Trading Journal #13: Getting Ready for Another Trading Week
I haven't traded last week because I was very busy dealing with side hustle opportunities. A good friend just hired me to build her business website.
Apart from that, there's a part-time writing gig opportunity that offers more than my day-job salary. I'm quite excited about how it will turn out in the coming days after passing the first and second phase of the screening process. I'll be having an online interview tomorrow evening. I hope it'll go well. Wish me luck!
Perhaps you are wondering why I am still working hard on my side hustles when in fact there's a great earning opportunity in trading, specifically forex trading. Well, as you know, I am still establishing a good trading strategy that could help me earn consistent profits. Earning in trading isn't guaranteed, so I am still embracing other earning opportunities that are coming my way. This will not only help me earn more on the side but will also help me build more skills.
Going back to the trading charts, here's what I saw:
Important Notes:
- I update the zones of my tradingview charts every morning.
- I make daily zones (green boxes) and 1h zones (blue boxes).
- I am a scalp to swing trader. I often look at the following timeframes: 15m, 1H, 4H, 1D.
- I only observe/trade two Forex pairs: GBPAUD (British Pound vs Australian Dollar) and XAUUSD (Gold vs US Dollar).
- I journal both my losing and winning trades.
- I don’t claim myself as a guru. I am still working on refining my strategy. Thus, whatever you read here shouldn’t be taken as a piece of financial advice.
Note: A zone is a premium price area in which no one wants to give up the price. Zones usually serve as strong areas of support and resistance. Therefore, the price is expected to move from one zone to another.
XAUUSD (Gold vs. US Dollar)
Gold vs. US Dollar on daily timeframe
XAUUSD did another breakout! It's been consolidating the past few days but it seems like it is just collecting orders before going bullish once again. Its nearest resistance on the weekly timeframe is at level 1600. Currently, the price is still on the 1500 level so I'm still expecting a bullish movement.
GBPAUD (British Pound vs Australian Dollar)
British Pound vs. Australian Dollar on daily timeframe
GBPAUD is still consolidating at the moment. It retested the previous zone where the price broke down but got strongly rejected. If the price is rejected on the current zone, then a bearish trend will follow. Otherwise, a bullish momentum will push forward.
PS: The reasons why I am having this online journal can be found here:
Officially Documenting My Trading Journal Online
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