GBPUSD#12 - Day Homework

GBPUSD didn't drop as much as initially expected. What about this now? Still can't catch it's behaviour.

Still will watch out when it nears double-top. There seem to be a strong resistance there.

Short entry possible at 1.5240 - 1.5275. SL 30 - 50pips


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AUDUSD#6 - Position

Big Red L2 seems to be formed now, and a J wave down is on the way.

Now I label again a new small yellow xab from Big Red L2. It seems it's half way C1 now, but there are always opportunities for entries when retracements happen.

Before badminton, the price was hovering around 0.8730 but seemingly on the up. I placed a sell order at 0.8750, which is about the bottom of the cloud and above the Kijun-sen on 1H chart. SL was rather big, just above the cloud. Target price is 0.8735, slightly above 4H EMA200. Small yellow c1 TP is 0.8619.

When I return from badminton games, I was then in the trade, with a little floating profit. (Another sell order for EURUSD wasn't done)

Saw a hammer pattern on 1H chart, was thinking about closing trade and wait for re-entry? Set trailing stop? Move SL? Closing the trade was rather tempting, but in the end I decided against it because:

1. TP is 0.8635, and the plan is still intact
2. It might be just yet another retracement on the way down, with lower-highs being formed along the way.
3. I should try to stick to my plan as my mentor told me (note: however, how do I know my plan good enough?) and pick up more lessons throughout

Finally, as of time of posting, I've moved my SL to 0.8765, day high, and also around the trend line. But my floating profit is only 25 pips now.

Let's see what happen next.

p/s: England won, with much better football this time but still rather dull. The Americans' spirited performance won them a deserved victory and qualification to the Round of 16.


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EURUSD#5

Can say Big Blue J is formed, awaiting a K retracement? Will watch out around 1.2355. But looking at a slightly bigger picture, on 4H chart, there's a bullish cloud ahead, it takes big bang to pierce the thick cloud.

Perhaps a new J should be formed, before it bounces up the cloud in the 4H chart.

On the day chart, Tenkan is turning up approaching Kijun. If they cross, current C2 might have to be rewritten.

Should I call myself timid, conservative, or downright UNSURE? Hm...I am not even sure of the answer... LOL

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AUDUSD#5

Sidewalk continues. Though a good S/R trader might have made a handsome profit, but I'm still on the sideline. On 1H chart, the price is now below the Tenkan-sen and Kijun-sen after a long while. 0.8800 appears to be a good resistance for now. But I haven't got a convincing reason to trade :-S

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AUDUSD#4 - wait

My trading buddy has always been studying this pair.


From 4H chart, Tenkan-sen still moving above Kijun-sen. So it remains bullish for the time being, though the big gap-up today is waiting to be closed some time.

It's currently at fb80 retracement from the Big Red L1 down wave. A reversal can just happen anytime, confirmation will be Tenkan-Kijun crossing.


No bearish cross of Tenkan-Kijun in 1H chart as well.


Tenkan is crossing Kijun at the time of writing, but doesn't look like a steep and convincing cross.

Wait.

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GBPUSD#10 - Day Homework

After breaking a little above last week's high, GBPUSD is on course for a fb67 retracement from recent high. Don't expect it to move tamely to TP of 1.4710 though.

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GBPUSD#8 - Stopped Out

I entered this trade as planned. Shorted it when it closed outside the cloud again. But a quick and sharp reversal happened soon after that.

When I got stopped out, it was actually a nice reversal pattern formed, but didn't go for it as I thought I should not react so impulsively.

One thing about the entry was, the Chikou did not break and close below the cloud. So it wasn't a very safe entry in fact.

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GBPUSD#7

GBPUSD hit TP of 1.4854 last night and started to come down immediately.

A possible retracement is FB67, where Chikou is going to hit the bottom of the cloud and around EMA200 on 1H chart. It's also 20 pips below flat Kijun on 4H chart. Shall watch out for the market direction around that region.

Plan:

1. If 1H price bounces up to 1.4703 (EMA200 on 4H), wait for price to close outside cloud to short, TP 1.4655. But I'll have to see then where a reasonable SL should be, and calculate the possible risk:reward ratio. A no go if it's less than 1:2

2.If price fall to 1.4655, watch out closely if it shows sign to bounce up or going further down. For short, SL around EMA200 on 1H chart, TP 1.4555.

 

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AUDUSD#3 - Sidewalking

AUDUSD has been bullish. In fact, everything has been bullish since last week.

However, AUDUSD is sidewalking at the moment. A ceiling resembling a triple top is being formed now. It will make a decision again. Support and Resistance (S&R) traders will like this kind of pattern very much? Join the ride when it breaks from the ceiling or floor, with SL placed rather tightly back into the S&R region. From the history, this kind of trade will require quite an amount of monitoring as the reward can be small (though windfalls happened at times).

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