in the business.

    LEARN, PRACTICE AND BECOME A PRO!

    Traders will be able to become successful professionals if they would only accept the saying, "practice makes perfect." When they learn and practice regularly, they begin to acquire experience which would help them progress in their trading activities. However, for the practice on the demo trading account to be effective, to give the expected benefits, the forex trader must do the following.

    1.Trade the demo with seriousness: Trade the demo with seriousness, obeying and applying all good forex trading rules. Traders pick up trading habits from the demo trading account. Always do the right things so as to acquire the right habits.
    2. Use a demo account with reasonable deposit: Open a demo account with the same amount of capital you intend to deposit. Using a demo account of $10,000 when you will deposit $200 is not good. One needs to be realistic to get the best results.
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal

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  6. 13 users say Thank You to loaded-prof for this useful post.

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  7. #4814 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    WHEN IS THE NEWBIE READY FOR LIVE TRADING?

    The forex trading his is a high-risk his where profit potentials are high, too. The newbie forex trader would not be ready for the real live trading until he has mastered the art and practice of the business. Learning is important, but learning without the practical part would be counter productive. The newbie forex trader would not be ready to shift to the real live trading until he has gained some good knowledge, skills and experience.

    WHAT MAKES A BEGINNER READY FOR LIVE

    The newbie forex trader needs to:
    1.Learning: The newbie forex trader would only be ready to go to live trading if he has learned the forex trader business properly and had gained good knowledge, good trading skills and experience. The skills gained over a period of time would qualify the forex trader for live trading.
    2. When regular profits have been made on the demo: A successful trading of the demo trading account would be a sign the forex trader is set to go live. The trader needs to trade the demo trading account and record regular profits over a long period of time. Rushing through the demo trading account would not see this happen. But when the forex trader diligently practices on the demo, and he successfully made profits.
    3. When demo has been traded for 3 months: Trading the demo should not be a rush rush rush thing. The newbie forex trader should take his time to learn and practice for a minimum of 3 months.
    4. When trader has developed a winning strategy: The newbie forex trader must try to develope a winning strategy so as the be able to tackle the market. Developing and testing a strategy could take time but then the benefits are immense.
    5. When trading capital is available: To venture into the forex trading business, the forex trader needs to get trading funds available. Without that, a trader would not be ready for the live forex trading.

    The aforementioned steps if properly taken would be helpful to the new beginner forex trader.
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal


  8. 12 users say Thank You to loaded-prof for this useful post.

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  9. #4815 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    WHAT ARE THE BENEFITS OF THE TRADING JOURNAL?

    The trading journal is the forex trader's record of his trading activities which provides him a way of going back later to access his trading, evaluate himself and learn about the mistakes in his trading activities as well as the strengths of his trading system/style/strategy all tailored towards improving his trading performance. In short, the trading journal provides the trader a learning tool which if properly carried out would greatly impact the forex trader's trading performance for better.

    The mt5 forum, being fully aware of the importance of the trading journal, devoted a section of the forum to this cause. The trading journal section of the mt5 forum is about the best thing that could happen to forex traders who are truly ready and willing to learn and improve their trading. Below, i will show how this step helps both the owner of the trading journal and other members/users of the forum.

    BENEFITS TO THE JOURNAL OWNER

    1. Seriousness is displayed: Trading forex is very challenging, without having any reason to take notes. By further going into another challenge of record keeping on trading activities, the forex trader shows he means real business. Only the serious forex trader would keep trading journal, especially the online journal since he will be exposing his failures to the public. Being aware of others viewing the trading activities makes the trader get more serious and committed.
    2. The trading journal is a learning tool: The forex trading business is more of a personal thing and practical. By having a trading journal, the forex trader could learn in his own way. He sees the reasons why a trade fails or wins, from where he could learn on the right way to go about the business next time. It is quite easy to remember things when written down.
    3. Helps improve discipline: Since the trading journal would have a trading plan written by the journal owner, a serious journal owner would become more disciplined to follow the trading plan. This way the trader's discipline gets improved. And having a strict discipline is quiet an important trait of successful forex traders.
    4. Good reputation gets built: The forex trader via his trading journal gets followers who show appreciation on his trading efforts. Such appreciations further encourage the journal owner to work harder and improve more on his trading.

