Steven's Daily Trading

Hi Steven & All

Thanks for stopping by.
What in this thread:
1. Daily Chart analysis and set up information.
2. Weekly Account summary to show the trading result.
Why this thread:
1. To put the price action trading strategy into practice.
2. To build up the trading habit and module that will increase the equity.
How to achieve:
1. Only trade on daily chart. and the trading volume MUST less than 10% of the total margin. This will ensure I can survive from the market swings.
--NO ONE can predict where the price will head to, thus all open orders that greater than 10% will be treated as gambling not a trade order. if for sure the price will go up or down, why don't you put 100% on this order?
2. Always set up the SL for every single trade, I can loss this trade, but I cannot afford to lose this account.
3. Post the daily analysis. even there is no available trading signals, just to ensure closely connect with the market.
4. Post the weekly account summary, to review the strategy, actions during the week, to avoid the impulse buy & sell during the trading time.
5. DO NOT take any actions against H1 & Below time frame.
6. STAY AWAY from the market for most of the day, the prices up & down for no reason, and that's what it operates.
7. To study and share the price action strategy from time to time. to learn and to practice during the trading day.
When:
1. Starting from Nov.1st 2023
Who and where to go:
1. I want to FIRE

WARNNINGS: All INFORMATION IN THIS THREAD ARE PERSONAL ANALYSIS, IT IS NOT A RECOMMENDATION TO TRADE IN THE MARKET, PLEASE MAKE THE DESCISION ON YOUR OWN ANALYSIS.

Nov.14 2023

GBP/USD support level at 1.20348, the pin bar formed on Nov.9th supports the uptrend for next few days. expected the price reach to 1.24325 before pulling down again.
EUR/USD support level at 1.04411, but the price tested 1.06561 for the last 4 trading days. now it shows a weak uptrend. thus expect it goes up to 1.7655 before crushing down again.

Open order
1. GBP/USD: 15K buy at 1.22393
2. EUR/USD: 10K buy at 1.06858

Nov.1st to Nov.13th Account Summary

1. On Nov.1st, Traded some of the orders against H1, and resulting a loss of $170.85, this is the 1st lesson learned for my trading Lifes. always keep in mind that this market will up and down for all the times. If trading on a lower time frame, there will be no clue to buy or sell.
2. Some of the orders was trade on daily chart, and last for few days, it turns out the profit was nice at $300.40.
To sum up the Net profit was at $129.55. and it was a reward of patient.

11/15/2023
Good Morning!
Price surged up last night, which aligned what has been analysis yesterday! Cheers! The order was closed in a halfway. I am satisfied with this result already. Yeah.

EUR/USD new support level at 1.06561, and the short-term trend turn from down to up with the momentum formed last night. But I do not expect price will go higher than 1.09489, it will pull back a little bit before rising up again. I will consider shooting short when the negative pin bar formed. For today, no entry can do.
GBP/USD new support level at 1.21817, with the last 3 lower-low (1.20348,1.20635,1.21817), it shows the short-term trend turned from down to up. and currently it was close to the resistance level 1.25414, will consider riding the pull back in next few days before it surges up again. For today, just site aside.

Gross profit at $313.4, enough for my bread today! Cheers!

11/16/2023
Good Morning!

EUR/USD side walking on this level, cannot break up on 1.09489.
Sold $10K at 1.08569 on H4 time frame as price supposed to down trend at the resistance level.
Sold another $10K at 1.08358 on H4 time frame for the inside bar break out.

GBP/USD
Sold $10K at 1.24447 on H4 time frame for the 3 continual downtrend bars.
Sold another $10K at 1.23824 on H4 time frame for the inside bar break out.

Usable margin 94%. No more order for today!
Peace with the world.

11/16/23


GBP/USD: No price action can be found today. Yesterday two open orders were closed at loss. still got one open short order, just wait.

EUR/USD: Formed a counter trend pin bar last night. so still expecting the price to go down in London / NY times. no action was required during the Asia time.
Yesterday two short orders were closed at loss. Now still go one short order open for the down trend.

11/20/23

GBP/USD: Price bounce from support level 1.23795. now this 1.23795 became a new support for the recent price movement. expect it to go up to 1.25 and above.
So today's trade idea will be BUY

EUR/USD: Price bounce from 1.08304 to 1.8995 for the recent upside. So the up trend was confirmed. So today will go long if price retrace a little bit, and keep the long position until 1.10000

Good luck with the new week!

Weekly summary - W03

Last week ROI 4.86%. Equity increased $91.
There is 14 trades open and close last week, 7 wins vs 8 loss. the result showing that all the impulse set up were fail and eating up all the profit.
Lesson learned for this week: There will be a lot of set up that perfectly suit the condition. Do not waste your bullet.
TDI: Also learned something new from the forum but should be very careful to put into setup before fully understand the Enter & Exit.

Peace with the new week!

11/21/2023
Prices moving toward to next resistance level.
No action required. Just be patient.

Peace with the world.

11/22/2023

The EUR/USD closed with a negative daily chart. thus close the long orders both for EUR/USD & GBP/USD.

The USD/JPY closed with a nice pin bar on supporting level, thus long $10K USD/JPY, and in the same time open two counter trend short orders on EUR/USD & GBP/USD.

