Looking for Entrances

It was a great day for trade set ups incorporating position sizes.   Here's a little info gathered today from the four currency pairs. For the week of 09Sep - 16Sep:

USDJPY - 106.895 to 107.812; up 88 pips

EURUSD - 1.10272 to 1.10732; up 46 pips

USDCHF - .98913 to .98831; down 8.2 pips

GBPUSD - 1.22767 to 1.247125; up 194.5 pips!

The information was easy to gather, and it helps to think about this info when entering a trade.  Support and Resistance, for the week at least, can provide some perspective on potential trades.  For instance, a position was just entered in GBPUSD and the TP is just above the week's resistance.  It will be interesting.  Technical analysis like that has to balance with fundamental analysis. What's going on with the British Pound? Trade in the country.  What country anyway, UK? Is this the impact of Brexit shit? That's a weak knowledge area as of now.

A good day of trading all together. 3 positions closed out, a positive net from yesterday.

Balance: $3447. Still looking to incorporate histograms for the 5th Element strategy.  More to come.

Study the Chart

Balance: $3508.

One trade still going on with EURUSD.  It's based off the Trend Bounce strategy.  Most trades thus far have only lasted a few hours. This one is pushing 24 at this point.  Nope, cancel that. As I speak, it just closed. Balance $3432. How about that for up to the minute?!

So, let's review this trade, what was my risk?

(3508 - 3432)/3508 = 76/3508 = 2.2%. That's correct. I only wanted to risk 2% of my account on the trade.  Onto the next.

Throughout today, time will be spent studying the last week of prices for the 4 currency pairs I'm following. The range of prices should be clear, making it easier to track what trends are developing.

The USD interest rates drop on Sep. 28.  That's it for today.  Time to look for an entry point.