    BENEFITS TO OTHERS USING THE FORUM

    1. Opportunity to learn from the trading activities of others: By making use of the trading journal section of the mt5 forum, the user, whether registered or unregistered, learns from both the successes and failures of the different trading journal owners. Learning from the mistakes of others help one to keep guard of such mistakes, the same way the successes help the user learn the good and effective ways of earning success in the business.
    2. Forex copy opportunity without paying commission or fee: The users of the mt5 forum trading journal section have a golden opportunity to copy the trade ideas of the good journal owners for free. Such would have been available for a fee or commission.
    3. Boosts the users confidence in their trades: When a user sees his trades are in the same direction with the trades of a journal owner who has good success rate, the user becomes confident in his trade.
    4. New strategies could be learned: The user of the mt5 forum trading journal section could learn new trading styles, strategies or whatever as he follows the trading journals of the trading journal owners.

    Without mincing words, the trading journal section of the mt5 forum is a huge blessing to the forex world. Whether using the trading journal as an owner or a follower, the benefits are immense and could not be rivaled.
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal

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  11. #4816 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    TRADING FOREX: THE BASIC RULES TO WATCH

    The forex trading business is a high-risk business but the risks get limited when the forex trader applies basic trading rules. Firstly, it would not make sense for anyone to come into the forex trading business without adequate learning and practice, unless the fellow is a joker or gambler. The forex trader has to know the basics of the forex business before going into live money trading. The trader has to know the rules and apply them if he needs good progress in the forex market.

    RULES TO WATCH

    1. BUY AT THE LOW/BOTTOM: If the trader's analysis supports a bullish movement, buying at the low would be the best option. By buying at the low the trader stands to gain heavily if the trade go as expected. And if the opposite is the result, the loss is not much since he entered at a good point.

    2. SELL AT THE TOP/HIGH: Where the forex trader has the bearish sentiment on an asset, the rule is to sell from the top or high. And just like in the previous rule in (1) above, such action makes the trader earn good profit if price goes to the downside. And if the opposite happens, the loss is insignificant.

    3. BUY AT SUPPORT/SELL AT RESISTANCE: In the forex market, price movements seem to respect certain points and when price get to such points, it stops and retraces back. When such a point is arrived at in a bearish market, then it's time to buy and when it happens in a bullish market, it's time to go for sell trades.

    4. SET STOP LOSS TO ALL TRADES: The forex market is a high-risk market. Traders are advised to set stop loss to their traded so as to limit losses in case a trade misses. This is very necessary since no signal or setup is totally guaranteed to deliver the anticipated result.

    5. USE GOOD MONEY MANAGEMENT: The risky nature of the forex trading business requires that the forex trader use a good money management policy when trading. Traders are advised to use a little part of their trading funds in the real trading. By doing this, they make the any loss that arises insignificant. And therefore easily recoverable in the next couple of trades.
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal

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  12. 9 users say Thank You to loaded-prof for this useful post.

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  13. #4817 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, April 27th, 2021




    Greetings to everyone! Hope your trading activities are going as expected. Best wishes to everyone this Tuesday!


    USD/JP buy trade hits TP:$48 booked!



    My bullish sentiment on the USD/JPY currency combination yesterday paid off as the prise rose to hit the target at $108.30, booking me $48! If the bulls successful block declines below $108.00, then we will definitely see further growth towards $109.00.


    Name: 2021_04_27_06.52.09.jpg Views: 163 Size: 79.7 KB



    GBP/USD: Selling below $1.3930


    Based on my observation of the technical formations on the daily timeframe of the GBP/USD currency combination, I am currently bearish on the asset. My trading tools signal the downside in the coming sessions. The commodity channels index is in sell mode, signaling good chances of price decreasing. Coupled with this is the stochastic oscillator which also is in sell mode. From what I see on the chart, price will most likely decline to hit the middle line of the Bollinger band at $1.3833 which when broken could make price decline further with potential targets as low as $1.3700. However, a push above the resistance $1.3930 would negate this bearish outlook and make price push towards the psychological resistance at $1.4000.


    Name: 2021_04_27_07.04.31.jpg Views: 179 Size: 189.9 KB


    Based on the above, I have opened a sell trade on the GBP/USD currency combination. Let's see how it goes!


