MyJournal 05 - 09/02/2024

19 Feb

MyJournal 05 - 09/02/2024

WINS/LOSSES COMMENTS:
- 1st loss, great loss
- 2nd try, high of the week, win

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FUNDAMENTALS:
a) DXY - No specific data, sentiment still rate cut delayed (bullish USD)
b) Other: AUD - (Tues) RBA interest rate non change
c) XAU - XAU strong fundamentally, Lobo Tiggre said 2024 bullish gold in all cases



TECHNICALS:
a) Monthly chart - Bearish, 1st 2nd week buy, 3rd 4th sell (no offer)
b) Last W1 chart - Last candle was pinbar
c) D1 chart - Monday/Tuesday (Weekly typical structure) no data
- Tues/Wed expect to ...no data
- Wed/Thurs/Fri ...no data
*check DXY chart to confirm the thesis, 15M chart- Execute, Breakout/Pullback


TAKING POSITION RULES:
(Normal)
0.25% per position,
1) Daily/Weekly 61.8/78.6 swing, plus all conservative positions.

(Conservative)
1) Monthly 61.8/78.6
2) 2nd try after SL
3) 3rd try
4) 4th try

(Ultra conservative)
1) Monthly 61.8/78.6
2) 3rd try after SL
2) 4th try


ESSENTIAL CONCEPTS:
a) Typical structure - Monthly: Buy Buy Sell Sell / Sell Sell Buy Buy
- Weekly: Buy Buy Sell Sell / Sell Sell Buy Buy
b) Sessions - Asian/London/New York


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
-liquidity 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, NY 9-12PM GMT+8
f) Entry with discount price, use Fibonacci