PRISHA TRADING JOURNAL UPDATE
Hello my friends, readers, traders and members of the reputable mt5 forum. Howís everything going today with you all today? Hopefully everyone is doing wonderfully well and in thr right frame of mind which is required to trade the forex market. Itís been a normal day on the forex market. Iíve had to hold on to my position which I currently have going in the EURUSD pair. This trade which I expected to go in the bullish direction is currently running in thr bearish side and is giving me some losses on my account. Hopefully it will reverse towards my actual prediction. I hope we are having a wonderful day on the forex market. The USDX is currently trading at a price of $92.58 and is having quite a good bullish run which it has been on for quite some time now. I am expecting the USDX to make a fall but probably on a short term move. This move may be profitable for market scalpers which decides on quick take profits and take their leave from the forex market. The USDX may see a drop down towards around $92.20 before we see a reversal back upwards. Take a look at the chart below and let me know your thoughts on this. Iíll be doing some analysis now. But just before that, Iíll like to talk about the news we have today. Letís get to that then.
In the news angle, we have quite a lot of news out today. But majority or even almost all of them are low and medium impact news which have little or no effect on the forex market. But then, the EUR and the USD got in today for some high impact news. We should be prepared for it when the time comes, unless of course, you are so good at trading the news. Other than that, you have to to be careful when taking positions on pairs or currencies that are in the news. Letís take a look at the currencies that are available on the news outlines today. See the pictures below.
Now that we are pretty much done with that, without much delay, letís go straight to the reason for this work. Iíll be doing some analysis on a few pairs this morning. Some well detailed analysis will do as Iíve seen some good works on other journals too today. So letís get to it then. Iíd love you contributions as well. Thanks for these encouragements and contributions youíve been showing on my journal, itís well appreciated.
GBPUSD is showing a very good bearish strength and sellers can take advantage of it as long as the price remains way below the 1.3373 price level. A breakout at the support level located at 1.3674 will push for way more bearish momentum. At this level, sellers of this pair can then aim at the support level located at 1.3588. Breaking this level will allow sellers aim for the 1.3473 price range. But then, a return above the 1.3733 price area, would make this trade a short term one and wonít be tradable in the long term. We have to be watchful, so that we arenít trading against the market trends. Take a look at the chart below and let me know your thoughts on this mates.
EURUSD which I think will make a bullish move can allow for positions taking, if only the price of EURUSD temperature way above the 1.1798 price level. The bullish target will be set at 1.1840. A bullish breakout at this level will boost the bullish momentum and will allow buyers aim for the 1.1866 price level. If we see a breakout at this level too, then our next bullish target will be the resistance level located at 1.1882. Attentions should be paid to the 1.1840 resistance level, if that level is not broken immediately, we may experience a short term bearish move. Take a look at the chart below and let me know your thoughts on this mates.
In conclusion, we have to work harder this week if we know we must make some good profits from it. As traders, we have to pay attention to details in every move we make. The forex market is not friendly and doesnít go so easy on traders, we have to know this and accept it or stick to it. please leave me your thoughts and contributions in the comments section below. Now that we are done with this analysis, itís now up to us as traders to make moves and better our traders. Analysis and predictions may not be a hundred percent accurate. So we have to draw out our plans and work with good strategies. That will be all for now guys. Have a wonderful weekend and show love to people around you and be nice to people you come in contact with today. Enjoy your day and Iíll see you in the next one, cheers.