    GBP/USD Sell trade details

    Entry point: $1.3895
    Take profit: $1.3833
    Stop loss: $1.3935



    Current Running Trades


    At the moment I have a total of 3 running trades. My leftover trades of last week on crude oil and EUR/USD are still running and I will wait a little more to see if they deliver the targets. The third running trade is the latest addition on the GBP/ USD asset. Hopefully, the trades will give me good profits.

    What are your opinions about the trades, friends? Please, comment! Your feedbacks are always of great help to me. And thanks for staying with me. I appreciate you all.

    Trade safely and keep safe!

    Best regards!



    Great Opportunities available with mt5 forum and instaforex!



    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal

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  14. #4818 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, April 28th, 2021




    Greetings to everyone! Welcome to my trading journal this Wednesday.


    ALL TRADES CLOSED;
    $161 PROFIT BOOKED



    I closed all my running trades manually this morning, though a bit early as price kept going in the chosen directions. I decided taking the action as the trades were taking longer than expected to hit the targets. However, I made a handsome profit of $161 from the deals. I am very happy as my demo trading is yielding positive results. My challenge now is in transferring the demo success to my live trading.


    Attachment 368036


    Week 17 bonus credited


    Yesterday, the mt5 forum and instaforex transferred the bonus for week 17 into my trading account, thereby resurrecting my forum account which got margin call last week. I appreciate this generosity of the mt5 forum and instaforex.


    Name: 2021_04_28_08.02.27.jpg Views: 144 Size: 154.7 KB


    I got $8.29 bonus this time and was required to complete 0.02 lot trade on EUR/USDWEEK. I already did that and did some short trades on EUR/USD which netted $8.99 profits.


    Attachment 368042


    EUR/USD: Bulls loading?


    The bearish move of the EUR/USD currency combination seems to be exhausted for the moment. The 15 minutes timeframe and the hourly timeframe signal the upside. Both the commodity channels index and the stochastic oscillator on both charts are in buy modes. From what I read into this technical formation, price will most likely grow to the level $1.2090 in the coming sessions before another decline. However, should the bears successfully drag price below $1.2055 with sustained stability below, then we are likely going to see $1.1990 printed soon.


    Name: 2021_04_28_08.11.12.jpg Views: 147 Size: 183.5 KB


    Current EUR/USD Running Trade Details


    Entry Point: $1.2065
    Take Profit: $1.2090
    Stop Loss: $1.2065

    This is it for now. Let's see how the market plays it. Best of the greens to everyone!

    Trade safely and keep safe!

    Best regards!



    Great Opportunities available with mt5 forum and instaforex!



    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal

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  16. #4819 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    2nd Journal Update, April 28th, 2021



    EUR/USD BUY TRADE HITS TP: $25 BOOKED


    Both bulls and bears are enjoying the movement of the EUR/USD currency combination. My buy trade on the asset yielded $25 profit. Congratulations to those who acted on the prediction.


    Name: 2021_04_28_15.33.06.jpg Views: 218 Size: 17.1 KB




    Buying gold: bullish prospects high


    Based on the technical formations on the 4 hours chart of the gold yellow metal, I see there is a high prospect of price inflating in the coming sessions. The commodity channels index is in buy mode, indicating good chance of price rising. Coupled with this is the stochastic oscillator which also is in perfect buy mode. From what I see on the chart, price will most likely increase towards the upper line of the Bollinger band around $1788. Hence I recommend buying the metal.


    Name: 2021_04_28_15.39.11.jpg Views: 139 Size: 191.5 KB


    Current Gold Buy trade Details


    Entry Point: $1,766.01
    Take Profit: $1,785.00
    Stop Loss: $1,760.00


    Let's see how the trade goes. Thanks for your time and the valuable comments. God bless you all.

    Trade safely and keep safe!

    Best regards!



    Great Opportunities available with mt5 forum and instaforex!



    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
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  18. #4820 You can automatically minimize the read posts in your account in the 'Forum Settings'
    MT5 Maniac
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    Journal Update, April 29th, 2021



    Greetings to all users of the world's best forex community, mt5 forum! Welcome to my trading arena. Hope your trading activities are yielding good results. I made some good profits yesterday, though I closed the trades much earlier leaving more profits unbooked. Well, no one can get it all in this high-risk market.


    Closed gold buy trade in lesser profit

    It was quite a painful experience for me when I woke up and checked the trading platform. My take profit level $1,785 for gold had been touched as price hit $1,789 earlier today. However, the profit was not booked! On checking I realized I had forgotten to set the stop loss and take profit levels. Well, I closed the trade manually! And got $62 profit!

