FX.co ★ chiko | chiko's - Trading journal

Good morning dear forum member and friend how are you guys doing today, yesterday I made some sell order with the EUR-JPY pair, and also last week I made a buy position with the AUD-USD pair, and both this position is still in opened condition, first let me make some update with the sell position in the EUR-JPY currency pair, at this moment this sell position seems not too promising because even though the daily time frame shows that there is a double top chart pattern, but the latest daily time frame candlestick pattern is still showing that the bullish power still relatively strong and dominant, so there is a possibility that there will be some retest on the resistance area at 143.950 price level.

At the H4 time frame, the EUR-JPy currency pair is still showing that there is some bearish bias which we can see from the candlestick pattern and also the fact that the bearish power starts to show up on the resistance area which is on 143.500, so I am still having some hope that the bearish trend can dominate the market trend. and hopefully that my sell position in EUR-JPY would be able to bring me some profits. But I also need to be very careful because the fact that is shown by the daily time frame that the bullish power is still quite dominant, would create some possibilities that the bullish trend still continues its market dominance.

UPDATE ON BUY POSITION AUD-USD PAIR

On the H4 time frame, we can see that at this moment the trend in the AUD-USD currency pair is still showing some bullish bias, and also the fact that at this moment the AUD-USD pair is still in the support area would make our buy position is still in minimum risk because the stop loss we are taking is relatively small. So at this moment, I am still assuming that buying AUD-USD still have a good possibility and relatively save to take, and the candlestick pattern on the H4 time frame shows that the support area on 0.69110 is still unable to be broken by the bearish power and from the candlestick pattern we can see some that some bullish bias has already shown their market dominance. So opening a buy position in the AUD-USD pair is still reasonable to take at this moment. Always remember my dear friend to keep trading with proper money management and also never let your emotion and also greed ruin your trade, because the best way to trade is always follow our money management and also keep following our trading system, so hopefully that today we all would be able to generate some profit from our trade.