Another day another dollar. Thats I would Always say. Today’s volatility and liquidity was good and manage to earn the remaining move of the EURUSD towards its nearest demand.
The planned trade was
Sell any rallies , Sell a small supply. Target 5 pip each trade.
Goal for the day = total 10 pip
Most of the trade was a market order. No pending. What did I do first ?
AS a routine, Looking into the weekly chart. The price has sinked below the Dynamic 20 SMA resistance. All I can say is that is a small chance of the price might move lower as the demand was spotted on the hourly chart at 1.3158.
Dollar index is also nearing a supply level. Whether this week will break it or not that is the thing I want to monitor of.
Hourly ALL star entry was an ideal setup BUT the price was creeping in or stair casing slowly towards the demand level. SO in this case, I doubt that is the case. I am willing to see that the price will break below 1.3100 today or this week.
Next I move into the smaller time frame for my trade entry. I narrow down to 1 min chart today just to make the day quick and easy. KNowingly the bigger picture where I am . Selling into any small supplies will be a good setup since the price has been ranging during the asian session.
First trade was a sell near a fresh resistance at 1.31827 and exit at 1.31777 for a 5 pip. It took less than 5 min and the trade closed for +5 pip.
2nd and 3rd trade was a bit longer. THe price was hitting todays high range . THe 2nd trade sold as soon as the price hit the resistance higher than the 1st, and the 3rd at a supply level on the 1 min chart shaded maroon.
2nd Trade was the same size as the first, but the 3rd was smaller as to reduce the size of risk. THough the entry was at a low risk entry with high probability.
As soon as the price hit and tested the supply area for the 4th time, it dropped and drop untill it close both trade. I took the liberty putting the TP on the 3rd trade the same as the 2nd. SO I would say today over achieve the target and that is enough for the day trade.
What did I do best ?
Stick with my goal target and planned the trade , execute them as per planned and finish my day as planned.
What should improved ?
Nothing but continue on the same routine with 1 hour backtest before trading.
What’s next ?
See the market tomorrow.!!
Below is the Live statement statement for today.