Profiting from Majorly Crossed

Hello Reader,

Welcome to my thread, this is Sri here!!

The purpose of the thread will be to record my trade setups and to help me interpret the aftermath of the same; while I better my trading method. This will serve as a mirror to my learning and my journey in Forex trading.

I have been practicing Forex trading and various methods for over 8 months now. I had my fair share of profits and losses, on 2nd of Jan I intend to kick start a fresh live account funded with $400; of which I expect to make $4000 over 6 8 month period.

I will be working on all Majors and their crosses with proper analysis and logic posted before entering the trade.
Initial volumes will be between 0.05 to 0.1 with strict 10 20 pip SL values.

EURUSD Analysis :

1.Higher time frames propose a bullish trend with lower momentum

2.The pair seems to have slipped to a lower channel and yet refusing to assume down trend, the level 1.3188 has provided a strong support. Momentum is slow which could also be a result of the holiday season.

I expect the pair to reach for the lower TL marking a new top and turn downwards from there on.

Chart :

http://i.imgur.com/nQCms.png

AUDUSD : Primary Trend Bear

1. Overall Market momentum is supportive of downward movement

2. The pair has broken bullish trending angle recently and also have crossed the support at 1.0390 made by a previous swing low

3. PA suggests a possible retest of 1.0390 and then the pair should resume a down trend.

The market could open with a downward gap moving the markets in the retest area marking the high for the week. We should see a consistent fall in the price till mid Thurday London session by which the market could have reached 1.0300. Friday the market might pick up momentum breaching the lower support at 1.0300 ending the week in bearish momentum

Chart :

http://i.imgur.com/2H2R1.png

NZDUSD : Spotting a Good Buy on H4 & pointing it with M15

1. H4 exhibits a bullish momentum

2. M15 OS & about to make a higher move with support from bullish momentum

Chart :

http://i.imgur.com/5BicS.png

Heyy Buddy ..

Good luck for your new start ...

Looking forward from you ...

Happy Pippin'

-Makz

Closing with 25pips in Bag

Thank you Makzer; I appreciate your support

Pair : GBPAUD
Trend : Bull
Primary Entry : enter @ 2.0035 on a 61.8% fib retrace (if occurred it will invalidate minor wave 1 & 2 Count).
Secondary Entry : Wait for bull candle above Monday high.

Chart: http://goo.gl/HM2dRM

Pair : EURUSD
Trend : Short Term Bull, Marjorly Bearish Market
Primary Entry : enter short @ 1.17260 on a 161.8% fib level (it will validate wave count followed by abc and downtrend).
Secondary Entry : Wait for close below 1.0820 and sell short

Chart: http://goo.gl/inR42E


Note to self - market movement also confirmed by grid and RSI divergence. also looks like a butterfly formation if wave 3 movement fails opportunity to enter a buy.

Entered Buy Trade @ 2.0045

Entered Buy Trade @ 2.0045

Trailing stop loss squared the trade @ 2.0153.

PS: Market has not reached the saturation, awaiting for a re-entry

Notes
The week was successful with GBPAUD adding 136 pips in bag ( could have done better if trail stops were managed well ). EURUSD moved slug paced, though it went in the expected direction had to stay away as the fundamental and technical analysis both claim a bear trend setting in. this could be a possible opportunity for the coming week.


Forecast Vs Market Reality

GBPAUD
Forecast : http://goo.gl/HM2dRM
Reality : http://goo.gl/4SlOSX

EURUSD
Forecast : http://goo.gl/inR42E
Reality : http://goo.gl/ko1sGH


Pointers for next week

GBPUSD : http://goo.gl/wQOPvJ



PS : Wait for the market cycle completion don't withdraw looking at different time frames. learn about trailing profits in MT4 over the weekend.

Took profits on GBPUSD as per previous setup ( GBPUSD : http://goo.gl/wQOPvJ ) on the correction move now placing a new buy - Chart : http://goo.gl/mvBWFd

GBPUSD seems to be on a bullish trend looking at higher time frames; specifically looking at H4 & D1 the trend seems to on wave 3 impulsive move, hence I conclude to trade buy opportunities for a longer run.

New wave count - http://goo.gl/R68rBu