Trading Journal Update: 12OCT2021
Hello my dear friends, how are you? Hopefully, you are having a good time with the MT5 forum community. How was been your first trading day of the week? Yesterday, the market was a bit sluggish throughout the day, even in all trading sessions. Today the market participants are awaiting the price action impatiently, hoping in the London and New York session.
Update Of Ongoing Trades:
My present gold position is floating in a bit of an $8 profit. I am convinced yet on the previous management of TP and SL. My trading plan remains intact regarding gold trading, so everything is under control, and no further action is required. Gold rallied a bit lower in the first trading hours yesterday, then has returned upward. Today, I expect the pair will resume the bearish trend after a bit of price correction.
In terms of economic events today, the microeconomics calendar has some US trading news. I am a seller of gold, so the US trading news directly concerns my floating positions. The common sentiments of this news are mixing, so the market is likely to follow the central trend directions. Thus, I can expect fruitful trading results in today's trading range.
Update Trading Plan Of EUR/USD:
The pound/dollar has traded sluggish, following the bearish path yesterday. The trading plan dynamics are almost the same as previously. However, I think it is necessary to update with some vital points. The price remained under the shadow of Friday's daily candle and traded inside the 35 pips range yesterday. I think those traders who are ready to trade should wait until the price defines the trend location. The right way to make a profit may open positions at 1.1585 that are ready to sell.
As far as scalpers are concerned, the pair is trading in the range between 1.1530-85, so they can sell at the upper limit of 1585 and buy from the lower limit of 1.1530. The bulls will also get the advantage soon as the prices have reached the bottom on the H4 price chart. Therefore, I anticipate that the prices will most likely start a bullish rally sooner or later. The long positions will gain attention if the prices consolidate above the resistance level of 1.1585.
Lot-size: 0.01 or as money management rules.
Trading Time: London or New York session.
Trade Idea: Sell Below 1.1530
What are your opinions regarding my existing position in gold? Is it going on the right track, or need to change the trading plan? Please share your thoughts using trading skills. I hope you will give a positive response. Remember me in your kind words. Have a pleasant trading journey.