Trading Journal Of A Beginner

[Gloria]

The USD/JPY had a really strong up trend, but now we can see that down movement and I guess it's just a little pull-back, so I'm going to go long there.

[Gloria]

The USD/JPY was right in the point of making a pivot when the market closed. I guess there will be a down gap at the beginning of the next week.

 

[Gloria]

The AUD/USD was going down in general during the end of the previous week. The chart will probably continue to go down next week, so we'd better sell there.

[Gloria]

The GBP/USD has pretty clear down trend and we'd better go short on this market right after the opening.

[Gloria]

The USD/JPY pair fell initially during the week but found enough support at the 50% Fibonacci retracement level to turn around and form a hammer. The hammer of course is a bullish sign and therefore I think that the buyers are starting return. If we can break above the 112.50 level the market then goes to the 115 level. Longer-term, I expect bullish pressure but this is more of an investment than a short-term trade.

[Gloria]

The New Zealand dollar trying to rally initially, but found enough selling pressure to turn things around and break below the 0.70 level. On the chart, you can see that the 0.69 level has offered support in the past, as well as the 50% Fibonacci retracement level. So, because of this, I think that the markets probably going to reach lower, but it is going to be choppy between now and then.

[Gloria]

The EUR/GBP pair bounced from the 0.85 level below, turning around a bearish move from the previous week. Because of this, the market looks as if it is going to try to rally from here, reaching towards the top of the symmetrical triangle. On the other hand, if we break down below the uptrend line, I feel the market will fall rather significantly. Either way, expect choppiness, this is “Ground Zero” for “Brexit.”

[Gloria]

Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 107.66.

[Gloria]

There is little to say about this pair except that it has no long-term trend, although it does have a medium-term bullish trend. The price fell in line with the drop in the U.S. Dollar yesterday, but it seems to be recovering from an area close to the nearest support, just above the parity level. There are probably going to be better trading opportunities elsewhere.

[Gloria]

The price consolidated yesterday with decreasing volatility, but has held up bullishly without even returning to the nearest support level at 1.0822, let alone coming close to filling the weekend gap.

[Gloria]

This pair is still moving with quite a lot of volatility. The most interesting feature technically is that the long-term upper bearish channel trend line looks as if it is about to be tested. A break above there could signify that the long-term bearish trend is coming to an end.

[Gloria]

Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7547 or 0.7505.

[Gloria]

Now that the final support level seems to have broken, there is nothing to stop the price falling to new multi-month lows all the way down to 0.9812. This area has been very pivotal in the past, holding up the price over many months.

[Gloria]

Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0822, 1.0777 or 1.0746.

[Gloria]

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0950.

[Gloria]

Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.02.

[Gloria]

 Long entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.00 or 109.41.

[Gloria]

This is how things continue to develop, although the consolidating triangle suggests a directional breakout is on its way soon, although not just yet.

[Gloria]

Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time. Regarding the AUD, there will be a release of CPI data at 2:30am.

[Gloria]

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2772 or 1.2739.