    A lesson is being learnt again: always check to see all is well with the set stop loss and take profit levels.


    Name: 2021_04_29_08.43.20.jpg Views: 119 Size: 16.2 KB



    New trade opportunity on EUR/JPY


    The bulls on the EUR/JPY currency combination are looking exhausted as the momentum is decreasing. I see on the daily timeframe the commodity channels index turning to the downside, giving the early signs of a market about to decline in price. Though the stochastic oscillator is not perfectly in support of a bearish move at the moment, I see the upside is limited. From my assessment of the daily chart, I see there is a high prospect of price falling towards the middle line of the Bollinger band which rests around $130.45. However, a break of $132.25 with stability above would negate my bearish outlook and make the bulls push for $133.50.


    Name: 2021_04_29_09.11.24.jpg Views: 128 Size: 189.2 KB


    Based on the above, I have opened a sell trade on the asset, risking 30 pips to get a reward of 150 pips.


    Current EUR/JPY sell trade details


    Entry Point: $131.95
    Take Profit: $130.45
    Stop Loss: $132.25


    Name: 2021_04_29_09.07.19.jpg Views: 108 Size: 17.2 KB

    Let's see how the trade runs out. Wishing you all the best of the profits this Thursday. Thanks for your support. I appreciate you all.


    Trade safely and keep safe!

    Best regards!



    Great Opportunities available with mt5 forum and instaforex!



    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
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  19. #4821 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, April 30th, 2021



    Hello, mt5 forum community! Hope you are getting the directions right and making the best of the profits! Welcome to the last trading day of the week.


    EUR/JPY trade hits SL:
    $27.48 lost



    My sell trade on the EUR/JPY trade hit stop loss yesterday making me incur a loss of $27.48. The irony of it all was that price began to decline after hitting the stop loss.


    Name: 2021_04_30_05.36.14.jpg Views: 185 Size: 18.0 KB



    GBP/AUD: bears on the go



    Going by the technical formations on the 4 hours chart of the GBP/AUD currency combination, I opted for selling the asset. The commodity channels index is in perfect sell setting, giving good signs of a declining market. The stochastic oscillator is also turning to the downside further affirming the bearish prospects of the asset. From what I could read into the chart, price will most likely fall towards the lower line of the Bollinger band at $1.7830. Only a break above $1.7990 could negate the bearish prospects and make the bulls take over price with possible targets as high as $1.8080.


    Name: 2021_04_30_05.54.45.jpg Views: 115 Size: 188.4 KB


    Based on the above assessment, I opened a sell trade on the asset.


    Current GBP/AUD sell trade details


    Entry Point: $1.7922
    Take Profit: $1.7830
    Stop Loss: $1.7990




    Bitcoin loading the longs



    The cryptocurrency, bitcoin, has remained above $50,000 this Friday. The chances are high that price will be maintained above the $50,000 level. Looking at the 4 hours timeframe, I see both the commodity channels index and the stochastic oscillator are in perfect buy modes. From what the chart reveals, price will most likely rise towards the 200 simple moving average at $57,200 which when broken would expose the level $60,000. However, a break below $52,500 would change the cause of events and probably take price to much lower levels.


    Name: 2021_04_30_05.45.23.jpg Views: 115 Size: 189.8 KB


    Based on the formations on the 4 hours chart, I have longed the bitcoin asset.


    Current bitcoin buy trade details


    Entry Point: $54,181.80
    Take Profit: $57,200.00
    Stop Loss: $52,500.00



    Current Running Trades

    Name: 2021_04_30_05.50.58.jpg Views: 110 Size: 32.8 KB


    Well, this is it for now. More updates coming when good opportunities are sighted. Thanks for staying with me, friends. I appreciate your visits and feedbacks. God bless you all.

    Trade safely and keep safe!

    Best regards!



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    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
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  20. #4822 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Dear Respected Editorial Team,

    My updates below seemed not to have been checked as they were neither rejected nor approved. You may wish to have a look at them.

    1. https://forum.mt5.com/showthread.php...1#post15211434

    2. https://forum.mt5.com/showthread.php...1#post15211582

    3. https://forum.mt5.com/showthread.php...1#post15211760

    I would appreciate if the posts are checked.

    Thanks.
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
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  21. 2 users say Thank You to loaded-prof for this useful post.

