AUDUSD journal

EURGBP short 0.01 lot

GJ hasn't moved much early Asia but it is moving up now 5:00GMT. I won't be trading this until London open.

So I closed my EURGBP short few minutes after UK service PMI release after seeing sudden surge of EUR, the number came in a lot lower than expected that explains the sudden surge but the it didn't hold up. Now I'm cursing myself for closing that trade.

From now on maybe I shouldn't even bother checking calendar if I'm entering on 1h or higher TFs. It's not helping me in any way, so I don't see why I should keep checking the calendar and have to be update with the fundamentals. They distract me from trading and from following my plan.

It's Monday and DAX is closed for the day I tried scalping GJ on minute charts hoping I'd get a clear direction from 8:30GMT London but GJ has been going sideways since however I do see a buy forming on 1h. So I might just get in that trade.

That's all for now, its been an uneventful day as mondays usually are especially with DAX closed.

Btw I realised that trends from fridays usually carry on on mondays. Look at EURAUD its been going down still, so I'm thinking if I opened a trade on friday I might just keep it going through monday unless otherwise.

UK election is due Jun 8th I believe so I also will be cautious around pound or euro crosses they're my main pairs, so I don't know how cautious I'll be but that's definitely something to be aware of even if I decide not to check the calendar for PMI and CPIs. Election is a big deal. So that's that.

On GJ long beware as last fridays bears might still be in play.
(GJ on daily 200EMA) so I'm expecting a bullish week for GJ.

Not opening anything for today.

But I'll be hanging around the charts.

EURGBP just hit my target.

Just a reminder once again don't be so obsessed with calendars. Don't even bother checking them if the setup looks good, just take it and stick with your SL and TF.

EURAUD long short that I got out when it was around +10pips for fear of price going against me since it was friday.
Guess what ?

Its gone down, free fall since early asia 8:00 +8UTC.

So here's how I'll be playing the field when I'm trading 1h charts.

- Don't trade on last days of the month. Month end fix, they're just not worth it take a day off.
- If major markets are closed UK and US I'm going to be taking a day off as well
- I don't care whats on the calendar, even if its high impact as long as the setup looks good I'm in with SL of course
- Always, always stick with your SL and TP
- Once a trade is on don't keep checking on every 30minutes. Just be patient and let time work in your favour if you really have to do it every hour. But if
you can help it don't even try unless of course price is at a critical (potential TP) level. SL will take care of the rest. Don't even think about adjusting them or closing
trades early. You're not doing anyone a favour. Why can't you delegate some of the workload to TP and SL, they do a good job.

And on GJ, trading it on minute charts I think I'll trade it from Tuesday through Thursday. I haven't had much action with GJ on mondays and on fridays, but maybe today was an exceptionally bad day for GJ ? eh? It may do well when US opens. its going up currently like I predicted an hour earlier on 1h. Would I take it up ? No with 0.01 I would be risking 7$ for 8$ gain for now I'm trying to keep my risk to 4$ max on each position that I have going if it goes up then be it I can't afford 7$ on a single position. I'm sure I'll get plenty of opportunity as the week progresses, I just need to stick with my plan !!

GBPAUD long in

pound seem to be taking off thanks to EURGBP.

I said I wouldn't open any trades, but there was a setup and I couldn't sit idle. I haven't made anything for the day so after missing out on GJ long and EURGBP short I had to take this. To be honest how EURGBP and GBPJPY turned out made me feel real sour so I had to take this trade. Its not like I'm forcing it to go up it is going up.

GA long that I was talking about last night ?

It didn't reach my TP by 15pips. And if you're wondering yes I got out

GA long 0.01lot

12:30 UTC+8 RBA statement is up. Rate is expected to remain on hold, I don't see much optimism coming from the statement itself but as with FX anything can happen traders like to speculate on words on events such as this. But I don't expect a dramatic reaction from either sides. I'm guessing its going to be same old same old. But just in case set your SL.

