Tradernopoly

[Tradernopoly]

Hello all, will be taking advantage of this facility to keep account of my trading, please feel free to comment on anythng you feel is necessary, your insight will be appreciated....

The nature of this journel is to not really disclose alot of statistics about my trading, i have a facility that will alllow me to do that automatically. i will merely keep an account of what i feel the market is providing to me and i will keep account of the thought process that occurs pre post trade...Happy Trading


I predominantly trade GBP/USD

Ok, Based on what the market is telling me, GBP/USD appears to test its previous consolidation, on the daily chart. The past 2 weeks have shown a double top to this previous range, which would imply possible weakness. I feel that due to the long candlestick recovering a large area (gap) the actual progression in price is really not telling me that there is ground that it can climb. My overall obkjctive is to go short on the daily with a target profit of at 1.56334. To me this is where i feel liquidity will play a major roll in either the following scenarios
1) Once this area is tested, if breached then Buy liquidity will urge the price to go down further,
2) the large gap in price will be recovered so that fills can return to the nominal range.

Intraday analysis;

Went short on a 15 min range that is currently being tested. i will reveal the outcome soon

 

[Tradernopoly]

Having Sold the Short, i decalred a loss of 15 pips, this is my range...Between 15-20 pips is what id be loking to risk on every trade..

During the tokyo session, gbp was appearing to recvoer some of the ground that it previously lost during the european session and American...I purchased 1.58386 in anticipation that the Gap in price at 12am would have been filled. However this did occur during a less liquid session, but i based my decision on the assumption that liquidity would either return at this level to influence the currency higher, or continued weakness would be present.


The 60 min chart implies we are trying to recover the ground previoulsy lost,Approximately, 61.8% fib zone is currently being tested. i am now currently up 14 pips in a postion, i will be waiting for confirmation signals of possible weakness to determine whether liquidity is favouring the price to rise...