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  22. #4823 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, May 1st, 2021



    Happy new month, mt5 forum community! I wish everyone the best this month of May, 2021.



    $150.91 profit booked as Bitcoin Buy Trade Hits Target



    Reference my update yesterday, https://forum.mt5.com/showthread.php...1#post15213226 my prediction of a rising bitcoin price came to fruition and my target set at $57,200 got hit, booking me a handsome profit of $150.91. It's such a good when one's predictions are so accurate as to get the targets hit.


    Name: 2021_05_01_10.43.07.jpg Views: 90 Size: 25.5 KB






    Letfover trade: GBP/AUD



    Right now, I have a leftover trade on the GBP/AUD currency combination, floating in a little profit. Earlier the profit was around $27 before price moved to the upside again. I remain bearish on the asset and will keep holding the trade next week till either the take profit or the stop loss gets hit.


    Name: 2021_05_01_10.44.39.jpg Views: 87 Size: 17.2 KB




    Week 18 Bonus Credited



    Early this morning, the bonus for week 18 was credited into my trading account. Again, as usual, I got a very small amount: $6.42. I appreciate instaforex and the mt5 forum for being prompt on this.


    Name: 2021_05_01_10.43.50.jpg Views: 84 Size: 21.5 KB




    However, i will like to point out that though bonuses are gifts, but when the gifts are too small they never will be of help to the beneficiaries. Instead, they put more pressure on the beneficiaries. We all know the forex trading business requires good money management; but how does one apply good money management when the capital/gift is $6.42? Most times I get forced to use huge lot sizes so as to make some reasonable profit. Honestly, I spend around $30 weekly to be on the forum. Internet charges, running of generating set when the major power supply cuts are expensive in my part of the world.

    While trying my best, as per the rules and posting quality stuff, I hope to be rewarded accordingly. Hopefully, I will have a testimony next week.



    Bulls in control of the USD/JPY price



    The just-concluded trading week saw the bulls on the USD/JPY currency combination pushing price above $109.00. Price topped at $109.36 and closed at $109.34. The bullish formation on the weekly timeframe is a good indication of further increase in the price of the asset in the coming week. Hence i will be looking for buy opportunities on the asset. The commodity channels index is in perfect buy mode. The stochastic oscillator is turning to the upside signalling the upside, too. Further boosting the bullish prospects of the asset is the moving averages convergence and divergence which also is in buy mode. From what I see on the chart, price will be growing towards the upper line of the Bollinger band around $111.45. However, a break below the 200 simple moving average around $108.92 with stability below could make the bears take over with intentions to capture the level $108.00.


    Name: 2021_05_01_10.56.23.jpg Views: 97 Size: 186.8 KB




    USD/JPY Trading Plan for next week



    Buy above. $109.00
    Take Profit: $111.00
    Stop Loss: $108.75



    This is it for today, friends. Enjoy your weekend with loved one. But remember to stay safe.


    Best regards!



    Great Opportunities available with mt5 forum and instaforex!



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  24. #4824 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, May 4th, 2021



    Hello, mt5 forum! Hope your trading is going smoothly? Welcome to my trading journal this Tuesday. I wish everyone the best of the greens.

    Right now I'm exploring 2 financial instruments; selling one and buying the other. Below I give details on the assets.




    Selling Ethereum below 3500



    The ethereum asset made a new all time high of $3,442.95 earlier today and retreated. The bulls undoubtedly got exhausted and chances are high that the psychological resistance $3,500 would hinder further attempts to take price to higher levels, especially in the next couple of sessions. I see on the technical formations on the hourly timeframe a perfect bearish setting. The moving averages convergence and divergence is in sell mode, same as the commodity channels index. Though the stochastic oscillator is not perfectly set for a decline, but is is beginning to turn to the downside, giving the early signs of a declining market. From what I see on the chart, price will most likely fall towards $2,900 in the coming sessions. However, a break above $3,500 with sustained stability above would definitely render this bearish outlook void and take price towards $3,700.



    Name: 2021_05_04_08.45.20.jpg Views: 80 Size: 187.6 KB



    Based on my bearish expectations of price, I have opened a sell trade on the ethereum asset.


