High Quality FX

Hi, I have been trading demo for 4 months now, jumping from brokers to brokers, platforms to platforms, systems to methodologies and feeling impulsive to completely irrational. If you guess that I am not making consistent profit, you are right.
Most of my trades are lost due to impatience and I feel like i have what it takes to actually be a profitable trader, I just need the holy grail ... of patience and discipline.

And that is why i started this journal. In here, I will perform my analysis and plan my trades of the week. I will be focused on high quality trades, and with the decision to actually follow my plan.

I have only 2 trading rules at this moment

 

1. Only 5 Trades a week.
2. Strictly adhere to the trading set up rules of the system I am employing at the moment.

My analysis will be composed of
Elliott Wave Analysis & Support Resistance Price Action

So let the fun begin!!!!!

The Dollar seems to have completed an large degree impulse rally, and now, based on my count, I expect a little correction to the downside, this means that dollar strength will weaken as correction wave sets in. During this time, to be on the safe side and being quality oriented, I will not be trading, instead, I will wait for the correction to finish so I can buy on the dips, and trade in the favor of dollar strength.

On the Dollar Index, a level I will be watching attentively is the 79.5 level. this is a potential support level in my opinion and I will watch for dollar strength to set in, if this level does not hold, I assume that dollar is in a larger degree corrective decline which may lead the dollar to fall across the board further south.

If in the Next week, dollar breaks above 80.5, I will look for long opportunities for in favor of the dollar

Dollar/CaD

Based on my Elliott Wave count, a 5 wave impulse wave have finished, this means that the general trend for this pair is up.

I predict that the pair will continue lower next week, and a key area to watch for is 1.0435 - 1.0400 . not only is this a 61.8% retracement of the impulse wave, it is also coincide as the potential support level.

I will be watching this level and look for possible reversal price action such as classic candlestick patterns of pin par, engulfing patterns, etc.

If price break below 1.0435 - 1.0400, I will look for future rebounds at 1.0200

if price breaks above 1.0565 decisively, I will consider the possiblity that the correction is over, and the CAd is on another impulse wave up. in this case, I will be looking for long opportunities

Dollar/Swiss

Based on my Elliott Wave count, There are 9 waves upward, meaning that an impulse wave to the upside have finished, the 9th wave is also a ending diagonal, which further reaffirms my view that dollar is entering a corrective downward phase, and the subsequent drop maybe even sharp and deep.

Yet, because I believe that in the long term the dollar is still in an upward phase, I will also look for long opportunities on this pair, and reversal signals will be closely watched at 1.0625 level, 1.0490 level, 1.0375 level.

If the Pair breaks above 1.0850, My count will be invalidated, implying that there is no ending diagonal.

Euro/Dollar

Just like the Dollar index, and swiss francs, the Euro have 9 subwaves to the down site with an ending diagonal as the final wave. along with divergence, I believe that in the next week, euro will see some fairly major retracement.

I will be watching the level 1.3830, level 1.4025, level 1.4200 for reversal price action, and shorting the euro.

I believe price is unlikely to continue downward without seen some major retracement, If price breaks below 1.3500, My count is wrong and I reassess and look for further shorting opportunities on this pair.

Yes high quality analysis based on price action.

But are you converting high quality FX analysis into a small bank?

come back in a week, as i paste my results, then make your judgment