Forex Trading Journal, May 26th 2017

New trade

USD/JPY

There was a large bearish bar a few days back. Then the market retraces back to the middle of that bar, which is also a zone of support-resistance if we look back to the left side of the chart. A bearish pinbar formed on Tuesday, then market moved slightly higher on Wednesday but failed to break out from the previous bar, showing that bullish force is weak. So I decided to enter here, hoping the market will move lower the test again the previous swing low.

Open trades

AUD/USD and GBP/AUD

Australian dollar moved higher on Tuesday, but start moving down on Wednesday. So these two positions now moving in my direction. I can say, at least for now, that those pinbars on Tuesday were not validated by the opposing move on the following day. But, let me just forget about these two trades, and just wait for "position closure notification" - either profit target or stop loss triggered.

My open positon on May 26th 2017

pairs	positon	entry price	stop loss	take profit	risk reward ratio
GBP/AUD	long	1.73282	1.72370	1.75615	1:2.6
AUD/USD	short	0.74817	0.75267	0.73515	1:2.89
USD/JPY	short	111.767	112.254	110.659	1:2.28

P/L since May 24: -1R

I make all my trading decision based on the daily chart. Most of the positions will be entered at the beginning of a new trading day. I am at the UTC+8 timezone.

The charts in this post were captured around 1030 UTC+8 on Friday, so I am mainly talking about the second last bar on the chart.

I will continue posting and will assign the #ygernforex tag to every trading journals I write in the future. So you may click on this tag to have all my journals. Thank you for reading.