    Ethereum Sell trade details


    Entry Point: $3,337.35
    Take Profit: $2,900.00
    Stop Loss: $3,500.00




    Buying USD/JPY above $109.00



    The bulls are in control of the USD/JPY currency combination as long as price remains above $109.00. The technical formations on the weekly timeframe signal an increase USD/JPY price. My trading tools, the commodity channels index and the stochastic oscillator are in good buy modes. From what I see on the chart, price will most likely grow to the level $111.00 in the coming days. Asides the technical settings, the USD is currently stronger than the JPY, hence the high prospects of a rising USD/JPY market. However, should price decrease below 108.75, I would surrender my bullish outlook on the asset.


    Name: 2021_05_04_09.09.51.jpg Views: 79 Size: 199.3 KB



    Based on my bullish sentiment on this financial instrument, I opened a buy position and set a buy limit order in case price declined before pushing up.


    USD/JPY Buy trade details

    Entry Point: $109.39
    Take Profit: $111.00
    Stop Loss: $108.75

    Buy Limit: $108.95
    Take Profit: $111.00
    Stop Loss: $108.75



    Running Positions


    Name: 2021_05_04_09.10.03.jpg Views: 77 Size: 127.6 KB



    Well, these are my picks for the day
    Let's see how they run. Thanking you all for your visits and comments. Do have a great trading day.

    Trade safely and keep safe!

    Best regards!





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    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
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  26. #4825 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, May 5th, 2021


    Greetings to everyone!



    Buying Crude Oil above $65.50


    The predominant trend of crude oil remains bullish as long as price does not break below $65.50. On the weekly timeframe, I see both the commodity channels index and the stochastic oscillator in perfect buy settings. From what I see on the chart, price will advance and approach the upper line of the Bollinger band. The bullish move would see price hitting $68.50 which when successfully broken and stability is maintained above would most likely open the way to the resistance $70.00. However, should price decrease below $65.50, we might see price hitting $64.00.



    Name: 2021_05_05_12.10.10.jpg Views: 75 Size: 185.3 KB



    Based on my bullish sentiment of the crude oil asset, I have longed the asset.


    Details of crude oil buy trade


    Entry Point: $66.16
    Take Profit: $68.50
    Stop Loss: $65.50




    AUD/USD: Bearish below $0.7780



    The weekly timeframe of the AUD/USD currency combination signal good prospects of a decreasing price. Based on that I had placed a sell entry on the 15 minutes chart which shows both the commodity channels index and the stochastic oscillator moving on the downside. From what I could read into both charts, price will decline in the coming sessions. I expect price to fall below $0.7600. But in the situation where the bulls take over the price $0.7780, the bearish move would be negated.


    Name: 2021_05_05_12.13.15.jpg Views: 69 Size: 191.4 KB


    Details of AUD/USD sell trade


    Entry Point: $0.7735
    Take Profit: $0.7600
    Stop Loss: $0.7780





    Running Trades


    Name: 2021_05_05_12.18.58.jpg Views: 63 Size: 28.4 KB


    This is the state of my trading account. Let's see how the trades run. Thanks for your visits and support. I appreciate you all.

    Trade safely and stay safe!

    Best wishes to everyone!






    Great Opportunities available with mt5 forum and instaforex!


    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
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  28. #4826 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, May 6th, 2021




    Hello, mt5 forex forum! Hope you are getting the directions right and making good profits! I wish you the best of the greens this day!



    Buying EUR/CHF:
    bulls on the go!

    .


    The current market scenario of the EUR/CHF currency combination on the 4 hours timeframe supports a growing EUR/CHF price. I see on the chart the moving averages convergence and divergence in a perfect bullish formation. The stochastic oscillator and the commodity channels index are also in good buy modes. From what I see here, price will most likely advance towards the upper line of the Bollinger band $1.1007. A break of this level would make the bulls hunt for $1.1033. However, should price drop below $1.0940, then we are most likely going to witness further declines in the price of the asset.


    Name: 2021_05_06_05.45.06.jpg Views: 69 Size: 190.3 KB


    Based on the above, I have longed the EUR/CHF asset. I expect price to hit my target soon.



    EUR/CHF buy trade details


    Entry Point: $1.0963
    Take Profit: $1.1007
    Stop Loss: $1.0940




    EUR/GBP pushing to higher prices



    The EUR/GBP price is rising slowly. The technical formations on the 4 hours timeframe signal a rising market. My technical indicators, the commodity channels index, the stochastic oscillator and the moving averages convergence and divergence are all in support of a rising EUR/GBP price. The 200 simple moving average is offering a good support to the asset around $0.8626. From my observation of the chart, price will most likely push up to hit the upper line of the Bollinger band at $0.8700. However, a break below $0.8605 and stability below would lead to much lower price levels.


