Update: I am changing the title of the journal because obviously I am not ready yet for Support and Resistance trading. From now on is mostly DC breakouts with some quick pips here and there.
The price is trading above the MA(200) and the slope of the MA is upwards. The price broke the upper DC(20) and the resistance. Unfortunately the next trouble area is close @1.48 but I believe I can scalp few pips up to there. I entered a pending order but the order got executed to the pip and the price turned around. Not too worrying for the trade but a bit annoying.
The trend is up. The price looks like it is bouncing inside a box. The box is defined by upper and lower swing points. The low swing points are stopping higher every time. The previous day's bar was a big move up. I believe it will have some more steam to reach the resistance. I will scalp conservatively here and will aim for the 0.92500 round number.
MA(200) is starting to look up, the price is trading above it, it broke the 20 days DC yesterday and it close above it. It also broke the previous resistance. Also in the previous days there was a bearish pin bar that failed with yesterdays bar.
This trade failed with -75.4 pips. I don't know the reason for that. Probably not an AAA setup or maybe I had put the stop right to the resistance and not above it.
This trade failed. I think it has to do with the greater resistance marked with the blue box in the attached picture. I had seen that but I got cocky and entered anyway. Well the market is for the humble and the trading gods don't approve arrogance.
Above the MA(200) so the breakout should be taken upwards, yesterday broke and closed above the 20 days high and the previous support, the MA is pointing upwards
The MA is pointing up, the price trades above it. The price broke and closed above the most recent swing point, the previous retrace was a higher low. The price broke the down trend line and stayed above it.
The price is trading above the MA. The MA is pointing upwards. The price visited the area where seems to be strong resistance, it found resistance at the MA which coincides with lower DC(20) and also broke the previous resistance but couldn't stay below it.
The MA is sloping downwards so I entered the breakout with the trend. The area marked in blue has acted as a support in the past so hopefully now will act as resistance.
It seems it has entered a ranging stage. The price has bounced from support with a pin bar and a bullish bar. It didn't touch the lower DC line but the whole area seems like a good support. The TP is set in a place where has been a price flip. Still trading above MA(200)
