Forex Trading Journal: EURGBP

Showing posts with label EURGBP. Show all posts

5 Dec 2024

4 Dec 2024: EURGBP

EURGBP short trade on 4/12/24

Pre-Analysis:

- Trade based on H1 timeframe.

- Strength meter EUR = -5, GBP = +2

- Exit plan was to take this trade for 2R.

Entry:

- Entry time 4:45pm (London session)

- Immediate strength meter

Post Analysis:

- Stopped out.

- Not all pairs of EUR show weakness and also not all pairs of GBP show strength. Therefore it should not be taken.

- Very itchy hand to trade.

- There was something I learn from Jesse Livermore, "it never was my thinking that made the big money for me. It always was my sitting".

- Strength meter at the end of trading day

9 Oct 2024

8 Oct 2024: EURGBP

EURGBP long trade on 8/10/24

Pre-Analysis:-

- Trade based on H4 timeframe strength meter.

Entry:-

Post Analysis:-

- I have to scratch this trade. Saw price return back to entry point and may piercing towards my stop, that why reason for me to scratch it.

- Mistake on choosing this pair, as both EUR did not turn as the strongest currency, while GBP also was not in the weakest.

- Why I took this trade? clearly I'm not following my own set of rules.

- Here is EUR group:-

- This is GBP group:-

- Depending on strength meter might not give correct pair selection. I must read currency strength across the board manually.

20 May 2024

17 May 2024 (Trade Example): EURGBP

EURGBP short trade on 17/5/24

- GBP group shows strength with at least 5 pairs. This gave trade grade as B.

- Trade based on H1 time frame

- Time of entry was around 4:00pm

23 Aug 2023

22 Aug 2023 (Trade Example): EURGBP

EURGBP short trade on 22/08/23

- Correlation shows that EUR has been dumped across the board

- Currency strength meter:

- Entry time 4:00pm

- Max. possible profit of 5R

13 Aug 2023

11 Aug 2023 (Trade Example): EURGBP

EURGBP short trade on 11/08/23

- GBP group shows strength with high impact news release at 2:00pm. All pairs broke Asia session, in this EURGBP pair price broke Asia session and went down which indicate GBP strength.

- Entry time 9:00pm

16 Jun 2023

- Trade alignment to the downside appeared in daily, 4 hour and 1 hour timeframe. EURGBP valid for a short trade. However in term of correlation both EUR and GBP show strength, thus this trade can be classified as B trade.

- Entry time 10:07am (Asian trading session)

- Risk 0.25%

Post Analysis

- Trade ended breakeven

- Trade went down to max. 1.6R profit and turn back up to close at breakeven.

- This was a class B trade, with no correlation support should be careful not to loose those profit. This type of trade has tendency not to perform well.

- Correlation chart show both EUR and GBP all up or in other word both are equally strong. Even on technical chart EURGBP set up for a short but need to be curious as this trade might not drop smoothly.

EUR : -

GBP : -

11 Jun 2023

9 June 2023 (Trade Example): EURGBP

EURGBP short trade on 9/6/23

- Trend alignment to the downside confirm.

- Trade on 5 minute timeframe.

- Entry time 5:55pm

14 Feb 2023

14 Feb 2023: EURGBP

EURGBP long trade 0n 14/2/23

Pre-Analysis

Entry

- Time 3:42pm

- Risk 0.25%

- Exit plan TP @ 0.88888 for approx.

Post Analysis

- Stop loss

- Should not be a trade. Signal divergence appeared for yesterday trading session. Only rely on signal for current trading day only.

- Avoid taking trade. Not a valid signal.

11 Feb 2023

7 Feb 2023 (Trade Example): EURGBP

EURGBP short trade on 7/2/23

- Entry time around 9:00pm

- Max profits 8.83R (hold trade until 10/2/23)

1 Feb 2023

31 Jan 2023 (Trade Example): EURGBP

EURGBP long trade on 31/1/23

- Entry time 5:05pm

- Max profits 5.51R

- Trade based purely on technical criteria, no correlation factor involve.

- Entry chart: -

24 Jan 2023

23 Jan 2023: EURGBP

EURGBP long trade on 23/01/23

Pre-Analysis

- Price at support and divergence appeared.

Entry

- Time of entry 3:39pm

- Risk 0.25%

- Exit plan, exit at the next level (previous drop)

Post Analysis

- Exit with profit.

- This trade entered with FOMO, noticed I am under pressure when price did not move as I expected.

- Price only move the next day under influence of some important news event. News release related to GBP flash manufacturing/services PMI.

- This shows news release play important role when come to market moves.

- I should wait until the next day to enter the trade, this let me avoid so much pressure waiting for market to move.

- Price after I exited the trade

- Much better pair to trade was GBPCAD short trade. Trade can be entered also on 23/1/23

17 Dec 2022

15 Dec 2022 (Trade Example): EURGBP

EURGBP long trade on 15/12/22

- VSA chart on 15 minutes timeframe.

- Entry:-

- Time of entry 10:00am

- Max profits 7.48R (M15)

- Trade may need to hold until the next day.

24 Nov 2022

23 Nov 2022 (Trade Example): EURGBP

EURGBP short trade on 23/11/22

- EUR currency chart shows some high activity, volume was very high.

- VSA chart (15 minutes) on EURGBP got sign of weakness.

- Entry

- Time of entry 4:30pm

- Max profits 4.66R

- Trade classification, B trade (SOW with confirmation but price level not at the important resistance level)

- Risk should be 0.5% of account balance.

23 Nov 2022

22 Nov 2022 (Trade Example): EURGBP

EURGBP short trade on 22/11/22

- High volume activity detected for Euro currency (on 30 minutes chart)

- EURGBP pair selected for a short trade. Sign of weakness appeared but no confirmation on this principle. Price broke lower after that.

- Entry:-

- Time of entry 7:15am

- Max profits 2.13R (on 15 minutes chart)

- Trade class C, as no confirmation on VSA principle.

28 Oct 2022

27 Oct 2022 (Trade Example): EURGBP

EURGBP short trade on 27/10/22

- Trade based on trendsetter strategy. All (D1, H4, H1) timeframe align for downside. Confirmation bar appeared on H1 timeframe so trade based on hourly chart.