GBP/USD expect down to 1.2450
EUR/USD expect down to 1.8304
USD/JPY expect up to 150

11/23/2023
The price was moved as what yesterday expected and no action was required by today. but if the price reach to the target level, will close it tonight on London /NY trading time, and forecast to have the movement aligned with recent trend. then go ride the trend on Friday or Next Monday.

For this week, I stay away from the Forums to keep myself less touch the open trade. There are a lot of analysis that indicate buy or sell in the market, but I yet to know well about it, thus I would like to keep myself simple and clear on the said strategy: To trade only on the daily chart. Just wait the price action set up showing up and setting a trade following the principle. No intervention to the daily trade from below H4 timeframe.

And also careful about the cash management, always keep that in mind, the price will go anyway anytime, if putting all money on one trade, then will risk all my trading life in one night -- No reason to do this.

11/24/2023

Price up and down in a minor range. thus close the counter trend trade. and long EUR/USD, GBP/USD & Sell USDCAD at this moment.

Wait for the price to ride the trend and happy weekend.

Peace to the world!

11/27/2023 Weekly Summary W04

Last week ROI 15.79%. Equity increased $389.
There are 13 trades open and close last week, 9 wins vs 4 loss.
2 of the losses trade was impulse set up for AUDJPY, which should be avoided for 2 reasons: It's not a major pair on the list, and also not a pair on my major list.
Lesson learn for this week: Only trade on daily pin bar or inside bar breakout follow the trend.

11/29/2023

EUR/USD Still on the uptrend. hitting 1.10, and next level will be 1.13
GBP/USD Same trend with EUR/USD, hit 1.20, and next level will be $1.30
USD/JPY reverse to the downtrend recently. hit 137, and next level will be 145

Not able to login to FXCM on Monday, thus switch to MT4 for trading this week

Floating profit $288 want to close at real....hahaha

11/30/2023

Last day of this month, it was the first month that trade every day.
Action for today, close the open orders with $250 for the weekend.
And re-open the order with stop at less than $150. at least I can have $100 to buy food this weekend.

Good luck for the day!

12/1/2023

Yesterday open a few orders on selling the EUR/USD, GBP/USD, and they went up in 1pm local time, so I close the order with loss of $26.
Then while browsing the forums and find out that I should long the order, thus went long for EUR/USD, GBP/USD, however the orders get stop out before the market went against by bet again.
So, I sold EUR/USD, GBP/USD again, and at the same time buy USD/JPY as counter trend, the prices consolidated at this level for two days, and the previous day chart is slightly negative.
Prices still up and down until the NY session at 11pm local time to confirm my set up.
It shows I win around $150 + before I slept.

And today's trading experience teach me again: Trade on the daily chart! and do not blindly set up with unfamiliar technical analysis (that so called TDI setup)

Do the right thing based on my strategy AGAIN!

And for today's trading idea
1. EUR/USD, GBP/USD closed with a huge downtrend bar, and with a floating PL with $100, I can patiently wait for it go further down before bouncing again.
2. USD/JAP, bounce from the down trend, and expect to get higher before downing again.
3. USD/CAD, it formed a big pin par aligned with the trend, thus can go short directly for the NY session to confirm the down trend again, but in the last trade, it when up again before it gets further down after the pin bar, thus I will shoot another order it reverse back to 50% of the pin bar.

It's Friday, Enjoy!

Weekly Summary W05 (11/27/23 to 12/02/23)

Transfer the trading platform to MT4, and the overall profit is $663.
Lesson learned for the week still be only trade on Daily Chart, and trading the daily chart tells you what to do. Do not blindly BUY/SELL with below H4 timeframe signals.
I think that's all enough to apply in the trading life.

Good luck with this week's trading.

12/04/2023

GBP/USD Supporting level at 1.24434, 1.26040. Now the price is consolidating and trying to beat the resistance 1.28419, 1.29902. For this week trading though, it will be on the Long side.
EUR/USD Price formed a nice pin bar at the support level 1.08295 last Friday. Thus expecting price bounce and upbeat the next higher level 1.10212 & 1.11505
Will go long for this week
USD /JPY Price down at the last few hours of Friday. and expecting to further down for this week, thus will sell this pair during the trading period.
USD/CAD same as USD/JPY. there is a pin bar last Thursday, should have catch it. will sell this afternoon in London trading time. and looking at the pass 6 months of this daily chart. this pair perform very well on the pin bar trading. will put more focus on this part from now on.

Good luck with December!

12/06/2023

EUR/USD Price closed bearish bar, forecast to further down, do not buy until obvious upside bar.
GBP/USD Price closed bearish bar, also expect to further down.
USD/JPY Price close positive to upside, keep the long order

On Monday loss $700 for the long order for EUR/USD, GBP/USD. write off all the gain of last week, need to get more patient for this week.

Good Luck!

04/24/2024

EUR/USD counter trend, expect the price move up a little bit to 50% retracement level at 1.0744, supporting level at 1.06006
GBP/USD Same trend with EUR/USD, expect the price move up to 1.25131, support level at 1.23121
USD/CAD on a reverse down trend, expect the price fall until 1.36069, resistance level at 1.38270

It's been a long time that away from the market due to personal reason. try to make my effort back to the field and make a living out of it.

Today would like to go thru the trading strategy for the coming days to avoid the over reaction to the market.

Best Wishes to Me!