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Thread: ChikoOoOo's Trading Journal

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    Smile ChikoOoOo's Trading Journal

    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.

    Important note
    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 weeks 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.

    Name: Gold 4 hrs.PNG Views: 1254 Size: 42.3 KB


    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.

    Name: gbpusd 4 hrs.PNG Views: 142 Size: 43.2 KB


    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.

    Name: eurusd 4 hrs.PNG Views: 141 Size: 45.3 KB


    Last word...
    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.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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  2. 10 users say Thank You to chikoOoOo for this useful post.

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  3. #2 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Welcome to all members and followers of the MT5 forum, this is my second post in the Trading Journal section. Today, I will present to you my technical view regarding the dollar index (DXY) index, as it has great importance in knowing the full picture of the movement of the US dollar against other currencies. But before we start the technical analysis, let's first get to know in a few lines what is meant by the US dollar index and its importance for us as traders in the Forex market.

    What is U.S. Dollar Index...?
    Its abbreviation is USDX, DXY, DX, which is a measure of the value of the US dollar in relation to the value of a group of currencies for most of the most important trading partners with the United States, and the dollar index is used to measure the value of the US dollar against a group of six currencies, namely the euro, the British pound, the Japanese yen, the Canadian dollar, the Swiss franc and the Swedish krona. The value of the index indicates the value of the US dollar in global markets. The US dollar index is similar to other trade-weighted indices that also use the exchange rates of the same major currencies.

    The importance of the U.S. dollar index is that it allows traders to monitor the value of the US dollar compared to a group of currencies chosen in a single trade. The dollar index also allows traders to hedge against any risks that occur in the US dollar. The dollar index is calculated by analyzing the exchange rates of the six major currencies, and the weight of these six currencies against the US dollar and their impact is as follows:

    #Euro: 57.6% EUR.
    #Japanese Yen: 13.6% JPY.
    #British Pound: 11.9% GBP.
    #Canadian Dollar: 9.1% CAD.
    #Swedish Krona: 4.2% SEK.
    #Swiss franc: 3.6% CHF.

    ***************************

    My technical view for the U.S. Dollar Index from 19 to 23 April, 2021
    As you can see in the image below, the 4hrs chart of the US dollar index, we notice that the price is moving inside a downward price wave, but it is mainly inside a clear upward price channel on 4hrs timeframe. From my simple point of view, I see that the dollar index will fall first until it reaches the uptrend line coinciding with the specified area in front of you on the chart, and from there the price begins to rise again to complete the ascending price channel and touch its upper line.

    Name: Dollar Index 4hrs.PNG Views: 135 Size: 42.8 KB

    Conclusion...
    We will facing a temporary decline in the dollar index, which may push currencies to raise temporarily and thus gold rises to the target that you explained in the previous post. Once the price reaches the uptrend line, there is a great possibility of a rise in the dollar index, which negatively affects currencies and gold.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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  4. 7 users say Thank You to chikoOoOo for this useful post.

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    Welcome to all members and visitors of the MT5 forum in my Trading Journal. Yesterday, I recommended three trading opportunities on XAUUSD, GBPUSD, and EURUSD. As you will see, the expectations are going as planned, and the pairs moved as I explained in the previous post, now let's review what happened today on these three pairs and discuss the opportunities available to us.

    Let's talk first about the GBPUSD - 4hrs timeframe
    Yesterday, I recommended that there is a specific entry area, when the price reaches it, we enter into buying deals, and it has happened and the price has reached the target area at a level 1.3940 (+150 Pips), look at the picture below...

    Name: update gbpusd.PNG Views: 152 Size: 43.3 KB

    Now we are preparing to enter a sell position on the GBPUSD pair. Look at the picture below, you will see that the entry area is marked in green, selling will be with a target level 1.3886 about (+100 Pips). The reason for selling is that the price now stands at a good resistance level on the 4hrs timeframe, and also the price reached the red trend line that is clear on the image.

    Name: gbp next deal.PNG Views: 119 Size: 46.0 KB

    As for the opportunity to buy XAUUSD
    In the previous post, I recommended waiting for a slight correction in gold and set an area for entering long positions. At the moment of writing this post, the price of gold is present at the previously specified entry area, so we can now enter a buy position targeting the level of 1788.50 (first target) and the level of 1812.00 ( second target). Do not risk a high lot size, especially when trading in gold due to the high volatility and intensity of price movement.

