Weekly Analysis on Euro / Australian Dollar: Week 2
Updated
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".
So it's been a long time since I publish anything. But this is a new year and with that comes new goals and new purposes in life. One of my goals is to trade more, to earn back my initial investment in my account and try to at least get some chump change from all this. I had been sticking to one pair which was GBPJPY, and it has worked great for me. But I wanted to deal with a different pair and get familiar with it. I saw some great structure and trends with this pair the Euro and Australian Dollar, and let me tell you it has not been a disappointing week.
So lets get started here with this analysis. I was able to pinpoint movements this week, so lets see if we can get something going this coming week.
Weekly:
Alright so we have here the big picture where we have a support and resistance areas (shown by the arrows).
Daily:
Alright so we have first of all an ascending wedge which we saw break out on October 26th leading to a higher high on December 1st, right at our 1.57321 level.
We then see that the resistance level is rejected and prices drops to break the ascending trendline. But the price has gone back to touch the ascending trendline as expected (I took a trade last night that resulted in profit because of it).
4 Hour:
Alright, so on the 4hr chart is where I based all my trading for this past week. I have drawn a descending trendline, and I took advantage of each time. On our last day of trading this week the price broke that descending trendline and tapped the bigger ascending trendline.
So I believe that the price could move higher next week. Perhaps a big gap at opening bell on Monday. I have support and resistance lines drawn out and will be keeping an eye out on this one.
So it's been a long time since I publish anything. But this is a new year and with that comes new goals and new purposes in life. One of my goals is to trade more, to earn back my initial investment in my account and try to at least get some chump change from all this. I had been sticking to one pair which was GBPJPY, and it has worked great for me. But I wanted to deal with a different pair and get familiar with it. I saw some great structure and trends with this pair the Euro and Australian Dollar, and let me tell you it has not been a disappointing week.
So lets get started here with this analysis. I was able to pinpoint movements this week, so lets see if we can get something going this coming week.
Weekly:
Alright so we have here the big picture where we have a support and resistance areas (shown by the arrows).
Daily:
Alright so we have first of all an ascending wedge which we saw break out on October 26th leading to a higher high on December 1st, right at our 1.57321 level.
We then see that the resistance level is rejected and prices drops to break the ascending trendline. But the price has gone back to touch the ascending trendline as expected (I took a trade last night that resulted in profit because of it).
4 Hour:
Alright, so on the 4hr chart is where I based all my trading for this past week. I have drawn a descending trendline, and I took advantage of each time. On our last day of trading this week the price broke that descending trendline and tapped the bigger ascending trendline.
So I believe that the price could move higher next week. Perhaps a big gap at opening bell on Monday. I have support and resistance lines drawn out and will be keeping an eye out on this one.
Trade closed manually
Alright guys So yesterday I opened up a position at 1.53945 planning to keep it opened all week as I was expecting the price to drop. I closed this morning at 1.53579 manually. I noticed that during the European Session the price was not going to go any lower and took at 1.08% profit. And good thing too. I noticed a descending wedge forming and now it looks like its broken to the upside. So lets see how high the price moves and if it will turn around and become a strong buy or if it will reject and come back down.
Trade closed manually
There it is everyone! What an amazing week of trading I had!
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