MyJournal 22 - 26/01/2024
WINS/LOSSES COMMENTS:
1) Tuesday, no trade
2) Wed, 61.8, great loss, offered 2nd at 78.6, but no pullback
3) Thursday, no trade
4) Fri, offered low of the week, take it
-----------------------------------------------------------------------------------------------------------------
FUNDAMENTALS:
a) DXY: CPI last week higher, expect strong dollar, (Wednesday) Waller: "Delay cuts", bullish DXY
b) BOC: (Wed) CAD weak
c) XAU: XAU strong fundamentally, Lobo Tiggre said 2024 bullish gold in all cases
d) Other:
(Monday)BOJ no change IR, JPY weak
(Thu)ECB cut earlier than FED, weak EU
USD BUY | CAD SELL | TECHNICALS:
- Last W1 chart bearish pinbar(not a good case, alert), we expect to buy to at least 1.36
- Weekly typical structure, D1 chart Monday/Tuesday sell to 1.340 - 1.335
- Weekly typical structure, D1 chart Tues/Wed expect to buy to target
- Weekly typical structure, D1 chart Thurs/Fri expect to buy to target
*check DXY chart to confirm the thesis, 15M chart- Execute, Breakout/Pullback
TAKING POSITION RULES:-
(Ultra conservative)
1) Tuesday, no trade
2) Wednesday, 2nd entry after 1st failed SL
3) Thursday, 2nd entry after 1st failed SL
(Conservative)
1) Tuesday, open only 1 position of all pairs, as weekly structure unconfirm.
2) Wednesday, open 2 positions on Tuesday's losses (if we still expect the same weekly structure). This offers us tighter SL, with greater RR.
3) Thursday, if Wednesday still loss, open another 2 positions on Wed's losses (if we still expect the same weekly structure). Thus, max loss @0.25% x5 = -1.25%, if -6%, still need 5 straight week loss.
ADDITIONAL BIAS:
a) Round psychology number 50/00
b) WeeklyTypicalStructure:
-anatomy of candle, price always push to other side first before making real move
-midweek reversal@rejection/continuation > BuyBuy*SellSell / SellSell*BuyBuy
c) Daily Candlestick Pattern: doji, engulfing, insidebar/railroad
d) TakeProfit TP / StopLoss SL
Depends on:
-fundamentally / what are the news saying
-liqiudity pool at Daily/Weekly/Monthly where
-averageDailyRange ADR
-catch explosive move only if direction align with weekly high low bias.
Eg. Previous day was bullish doji at daily support & it is mid of the week, do catch today explosive move to next weekly liquidity pool.
e) Entry timing recommendation
-session LONDON, NY 9-12PM GMT+8
f) Entry with discount price, use fib
WINS/LOSSES COMMENTS:
1) Tuesday, no trade
2) Wed, 61.8, great loss, offered 2nd at 78.6, but no pullback
3) Thursday, no trade
4) Fri, offered low of the week, take it
-----------------------------------------------------------------------------------------------------------------
FUNDAMENTALS:
a) DXY: CPI last week higher, expect strong dollar, (Wednesday) Waller: "Delay cuts", bullish DXY
b) BOC: (Wed) CAD weak
c) XAU: XAU strong fundamentally, Lobo Tiggre said 2024 bullish gold in all cases
d) Other:
(Monday)BOJ no change IR, JPY weak
(Thu)ECB cut earlier than FED, weak EU
USD BUY | CAD SELL | TECHNICALS:
- Last W1 chart bearish pinbar(not a good case, alert), we expect to buy to at least 1.36
- Weekly typical structure, D1 chart Monday/Tuesday sell to 1.340 - 1.335
- Weekly typical structure, D1 chart Tues/Wed expect to buy to target
- Weekly typical structure, D1 chart Thurs/Fri expect to buy to target
*check DXY chart to confirm the thesis, 15M chart- Execute, Breakout/Pullback
TAKING POSITION RULES:-
(Ultra conservative)
1) Tuesday, no trade
2) Wednesday, 2nd entry after 1st failed SL
3) Thursday, 2nd entry after 1st failed SL
(Conservative)
1) Tuesday, open only 1 position of all pairs, as weekly structure unconfirm.
2) Wednesday, open 2 positions on Tuesday's losses (if we still expect the same weekly structure). This offers us tighter SL, with greater RR.
3) Thursday, if Wednesday still loss, open another 2 positions on Wed's losses (if we still expect the same weekly structure). Thus, max loss @0.25% x5 = -1.25%, if -6%, still need 5 straight week loss.
ADDITIONAL BIAS:
a) Round psychology number 50/00
b) WeeklyTypicalStructure:
-anatomy of candle, price always push to other side first before making real move
-midweek reversal@rejection/continuation > BuyBuy*SellSell / SellSell*BuyBuy
c) Daily Candlestick Pattern: doji, engulfing, insidebar/railroad
d) TakeProfit TP / StopLoss SL
Depends on:
-fundamentally / what are the news saying
-liqiudity pool at Daily/Weekly/Monthly where
-averageDailyRange ADR
-catch explosive move only if direction align with weekly high low bias.
Eg. Previous day was bullish doji at daily support & it is mid of the week, do catch today explosive move to next weekly liquidity pool.
e) Entry timing recommendation
-session LONDON, NY 9-12PM GMT+8
f) Entry with discount price, use fib