    Name: update gold.PNG Views: 122 Size: 47.6 KB

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    Welcome to all members and visitors of the MT5 forum in my Trading Journal. Yesterday, I recommended continuing to buy gold from the entry level of 1765 and also recommend entering a sell position on the GBPUSD from the level of 1.3995. As you can see, the pairs moved as expected, so it is my duty to show my profits to all followers, as I made good profits from the XAUUSD and GBPUSD deals, I made a withdrawal request and already received them on Skrill Bank. I would like to thank InstaForex Company and MT5 Forum for their efforts and wish them more success and development.

    Name: 00adfde2523.png Views: 730 Size: 35.4 KB


    Some trading opportunities available for 22 April, 2021

    GBPJPY - Daily timeframe
    The GBPJPY pair fluctuated during the Asian session, especially after the release of mixed data this morning from Britain, and today we had a press conference by the Governor of the Bank of England, which contributed to the occurrence of limited fluctuations between ups and downs. Technically: Yesterday, the GBPJPY pair was able to retest the broken uptrend levels on the daily timeframe, in an attempt to form the right shoulder of the head and shoulders pattern. We are now waiting to break the neckline with a daily candle to enter a sell position targeting 147.300 (Next level of support). If you are using the MACD indicator, you will notice that the pair is affected by the negative divergence of the MACD, please stop the losses when the price breaks through the neckline again.

    Name: gbpjpy.PNG Views: 111 Size: 33.0 KB


    AUDUSD - Daily timeframe
    The AUDUSD pair fluctuated today during the Asian session after yesterday's strong declines, and despite the increase in Australian retail sales today by more than expectations, the pair could not respond strongly to the rise and remained in the range of fluctuation tilted to the decline in light of the scarcity of economic data from the US economy. Technically: the AUDUSD pair rebounded yesterday after reaching the 0.7820 resistance levels, which was able to push the pair down again, and I still expect the pair to record further declines towards the previous lows on daily timeframe, which will be between 0.76069 0.75756 levels, while maintaining a stop of losses above 0.7820 level.

    Name: audusd.PNG Views: 107 Size: 27.6 KB

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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  8. 18 users say Thank You to chikoOoOo for this useful post.

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    Welcome to all members and visitors of the MT5 forum in my Trading Journal. Last week, I gave my opinion on XAUUSD, GBPUSD and EURUSD. Thanks to God, our targets were achieved on the EURUSD and GBPUSD, but gold rose to the level of 1797.00 and then fell again to our specific entry zone between the levels of 1765 - 1768. In this post I will provide updates to the technical analysis of these pairs, all analyzes presented below on the daily timeframe, so you can consider them as weekly trades.

    First: Gold update for the next week, daily timeframe, from 26 to 30 April, 2021
    At the beginning of last week before the market opened, I recommended buying gold from the level of 1768.00 targeting the level of 1813.00. And of course, gold was trying to rise during the week and reached the level of 1797.00, but the US dollar news came on Friday with a positive result, which gave some strength to the US dollar and thus gold fell Again near our entry levels. From my point of view and as you can see in the image below, the situation is still the same. I see that gold is stable above a strong support area and has reached the uptrend line on the daily timeframe on Friday, so my outlook will be to buy only targeting the previous target level of 1813.00, please enter trades with a lot size suitable for your account balance to avoid rapid gold fluctuations.

    Name: xauusd.PNG Views: 249 Size: 32.7 KB


    Second: GBPUSD update for the next week, daily timeframe, from 26 to 30 April, 2021
    Last week before the market opened, I recommended buying the GBPUSD with a target of 1.3940 and selling again, targeting 1.3880. Thanks to God, the goals were reached with high accuracy and we made good profits. In the current week, I see that the GBPUSD pair is still bullish due to the price reaching the previously broken down trend line, in addition to the price now in buying areas on large timeframes, so I only prefer to buy after the market opens, targeting our previous level at 1.4000.

    Name: GBPUSD.PNG Views: 70 Size: 32.2 KB


    Third: EURUSD update for the next week, daily timeframe, from 26 to 30 April, 2021
    Before the market opening last week, I recommended buying the EURUSD immediately without waiting for any corrections. I set an entry zone for buying trades targeting the level of 1.2100. Indeed, the price has reached it with high accuracy and thus it has reached the downtrend line on the daily timeframe, as is evident in the picture below. My expectation for this week is that the EURUSD will rebound to reach our first target at 1.19574. What made me expect to decline is that the price is basically trading inside a downward channel on the daily timeframe in addition to reaching a very strong downtrend line.

