I made a mistake with the USD/CAD should be look for buys at 1.2330 (.382 Fib) to 1.2310 (weekly pivot)
Most of my levels didn't come close to getting hit today. I had a 10 pip loss in EUR/USD then got back in and still in from breakout of 1.2735 consolidation under by 1.2742 buy area. The bias is down for this currency today so have moved stop under 1.2745 swing low and target is 1.2795 (few pips away from whole number). I'm also still in my EURJPY buy at 115, may decide to hold and see how it handles the hourly MA at 116. I may not be trading tomorrow so no point doing nightly analysis tonight, will know later. Some days like today the SAFE areas I determine to buy/sell the night before don't get hit due to lack of volatility. Those are my worst days but so far up over 30 pips and think I'll make 80 to 100 if EURJPY continues up to hourly MA and even more if it breaks out over it. May even turn it into a swing trade if it shows little weakness and a tad of strength down here!
Out of EURJPY at 115.95 +95. Done for today. It had a neutral bias, I may be wrong for getting out here but my bias was neutral for this pair.
Ranked in likely strongest to weakest EUR/GBP EUR/CAD Buy 1.5850 EUR/JPY Buy 114.23 to 113.81 EUR/USD Buy 1.2700 USD/CAD Buy 1.2367 USD/CHF Buy 1.1590 CAD/JPY Buy 71.50 USD/JPY GBP/JPY Aggressively sell 130.40 â 130.60 AUD/JPY Sell 60.00-60.10 GBP/CAD AUD/USD Sell .6600 GBP/USD Sell 1.4400-1.4421 if it breaks short fib target up NZD/JPY Sell 48.00 NZD/USD Sell .5292 to .5350
When your analysis is wrong then you need to go with the momentum of the moment and then wait for exhaustion before entering any counter trend trades. In this case the GBP/JPY pairs were stronger than 85% of the rest so that means you have to be very careful doing any counter trend trades. I did lose 25 pips in GBP/JPY at my area last night but then waited for momentum to die. I shorted the 1.382 to 1.618 fib targets and waited for trendline to break before entry with stop over the high and got my loss back and then waited for a retest of the high and then shorted around 133 and got out when the counter trend signals showed up (pink dots). I also took consolidation breakout buy at 2:30am as this was the strongest pair and trend so clearly up. For new traders the absolute best thing you can learn is to take your loss and take it SMALL! You'll never consistently be 70%+ accurate in your trades and some days may be right 30% but if you take enough trades you'll get an occassional 30 to 50+ pipper which will eat up 3 to 5 losses.
hi if you don't mind i attached some of the trades i made yesterday and today. one of the trades from yesterday aud/jpy
and today's trade eur/usd. I trade purely based on price action. higher high / lower high, lower low / higher low. Swing low and swing high, support, resistance. Whenever the price made a retracement, that's when i am trying to enter. i trade only on 5m and 15m time frame.
I'll also add, for what it's worth, that if you're trading gbp/usd, eur/usd, eur/jpy, gbp/jpy then keep an eye on the DOW and the general market sentiment. These currencies have become highly correlated to the main indexes. Looking for key levels, then waiting for a turn in the dow is a good combo. cap'n
For example, as I write 1.2880 is a key level for eur/usd and the dow is overbought on the 10 min macci, so good chance that this support will be breached.