    Name: 2021_05_06_05.44.51.jpg Views: 48 Size: 193.8 KB


    As a result of my bullish bias on this asset, I have opened a buy deal on same. I believe I will achieve my target on the trade.


    EUR/GBP buy trade details


    Entry Point: $0.8630
    Take Profit: $0.8700
    Stop Loss: $0.8605



    Current Running Trades


    Name: 2021_05_06_05.45.46.jpg Views: 43 Size: 36.1 KB


    The above shows the current state of my account. Let's see how the trades run out.

    Thanks for your visits and support. I appreciate your valuable comments as they are a great help to my trading. God bless you all.

    Trade safely and stay safe!

    Best regards!






    Great Opportunities available with mt5 forum and instaforex!


    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal

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  30. #4827 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Journal Update, May 8th, 2021




    Happy weekend to everyone!

    Shortly before market closed yesterday, I took some trades on the GBP/USD, EUR/ USD and AUD/USD currency pairs based on the following observations on the assets.



    GBP/USD: $1.4000 resistance holds



    The bulls on the GBP/USD currency combination pushed price above $1.4000, though the momentum faltered thereafter. On the hourly timeframe, the technical formations signal the downside. The commodity channels index, the stochastic oscillator and the moving averages convergence and divergence are all in sell modes. From what I expect from this kind of a setting, price will most likely decline in the coming periods when market opens next week. There is a high prospect of price falling towards the 200 simple moving average at $1.3900. Only a break of $1.4020 and stability above could negate the bearish outlook and make price advance further.


    Name: 2021_05_08_11.26.24.jpg Views: 392 Size: 89.3 KB


    Based on the above, I have opened a sell trade on the asset where I am risking 20 pips to gain 100 pips.


    Details of the GBP/USD sell trade


    Entry Point: $1.4000
    Take Profit: $1.3900
    Stop Loss: $1.4020





    Selling the AUD/USD below $0.7865



    On the hourly timeframe, the AUD/USD currency combination is looking to go to lower levels. The commodity channels index and the stochastic oscillator are both in bearish modes. Further strengthening the bearish prospects is the moving averages convergence and divergence which also is in sell mode. From what is evident on the chart, price will most likely decrease towards the 200 simple moving average which rests around $0.7757. Hence selling the asset towards that level seems the right thing to do now. However, should price inflate to $0.7865, I would surrender my bearish outlook since such a scenario would push price much more to the upside.


    Name: 2021_05_08_12.16.19.jpg Views: 25 Size: 197.6 KB


    My bearish sentiment prompted me to short this asset with stop loss of 14 pips and target profit of 91 pips.


    AUD/USD sell trade details


    Entry Point: $0.7851
    Take Profit: $0.7760
    Stop Loss: $0.7865




    EUR/USD: Bearish below $1.2195



    I have gone bearish on the EUR/USD currency combination based on my assessment of the hourly timeframe. On this chart, we see the commodity channels index and the moving averages convergence and divergence in sell settings. And although the stochastic oscillator is not perfectly set for a decline, it is beginning to turn to the downside. Price will most likely drop towards the middle line of the Bollinger band at $1.2107 who when broken would most probably make price decline further, towards the 200 simple moving average at $1.2064. But in the situation where price grows above $1.2195, then more price increases would be expected.


    Name: 2021_05_08_12.25.54.jpg Views: 24 Size: 193.1 KB


    Again, I have shorted this asset, risking 29 pips to gain 96 pips.


    EUR/USD sell trade details


    Entry Point: $1.2166
    Take Profit: $1.2070
    Stop Loss: $1.2195





    Current Running Trades


    Name: 2021_05_08_11.04.18.jpg Views: 24 Size: 25.6 KB




    Well, here now is the current situation of my trading account. More updates coming shortly. Thanks for staying with me, friends! Enjoy the weekend with your friends and family. But remember to stay safe!


    Best regards!
    Kindly read posts so your contributions could be helpful. Your contributions will then be highly appreciated. Thank you!
    https://forum.mt5.com/showthread.php...rading-journal


  31. 12 users say Thank You to loaded-prof for this useful post.

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