    Name: eurusd.PNG Views: 72 Size: 31.4 KB


    Fourth: DXY (UD INDEX) update for the next week, daily timeframe, from 26 to 30 April, 2021
    Last week, I shared my prediction for the expected movement of the US dollar index and made it clear that it would fall until it reached the uptrend line on the daily timeframe, as shown in the image below. What will happen this week, I believe that the price will break the current trend line and continue its decline until it reaches the specified area (support zone), and then it will rise again to test the previously broken trend. In the first days of the week, we will find positivity for the currency pairs and gold (depending on the speed of each pair).

    Name: us index.PNG Views: 71 Size: 39.9 KB


    Important news this week regarding the US dollar
    As you know, my friends, news and economic indicators are the most important factors that move the market, and therefore we have to pay close attention to Wednesday and Thursday, as there are important news that will affect the movement of the US dollar, and thus currencies and gold will be affected. To know this news, see the picture below.

    On Wednesday


    Name: 123.PNG Views: 67 Size: 4.4 KB


    Good luck everyone and I wish you a profitable trading

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    Motivational Post


    Welcome to all members and visitors of the MT5 forum in my Trading Journal. In this simple post I will provide some practical advice for all traders, especially beginners in Forex trading, as we can consider it a motivational post for all respected forum members. I often receive messages containing inquiries regarding the method of analysis and trading in general, now I will tell you about some of the points that I have gained over the years of trading in the forex market.

    This post is not an invitation for Boasting, but rather to motivate beginners in trading and those who constantly face losses and have lost hope in succeeding in this market. Forex trading, like any business, has two possibilities, either profit or loss. As you know that loss and profit are the main pillars of this game (forex), as a trader you should try as much as possible to make your profits greater than your losses and move away from the idea of canceling or avoiding the loss because, as I said, it is considered a main pillar of the trading process.

    Look at the picture below, this is a list of withdrawal transactions from my account in InstaForex Company from March 1, 2021 until April 25, 2021. The total of these transactions is about $ 1,762. One of you may ask me how much is the size of your account balance..? I will not hide a secret from you, my account balance is only $ 350!! Yes, my friend, $ 350. The idea here is not about the size of your account, but it is related to your intelligence, your skill in analysis, selection of entry areas and managing your money in a way that suits the size of your balance.

    Name: my withdrawal transactions.PNG Views: 148 Size: 31.7 KB


    First: The goal is not to boast of a profit, but to motivate the members of the forum
    My goal in this post is to give you hope and optimism in this big market. Yes, Forex is full of risks, but it is up to you to reduce your risks and maximize your profits over time. There is nothing impossible in Forex, everything you dream about is possible, but follow the instructions and laws and try to improve your performance. My advice to every beginner in trading is to write down everything that you encounter in this market, whether in the case of profit or loss. Studying the causes of profit and loss alone gives you good lessons and makes you put your hand on your weaknesses.


    Second: Important points about getting a good bonus from the forum
    I received a lot of questions about how to get a good bonus from the forum. My answer to all these questions is summarized in one word, which the forum administrators always recommend is "the quality of the posts". It is not necessary that you write 20 or 30 posts per day, just 3 high-quality posts are sufficient and that they meet the conditions for writing posts.


    Third: Important points in technical analysis and trading in general
    # You are not required to take all the pips that the price moved during the day, but make the goal of a single trade not more than 30-35 pips at most.
    # Always use pending orders and wait for the price to come into your entry zone, by doing so you reduce your risk.
    # Do not enter large lot size trades, regardless of the size of your balance. If your account is $ 500, use a fixed lot size of 0.03 (30 cents per pip) and last for a month.
    # Make your deals always with the current general trend, you can discover it through the daily timeframe and never try to enter into a reversal of the trend, whatever the circumstances.
    # Set a weekly target and a monthly target, but make your goals and dreams commensurate with your account balance and do not rush to make money, as the money is coming, but in accumulation.
    # Try to specialize in a pair or two at most, so that you are familiar with all the factors and events affecting them, as well as technical analysis for them. Do not distract yourself among many pairs, so that you will not be a victim of bad psychology.


    Good luck everyone... I wish you a profitable trading

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

    Rejected

  12. 18 users say Thank You to chikoOoOo for this useful post.

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