Stats for 29th May - 02 Jun

Total trades on 1h : 9
Losers: 5
Winners: 4

Losers in pips: 79
Winners in pips: 50

Losers in $: 5.28
Winners in $: 4.43

Net: -0.85$

GA long

TP hit at +63pips, +4.73$

*that was real fast, thanks RBA for speeding things up*

that's the thing with such announcements they speed things up, if you're wrong your SL will take care of your position. Don't chicken out on those announcements anymore. if the setup looks good open the damn position.

Flat for now. Will screen the charts in an hour.

This is the first time since I started trading 1h that the price took care of it self without my assistance. I guess as long as my entry is on time and direction is accurate it wouldn't need assistance, or unwanted external interference (thats me). I'll just leave them be.

EURCAD short in 0.01 lot

EURCAD short closed +23pips +1.75$

My initial TP was at 1.51 orange line, but I decided to take profit at 1.5130 at the yellow line 200EMA, because its a round number for 1, and its also 200EMA that's a big deal if the euro weakness continues , as it gains more momentum it could fall to 1.51 where I had my TP at. If there's a bounce up I can always get back in later during the day. I don't know how I'm going deal with setups such as this where price is relatively close to 1h 200EMA/SMAs. But should get better as the weeks go on.

GJ long attempt on 15min in combination with 1h. Closed it at -1$ 0.01 lot.

I think I'm better off with 1h charts and up. Going lower messes me up somehow and GJ you damn beast I'm going to trade you on 1h.

I don't know if I'm going to be trading anymore today, I'm tired.

For now UJ and GJ seem to have found support, divergence on 4h,1h and 30min. But it's a little too early to get in. I'm going to be checking in an hour as usual. And if there isn't much going on I'll call it a day and have to wake up early tomorrow.

Btw see how well GBPNZD performed today 10:00AM UTC+8 has fallen 100pips since.

I love my GBP, EUR crosses over GJ and UJ any day. I can't seem to deal with GJ.

UPDATE

EURCAD might actually hit 1.51 by US open.

EUR is up across the board not sure if its a bounce off or more upward move. EURUSD 1h doesn't look too good for the bears. I almost wanted to go long there. Somethings up with oil , even GBPCAD is making a comeback despite downside pressure from EURGBP

(Maybe for setups such as this, should I give it an hour to sort itself out ?)

(See the last hours candle, looks like it was just a minor bounce off and from major level such as 1h 200EMA you don't expect price to sail through in one go. You get some push back.)

AUDUSD short

probably last trade of the day.

I'm really tired.

we'll see if my tiredness influenced me in making a bad decision.

AUDUSD 12h chart

200EMA just above the price.

visible rejection forming on 4h, we'll see how this one goes.

GJ long that I opened few hours ago on 15min with only one complete bullish candle on 1h. Had to close it at -1$, 0.01 lot. Except for this and current AUDUSD short I have going ( I managed to get out and get in just now ) it's gone well. Now I'm sticking with my SL and TP on AUDUSD. It's all about mentality and discipline now as long as I spot the right opportunities.

Gj is being hammered now. Last note on GJ although I entered long on 15min and 1h candle confirmation I had 1minute chart going just in case, 1min chart made me close the position minutes after I opened.

Out of AUDUSD short. -1$ 0.01 lot before it hit my SL it didn't look good.

I should have waited for price to at least close below 30min 20EMA.

If it doesn't look good close the position immediately.

Done for the day. Gave back 2.75$ from 4.73$ 6.48$ that I had made this morning. Not good at all. I have to work harder on spotting setups and learning the flow of things around US open. If I hit the target I probably should stick with asian and european session setups.

And I'm sticking with EURAUD,GBPAUD,EURNZD,GBPNZD, EURCAD,GBPCAD,EURGBP and EURUSD. I may seldom trade GJ and UJ if the setup looks real good.

Last note I should be careful around EUR and GBP crosses , thursday is right around the corner and EUR and GBP may be acting up (just look at GJ being hammered since London open). I hate these kind of days, and month end. Its better to sit idle than to lose your shirt on couple of trades