DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Ok so this pair has been a bit tricky for me. A lot of volatility but we can manage. Let's take a look...
Daily:
Ok so on this daily we can see an uptrend since March of this year making higher lows and thus forming a trenline, and after that gap in April the price has shot up to a bit of a resistance level at 1.12777 that has been rejected but also forming support levels at 1.11387 which was rejected on Thursday and Friday.
4hr:
Ok so lets take a look here at the trendline we drew last week. Out analysis last week was Long because of the price was touching the trendline and my analysis was that it would bounce off. So it played out well until Wednesday when there was some mayor news coming out for the Dollar.
Two things happened here last week. I entered a short position on Tuesday which seemed that was gonna play out well, but the news made price hit my stop loss, only to come back, break the trendline and go way past my take profit. So I need to work on being patient, follow my analysis and not stick to the losses.
Now back to the chart, the price bounced off our 1.11387 support to tap the trendline we had drawn and closing the week around that 1.11918 area that was previous support. So now it could be resistance?
I cant give a certain movement on this pair. But I do believe that the price has been exhausted out and we will see the price start retracing on the long run.
Ok so this pair has been a bit tricky for me. A lot of volatility but we can manage. Let's take a look...
Daily:
4hr:
Two things happened here last week. I entered a short position on Tuesday which seemed that was gonna play out well, but the news made price hit my stop loss, only to come back, break the trendline and go way past my take profit. So I need to work on being patient, follow my analysis and not stick to the losses.
Now back to the chart, the price bounced off our 1.11387 support to tap the trendline we had drawn and closing the week around that 1.11918 area that was previous support. So now it could be resistance?
I cant give a certain movement on this pair. But I do believe that the price has been exhausted out and we will see the price start retracing on the long run.
