Hi dear today journal update number 25
Good afternoon and greetings of maximum handsome profit for loyal visitors of this journal. How are your fellow forum traders here, I hope all is well. As usual this afternoon I will do an analysis and try to use a new variation in the form of limit orders to execute on the market, it is because I cannot be online for 24 hours straight. Immediately, here is an analysis that I will do on several forex pairs.
EURUSD Chart Analysis and Prediction
At the beginning of this analysis I tried to analyze the movement of EURUSD where it was clear that the price was forming a Head and Shoulder pattern, where for the right arm at the moment it seems to have been successfully formed and the price will go to the neckline area. It is in the neckline area that I am waiting for because if it really manages to breakout, the decline will be quite sharp. Furthermore, the Moving Average 200 indicator shows that the price is responding to this area and seems to be bouncing down, of course this is a positive signal because it correlates with the HnS pattern that is formed. However, if seen from the stochastic indicator, the price is still in the neutral area, which indicates that there is still a sideways area here.
H1 frame chartEntering the H1 timeframe, I purposely used additional tools in the form of a Fibonacci retracement here to determine the closest target. And here it can be seen that the price experienced rejection when entering the 61.8 Fibonacci ratio which coincided with the 200 period moving average indicator. In addition, if seen from other indicators in the form of stochastic, the decline from EURUSD will occur immediately because currently the stochastic is in a downward momentum. Therefore, the most realistic opportunity is to sell at least to the 1.1863 level, which is a support area that this pair is likely to reach. Next I will enter a lower timeframe to place a pending order in the form of a sell limit.
M30 frame chart
On the M30 timeframe here, it can be seen that I have made the view of the EURUSD chart easier to see, namely by placing support and resistance areas. For now I have placed a pending order in the form of a sell limit at the price of 1.1902, where this area coincides with the closest resistance of the EURUSD pair. Another reason for placing resistance is because the indicator I am using in the form of a stochastic oscillator is now heading towards bullish momentum. So my estimate is that if the stochastic is at its overbought saturation point, then there is a possibility that the EURUSD price on the main chart will be at the 1.1902 resistance. As for the stop loss I placed around 20pips and taking profit was in the range of 40pips.
GBPUSD Chart Analysis and Prediction
In the movement of the GBPUSD chart for now, it can be seen on the H4 timeframe that the previous price broke the support area at 1.3715 and now the area has changed its function to resistance. And previously it was also observed that the price of this pair experienced a rejection with a very long candlestick just after touching the 1.3674 price area. On the other hand, if seen from the stochastic oscillator indicator, the current price movement is in the neutral area and tends to shift to bearish momentum. So the conclusion here is that I will search for open short positions because the bearish momentum that occurs in H4 is quite strong after it rejects the 200 Moving Average area.
Furthermore, entering the H1 timeframe here, you can see that the price is very respectful of the 30 period Moving Average line that I have attached to the chart. It is also seen that the price will go to the support area at 1.3674. Here, if seen from the stochastic oscillator inditor, the price actually wants to be at the saturation point level of 20, so there is a possibility that GBPUSD will increase at least to the resistance level at 1.3730 which coincides with the MA30 indicator. So the best option is to wait for the price to go to the resistance area because there, of course, I will be able to place pending orders which I will do on a smaller timeframe.
H1 frame chart
M30 frame chartContinuing to enter the M30 timeframe here I have installed a pending order in the form of a sell limit to be precise at the price range of 1.3733. The reason I placed orders there was looking at the candlestick some time ago where the area was identified as having many tails that were rising up. So that it indicates the pressure that occurs in the resistance zone. Besides that, another reason is that the stochastic indicator has started to leave its saturation point and looks like it is going upwards. For placing stop losses and taking profit the same as usual, using 1: 2 risk and reward. Even if the order is not executed this time, I will not mind it because I can look for opportunities the next day.
USDJPY Chart Analysis and Prediction.
Lastly, I have analyzed the movement of the USDJPY currency pair. Seen on the H4 timeframe, I identify a divergence pattern that occurs, where the pattern indicates a reversal of direction. So from that initial identification I then continued to use the Fibonacci retracement to find out where the price stops. My target for the retrace is around 109.36 or it coincides with the 61.8 Fibonacci level. For the closest target, I have assumed it will be at resistance 109.83. So here it is clear that I will search for a buy on the USDJPY pair. Especially the limit order installation due to the limited time I have for trading.
Immediately entering the H1 timeframe here, I tried to lock the price from the swing that occurred and it was seen that the price was forming a conical triangle pattern even though this was still in a premature phase. But if you look at the price that touches the 30 moving average area, it is possible that the price will increase and break the trendline that I created. Because this data is also supported by the stochastic oscillator indicator where it is approaching the saturation point area. Besides that, the lower trendline that I have drawn also shows a candle movement in the form of a pinbar with a very small body. So that on a smaller timeframe then I will do a search to open a buy limit option on the USDJPY pair.
H1 frame chart
Furthermore, we can see the appearance of the M30 which is even clearer where the current price movement is still in the confinement zone of the trendline area. Here I have placed a pending order in the form of a buy limit which I placed in the price range 109.46. The reason I installed it there is because soon the stochastic indicator will be at the saturation point of 80. So it is possible that if it is there there will be a decline. In addition, the use of the buy limit is in accordance with the initial analysis, especially on the H4 timeframe where I have established myself to just buy rather than sell. And the last one is the Unfilled Order area or what we usually know as the Clamp Candle. So, from some of these reasons, I installed it in that area,
30M frame chart
Thank you for reading this journal, then what do fellow traders think about this analysis. Please don't hesitate to share your analysis here, because your analysis might differ from mine. So that there will be knowledge sharing and I can learn from your very valuable and informative analysis.
Have a wonderful day