Trade of the Day

Enter Long in EU. 

Update (19:09) : Close trade at break-even. 

The bull only starts its move when NY market opens. Guess I have missed the ride. Luck to those who still keeping their long positions. 

Trade of the Day

Entered Short in EU. Hit break-even.

Not much movement in the market today.

Trade of the Day

Blue Line = Take Profit (rate = 1.4700)

Green Line = Trade Closed

Black Line = Entry Point

Red Line = Stop Loss

From the chart, we can see that the opening of London market seem to push the trend of GU in the opposite direction drove by the Tokyo and Sydney market. 

Entry was made when the setup was seen, based from the various indicators. I would not take trend from last week into consideration though, based on 15M chart. 

Update (22:44) : Shifted stoploss to break-even

Update (00:28) : Trade closed at 1.46685

Trade of the Day

Entered short in Eur/Jpy. 

Red Line = Stop loss

Black Line = Entry Point

All Green Line = Closed part of the trade

2nd Red Line = Stop Profit

Blue Line = Take Profit

From the chart, we can see the downwards wave formed, HH-HL-LH. The indicators are showing signs to short too, QQE below 50 and CCI is red. 

There was another signal on the chart too. From the arrow drawn on the Candlestick chart, we can see the price was sloping upwards since the day had started. But when we look at the indicators, both QQE and CCI are sloping downwards instead during that period. This means a negative divergence has formed. 

Stop loss was constantly reset (to stop profit) during the trade to secure my profit, in pre-caution that the price might reverse, for any reason. 

Update (23:02) : Closed half of the trade at price 135.00

Update (23:18) : Closed half of the trade again, at 134.59, near pivot level price

Update (01.16) : Stop Profit Hit

*I do not consider this as a counter-trend trade using the trend from last week as I'm trading on 15M timeframe. News might have affected the currency rates during the weekends. 

Counter-Trend Trade

Blue line = Take Profit

Black line = Entry Point

Red line = Stop Loss

From the chart, we can see an uptrend wave pattern formed with LL-LH-HL-HH, and right after the HH point, the next low happened to be at the price of the previous HL point. From that, I can assume there is a fairly strong support level at that price, thus stoploss had been set few pips below that support level.

However, this was a counter-trend entry. The general trend was bearish today, and I am going Long. Therefore I only entered the market after a support level was formed, for assurance that it is not going to head back downwards easily. 

The take profit level which I had set is very close to the previous high wave point. This is mainly due to the facts that 

1) The trade is a counter-trend trade,

2) S1 level will be acting as a resistance level, and

3) London market will be closing in an hour time. 

Update: Take Profit Hit

Monday, The Day With Questions

Why do I describe Monday as the day with questions? Because we are unable to determine whether the market will be going uptrend or downtrend with technical analysis. The chart we will be looking at for this day is broken, as the door to the forex market has only just been re-opened. 

From the Euro 1H chart on the left, look at the 2 areas on the chart circled in red, we can see a 'gap' formed. This gap was formed when the market re-opened on Sunday evening (EST). Most probably the cause of the gap is due to news reported on the weekends, and having an effect on the currency rate when the market was closed. 

We will be able to have a better look on the gap with the 15M chart. The news that were reported while the market was closed led to an uncertainty on the trend that would be formed when the market re-opens. Therefore, traders would usually avoid keeping their trades open over the weekend, knowing the risk and uncertainty they will be facing. 

*Look at the red trendline on Friday's market. 

If anyone has entered short he would have earned a neat 200 pips or even more. But this sudden great fall was not supported by any news given in ForexFactory.