Jack.Canadia's Trading Log

After a long break from trading, I am back at it. This journal is different from previous journals in that I have included a snap shot of my trading account.

I will post analysis on almost any pair, but mainly the majors. My analysis will include my plans for trading, if any.

I do not use fundamental analysis. My trades are based solely on technical analysis.

Each pair may have any combination of the following indicators on the chart:

SMAs (21, 55, 200)
MACD (12,26,9)
Daily Pivots
Fibonacci Retracements

GBP/USD Short Trade


Daily Chart
After reviewing the chart I have posted, I am looking to short in the area of the daily 200SMA, white box (possible left shoulder of a H&S pattern), and 61.8% retracement of the move downwards to 1.5400. This low at 1.5400 is a new low on a recent upswing, and thus favors a short trade.

4-Hour Chart

In the area of the white box drawn for the daily chart, you can see that price flirted with the 1.5620 area (61.8%) for a bit prior to breaking through it on the news from the fed. This adds significance to the area.

Hourly Chart
This is just a close up, but it is noisy. Of note is the hourly 200SMA at 1.5630 and the down-sloping trendline around 1.5580.


Trade Summary - SHORT GBP/USD

- Recent uptrend halted with news from fed.
- Support found at 1.5400, corresponding to a new low (a "lower low"); Also an area of prior congestion
- Looking to short on a retracement up to key levels:
1.) H1 200 SMA = 1.5630
2.) 61.8% = 1.5620
3.) Daily 200 SMA = 1.5600
4.) Trendline from possible H&S pattern = 1.5580 +/- 10


- SHORT @ 1.5615
- STOP @ 1.5674
- TARGET @ 1.5325

You can follow my trade, if taken, in my trade explorer.

Order cancelled.