FX.co ★ Lifedoor's - Trading journal

Hello everyone. Welcome to my trading journal update. I hope you are doing well and making a good profit from the price actions of the market. The short-term bears of the US index resumed their downward trend in the open market, and the moving averages broke through the low barrier and crossed the bridge of 112.00, indicating downward pressure in the oversold condition area and may expand the next immediate support at 111.30. A firm break above this lower range will open the door for the bears, and before breaking this level, there will be a continuous divergence below the downtrend line at 110.50, with a close watch on 109.20. Additionally, if the dominant buyers take control of the bullish base and trade above the 50% retracement rally at 113.90, additional growth could challenge immediate resistance near 115.34. Closed trades: As you know, I had buy trades running on the bent oil, and today's market opened with a huge gap and breakout the previous week's top hurdle at 82.20, which will be a strong bullish reversible correction, and additional factors may reach out next possible range of 85.40. I decided to close all these positions with a massive profit of $123, which will also recover previous losses and allow trading in the trend direction of the moving market. The current stability zone will respond to buyers, and overboard conditioning may be printing the bullish base in a specific divergence range of 90.50. If moving price action breakout this barrier, bears may no longer, and other positive vibes may challenge the upper middle band of 96.70.

Today News Events: Today, the "ISM Manufacturing PMI" high-impact schedule for the USD currency and this major news event will fluctuate the US index and related currency pairs.

EURUSD TRADES OVERVIEW: EUR/USD is hovering around 0.9800, and we can see support from last week covering the multi-year lower pivot point at 0.9535; when crossed this lower range, there will be a reversible correction to close above 0.9770. In this case, the dominant buyers remain active and suggest an upside convergence above the next immediate resistance at 0.9990. I decided to enter a buy trade on a long-term reversible trend and wait for NFP data to be released this Friday before breaking the weekly and daily pivot levels at 1.0540. On the other hand, if sellers bounce prices and forecast a possible rejection of the upside bottom at 0.9950, then wait for a confirmation signal below the emergence of a dip in the southern zone at 0.9420, and then take the downside risk with a sharp move within the range of the 23.3% retracement of 0.9220.

Running Positions: