Trading Journal Update: 28 June 2022 Hi guys, how are you? How was your first day of the week? I hope you will have found the entry points. Yesterday's volatility across the market was pretty impressive. I also made a $78 realized profit on the GOLD short trade. The dollar's break below the psychological 104.00 level could provide momentum for the bears to drive a bearish rally to the next psychological level at 103.00. However, overall market sentiment remained negative during Monday's session. From a daily chart technical perspective, the dollar is plunging towards the nearest support area at 103.20-40. I understand we must focus on the US dollar index unless the next decisive catalyst. Only after breaking down the support area can the dollar move further lower. Therefore, we should not rush to sit in sales. Based on my technical calculations, I expect the dollar to find buyers when it reaches 103.20-40, and if so, it could extend the ongoing bullish trend.
Today's important economic scheduled news: The G7 meeting will continue on the third day. In addition to this, we have three impactful economic news today. First, ECB President Christine Lagarde will speak on monetary policy, which will attract a lot of attention from market watchers and could lead to volatility in the euro. Therefore, market participants may panic during the speech. In addition, the CB Consumer Confidence report is to be released, and a value above 106.4 could strengthen the USD against other currencies. At the same time, the Richmond manufacturing index would publish during the New York session.
Closed positions: Yesterday, I opened a gold sell position during the first trading hours of the New York session. As you can confirm with the attachment below, I closed the deal with a decent profit of $78. I watched the gold market for about 20 to 30 minutes straight and finally caught a good sell signal around the 1830 price level. The difference between Stop Loss and Take Profit was equal. So, it was a bit of a risky trade. But I did it and successfully closed with a predefined profit value.
Active positions: GBP/USD: My current selling position in the pound market is the same that I included early Monday morning. The trade hovers around a modest loss of about $3. I hurried a bit in selling the GBP/USD. However, this market depends upon possibilities rather than your beliefs. The sterling market attempted to break the top of the resistance at 1.2330 but has been unable to overcome it.
On the daily chart, the current resistance at 1.2325 is valid. Accordingly, the uptrend will remain limited unless we break above the level of 1.2325. Also, we should pay close attention to price fluctuations. The pair swings inside the trading range of 1.2160 to 1.2330, as I have highlighted in red. However, the only way to deal with these levels is to sell from 1.2330 and buy from 1.2160, which I did.
EUR/USD: The bullish impact on the euro market was somewhat conclusive and solid yesterday. Despite this, I sold the euro/dollar in the open market, which is a question mark? Well, let me explain. Of course, the pair broke the psychological 1.06 barrier, but as you can see, the bears have entered the EUR market. The last few hourly candles are evidence of a resumption of the bullish rally. We observed the failure waves at the end of the day.
Also, the technical indicator RSI indicates a sell signal, as it is close to the oversold zone. According to the hourly chart, I am confident to sell EUR/USD after a reversal pin-bar has formed at the top of the chart, as I have highlighted with the red circle. As expected, the pair is drifting lower precisely and will likely reach my target zone of 1.0520. I placed a stop loss just above the entry point at 1.6050.
That's it for today. Be happy and take care. All the best. 
