Thread: Perstomans T. Journals

Weekly
Weekly chart, without any doubts, seems bearish.
Last week candle engulfs almost 9 preceding candles(2months worth).
This strong bearish candle could signify the retracement upward from 1.48 to 1.55 has ended and the down move will continue in the coming weeks.

Daily
Daily chart looked 200% bearish until early Friday when G/U was sitting at 1.44-5levels, and that I did anticipate the price to keep under 1.48 support/resistance level. But, it was again a weird Friday and the price bounced up fast ending the afternoon with a very bullish candle. I would like to emphasize on how the price remained above 1.48level, which for me is a really important amount to watch out. This may reevaluate what I have cited in Weekly analysis the price could move reduced in the coming weeks. Depending on the daily chart, I'd stay bull biased.
Decision My random thought=gt;How about that I presume that during last Friday, G/U has never crossed under the 1.48level and suppose it bounced exactly from that level. Then I think G/U is in the shape of inverted cuphandle formation. That I'm not quite familiar with, but might be a possibility. If that is the case, then G/U could retrace up 2-300pips before continuing its free fall.

Hourly
I have a simple trade plan on Hourly chart. If Sunday nite's open price stays above 1.48amount for first couple of hours, then I will enter a long position aiming for 1st target of this descending trendline and 2nd target of 1.5137ish.
Or when the price stays below 1.48level and PA appears to be losing bullish momentum, then I will enter a brief position, targeting the prior low.
*However, as I have mentioned previously, I would like to stay bull biased.



**This is my very first real analysis and that I do know I have a lot of space for advancement in my analysis. So, plz criticize me and allow me to know how to improve this and get on it!!

Due

Sometimes it's better to stop trading and get some rest

G/U has broken the ltl also it's dropped 50pips from that point.
But, I didn't enter this short position, since I'd feel safer to await a retest and enter short afterward.
Not sure if there is gonna be a pullback, but it's a plan for me personally

Chart attached reveals where I want to short G/U

Originally Posted by ;

G/U has broken the ltl and it has dropped 50pips from there.
But, I did not enter this brief position, because I'd feel safer to wait for a retest and input brief then.
Not sure if there is gonna become a pullback, but it is a plan for me

Chart attached reveals where I want to brief G/U

*short position entered at 1.4772 (2lots) SL in 1.49

Originally Posted by ;

*short position entered at 1.4772 (2lots) SL in 1.49

Closed short at -4pips

Not feeling good about this short....rather be entering a long position.

Originally Posted by ;

Okay
My chart does look very unprofessional, however I will try to improve it later on.

Strategy for G/U:

No doubt I need to stay bearish on this pair, in addition to E/U, however I really do see price heading back up to test the supply zone indied by blue rectangle.
I shall enter 2 long orders as declining trendline breaks with stops just below the previous week low.
1st TP is 1.473 and 2nd TP is 1.48

As price rolls each TP, I will shut 1 lot at a time and place a market order.

Well G/U is currently revealing weakness and this maybe a sell-off.
I must have remained with my egy of selling when reduced the minimal trendline broke, but could not get over my prejudice of longing everything. . .feels terrible to begin the week with enormous loss.

Same lesson learned: Stick to your chart and your trading egies! Damn it

Ideas on E/U:
Interesting to see it's holding up relatively well in contrast to Pound. But, trendline on 5m chart was brokend and retested, so I will stay bearish and have shorted 5lots.
SL is placed little above today's high.
Once we break 1.233stage, which was the smallest of 2008, we'll see lower for this pair.


Decision With this week and coming months, I will try more shorts afterward longs. Not just because market condition is bearish, but I need to become comfortable with shorting...(I am very comfortable with yearning, but shorting still disturbs me!!)

It's very unusual to see crazy volatility throughout Asia open, but it does occur like yesterday.
I meant to write this article last nite, but got lazy and all tired...

So here's basically what happened.
Initially , I had plans for the two E/U and G/U, but as usual, I dismissed my plans and did what I do....jumping into random opposite trades.
In less than 2hrs, I was down a lot, nearly 15% of my whole account.
I needed to receive my mind straight and began to short both E/U and G/U, that was a great success at the ending. I recovered my loss and was up at the end.

Well, I am proud of the fact I did earn profits last nite, but'm not proud for trading too much. I should only trade high probability trades...

Seriously I need to calm down
No more huge losses for me from now on

1. Risk just around 4 percent per trade
If $2000 account, then enter a trade with no more than 0.08 lots

2. Just enter once I see a breakout
I'm good at inputting breakouts

3. If I don't see decent R-R, then I'm not entering a position

4. Greed is great, but do not become greedy over FX trading

5. I am going to double my account from mid July!

Right now I have little over 2k in my account
I'll be turning this account into 20k account soon
Maybe it'll take more than a year, but nevertheless that'll be good

Everyday, I'll update daily result.

I understand I can do it

It is always too easy....either down or up.
But it's always damn overly hard to make a right choice.

Looking at U/Chf chart, I feel it could go either way.
If it is a bull flag forming, then it could take up another 100pips out of here.
But, if it's getting rejected in the trendline, then it will go down to the this week's support zone.

Decision What I am expecting:
U/Chf is going to have to examine the trendline at least a while.
I will short as price touches the trendline. However, if it breaks the trendline, then I'd reverse my position in the retest.