What a good day to do forex trading! I just woke up this morning and quickly checked the forex charts. I know many people will tell you that you should not trade on mondays because a lot of noise going on. But I’m still a new forex trader and just want to learn some experience. Hopefully, the trade I’m gonna show you will be profitable and we learn from each other.
Here is the graph of the chart at GBP/USD pair Feb 8:
I’m expecting a bullish reversal up to later this day but not too much. Probably check it once in a while. I bought 3 lots of it. Why did I chose buy instead of sell? Because there is a fight in the price with is shown by the large pin bar. So I’ll expect it to go up. Not much though but I’ll post the results later tonight.
Update on GBP USD Trade:
Good night guys. I’m about to sleep and just to check my forex trade in the GBPUSD pair. Here is the chart now.
looking good. Hope to continue the upward movement and so I’ll stay in the current trade. My profit so far is:
46.3 Pips or $1,389.00 Profit. Looking good indeed!
Update: Feb 9
Morning once again. At this point, I’m at -18.0 pips.
And a new candle stick is forming. Based from yesterday’s chart, its not much of a difference and I’ll interpret it as something that the buyers and sellers are just equal. There will be a trend forming in the next or so candle stick and I’m expecting it to go up. If not, I’ll just exit the trade if I get below my stop loss of -50 pips.
Update Feb 9 11pm Philippines Time
Decided to close the trade.
Its a profitable trade with 41.6 pips and $1248.54 profit.
This is done in the daily charts. I saw bar A which is a nice inside bar. But the bars next to to Bar A is a trading range. So I wait for a bullish bar to enter.
Bar B is a doji which means bears and bulls are almost equal. But have a potential as a signal to indicate a bullish trend. So I try and wait if the next bar is bull to enter the trade. It proved to be a bull and closed just above the inside bar’s range. So I entered long depicted in the arrow.
As of now, its +63 pips.
More forex trading before sleeping! I’m excited to spot a nice setup on USD/CHF. I just can’t pass this opportunity up before going to sleep. The chart looks like this:
It’s definitely going down. So I made “short” to enter the trade and hopefully get’s back with the results when I wake up by tomorrow. By the way, this is on daily chart. It’s better to trade in this chart for me so I don’t have to be afraid of the noise happening with candle sticks going up and down on fast charts.
Update: Feb 9
Currently at +25.0 pips. I’m short on this trade. I chose short because of the pinbar that’s been in a bullish trend. And I’m quite iffy about the candle that will form today. We’ll see. I see no reason to go long though.
Update Feb 9 Exit Trade
I exit the trade with 63.5 Pips. It’s a WIN.
There is a forming bullish wedge for the GBP/CAD. Confirmed by the breakout of the resistance cloud. You may take a Long position in this. But because of the Chikou (teal line), the next bars might be consolidating bars and probably trying to test the support before going all out on the bull trend.
I’m personally scared of long shadows of candlesticks especially if they are not on tops or bottoms, and the risk with this one if I should go LONG now, is high. As the next support line is far below marked with the red line. I’ll sit this one out until further confirmation, perhaps a price action signal, but the possibility of this going bullish is high. We just need one final piece of confirmation.