MyJournal 25 - 29/12/23

1 Jan

LOSSES COMMENTS:
- No volume for GBP this week. Okay win +3%, -1%, +4% RR
- -1%,+4% speculative trade only been taken if this week on win, bounced 61.8,78.6 fibo off the high low of the week

TAKING POSITION RULES:-
1) Tuesday, open only 1 position of all pairs, as weekly structure unconfirm.
2) Wednesday, open 2 positions on Tuesday's losses (if we still expect the same weekly structure). This offers us tighter SL, with greater RR.
3) Thursday, if Wednesday still loss, open another 2 positions on Wed's losses (if we still expect the same weekly structure). Thus, max loss @0.25% x5 = -1.25%, if -6%, still need 5 straight week loss.


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FUNDAMENTALS:
a) DXY: FED rate pause, sentiment continue, 2024 FED expected to cut, bearish USD
b) XAU: XAU strong fundamentally, Lobo Tiggre said 2024 bullish gold in all cases
c) GBP: No analysis, look like no volume

USD SELL, GBP - , GBPUSD BULLISH TECHNICALS:
- Last W1 chart bullish doji, this week still expect bullish at least to 1.29-1.30
- Weekly typical structure, D1 chart Monday/Tuesday bearish to 1.265 – 1.260 before peak & turn
- Weekly typical structure, D1 chart Tues/Wed expect to bull to target
- Weekly typical structure, D1 chart Thurs/Fri expect to bull to target
*check DXY chart to confirm the thesis, 15M chart- Execute, Breakout/Pullback


ADDITIONAL BIAS:
a) Round psychology number 50/00
b) WeeklyTypicalStructure:
-anatomy of candle, price always push to other side first before making real move
-midweek reversalrejection/continuation > BuyBuy*SellSell / SellSell*BuyBuy
c) Daily Candlestick Pattern: doji, engulfing, insidebar/railroad
d) TakeProfit TP / StopLoss SL
Depends on:
-fundamentally / what are the news saying
-liqiudity pool at Daily/Weekly/Monthly where
-averageDailyRange ADR
-catch explosive move only if direction align with weekly high low bias.
Eg. Previous day was bullish doji at daily support & it is mid of the week, do catch today explosive move to next weekly liquidity pool.
e) Entry timing recommendation
-session LONDON 4-6PM, NY 9-12PM GMT+8
f) Entry with discount price, use fib