Welcome to all members and visitors of the MT5 forum in my Trading Journal, I am honored to publish my technical and fundamental analysis of some currency pairs. I have more than five years of trading experience, especially trading on (XAU/USD, GBP/USD, and EUR/USD). In my Trading Journal section, I will present my technical and fundamental analysis of these pairs on a weekly basis with a daily update of the trading opportunities available to us on the other pairs.
My strategy for anticipating price movements
Since I learned Forex, I relied on the laws of the classical technical analysis school, so I use the simplest technical tools to anticipate price movements and directions. You will find all my analyzes based on the trend line, support & resistance levels and strong demand & supply areas on the large timeframes such as daily and 4hrs charts, but for entering trades, it will be on 1hr and 30mins timeframes.
We are here to share our views on expectations of future price movements; we may be right or wrong, because this market is based on expectation. When I post an analysis, you are not obligated to enter the deal with me. The idea in the Trading Journal section is to share experiences and expectations, so you are free to agree or refuse. The most important thing is to enter trades with a suitable lot size for your account balance and to be responsible for entering the market.
Market technical analysis from 19 to 23 April, 2021
From my technical point of view, I see good trading opportunities on three pairs; the following is the technical analysis for each opportunity separately:
XAUUSD (Gold), 4hrs timeframe
As you can see on the 4hrs timeframe, gold is moving in a clear bullish wave. Last week’s close was positive for gold, as the price reached near the 1782.00 level.
Gold is currently consolidating above a strong demand area, which is our next entry level. Look at the chart below and the idea will become clear to you, you will find that we will never enter the reversal of the trend, but we have to wait for the price to reach the specified demand area and then enter into buy trades targeting the level of 1813.00, do not forget to set the stop loss level as shown in the picture.
GBPUSD, 4hrs timeframe
As you can see on the 4hrs timeframe, the last week's close for the GBPUSD was positive and supports the rise to higher levels. Yes, the price has reached the downtrend line, but from my point of view I see that it is a weak trend and the price will break it.
What makes me expect the price of the GBPUSD to rise is that the price is currently standing at clear buying levels on the 4hrs timeframe, as you can see in the picture. What we must do is wait for a slight price correction towards the entry area specified on the image and then enter long positions targeting 1.39900 level, and at this level we have reached a strong support area that may push the price to bounce strongly again.
EURUSD, 4hrs timeframe
The EURUSD is a slow pair, so I always prefer to set long targets (weekly target) when trading it. As you can see in the image below, the weekly closing came above a strong area. From my view I see that the EURUSD will complete the clear bullish wave on the 4hrs timeframe until the price reaches and touches the downtrend line at 1.21000. Do not forget to place the stop loss at the level shown in front of you, as we consider it a weekly deal due to the slowness of this pair.
I will follow up on these opportunities continuously throughout the week, and when any updates happen, I will publish them later. I wish everyone good luck and I recommend that you follow appropriate risk management for the size of your account balance. Finally, do not neglect the use of the stop loss level because we do not guarantee anything in this market.