Hello Everyone! Welcome to my trading journal update. I hope you are doing well and using the market to break the peak. The U.S. dollar index fell to 103.70 overnight, suggesting a bearish rebound will continue the bearish trend, with another break below 103.00 opening the door for bears near 102.50. Even with strong news data, prices and forecasts could challenge immediate resistance at 104.65 before the daily pivot closes at 105.20. Short-term investors see a possible bullish correction around 105.99 this week.
Today's Economic News Proposed Trades: Looking at today's economic news calendar, I see that some medium too high-affected news will be released during the G7 meeting, which is crucial for forex traders. The market will still be very volatile during the G7 meeting, so use tight stops in your trades. Here's a screenshot of the news released today.
Active Trade: Based on my trading analysis of the gold currency pair, I trade between buy directions. As I expected, the price is trading between the 1830 level. After analyzing the actual factors for the pair, I looked at short-term buying pressure. So I bought gold because it's an average target. I need to run this business for good profits. Labor prices are hovering near the 1820 support level, which is a negative sign for the bulls.
Order Details: Symbol: XAUUSD Order Type: Buy open price: 1824.69 Take Profit: Not Fixed. Stop Loss: Not Fixed. Lot Size: 1.00 Position:- Trade with a loss of of $-47.00.
Close Trade: I placed gold that was traded yesterday. I sold 1832 at 0.02 lots. When the market hits $1824, I take a profit of $16 and close. I know this win doesn't mean much to me, but if I don't, I'll lose a lot. That's why I left.
Trade Details: Symbol: XAUUSD Order Type: sell open price: 1832.76 Take Profit: Not Fixed. Stop Loss: Not Fixed. Lot Size: 0.02 Position:- Trade closed with a profit of $16.24.
EUR/USD Analysis: I've been waiting for Christine Lagarde to come out of her 'coma', but we have seen nothing like this or drastic action. Looking at the EUR/USD H4 chart, we see the pair continue to trade within the formed price triangle until it is broken, and determining the pair's direction is problematic from a technical standpoint. But I bounce off the lower border of the triangle at 1.0565 and shoot north towards the upper border of the triangle, where the intersection with the triangle is around 1.0600. Here, a third consecutive attempt below the 1.0600 level would send the price north towards the recent study high of 1.0780.
Crude Oil Analysis: Crude oil is rising and I can see from the H4 chart it is above EMA 34. Stochastic has entered overbought territory. The MACD indicator is above the 0 level, producing a green bar. Analyzing the charts and indicators, I can see that crude oil will not change direction until it surges to 112.50. I am waiting for a crude oil purchase agreement. I hope my trades will help me reach the take profit level as soon as possible to make a profit.
