EUR/USD Beginner Level trading

My Stop Loss has been hit because price started going up after the inverse hammer candle pattern appeared

You can learn m,oe about the inverted hammer candlestick pattern here:https://www.mytradingland.com/uni/candlestick-patterns/

New Trade

i want to pen a new trade but i see a down trend

i invoke the Fibonacci retracement Tool to help me identify fake reversals so i don't think the reversal means the trend has ended

Most fake reversals occur when traders are exiting with their profits but it doesn't nullify the overall primary trend

Usually any reversals that occur after price hits the 38 or 62 levels may be fake because these are the golden fibonacci levels where retracements occur

Read more about Fibonacci Retracement here https://www.mytradingland.com/uni/what-is-fibonacci-retracement-in-forex/

I Spot a bullish hammer i open a trade but quickly close it because i realize i should wait for confirmation of an upward trend before buying

I have gotten confirmation that an upward movement is starting

Because some bullish candles have started appearing

So i open a long trade

I set my Stop Loss below the Fibonacci level 0.0 level and set my Take Profit at the 38.2 Fibonacci Level (Reversals are likely to happen at this golden fib level)

Stop Loss has been hit. I think I will call it a day for todays trade. The markets don't seem to have enough volatility

Good Morning Guys

EUR/USD is trading at a low price meaning the US Dollar is getting stronger

I use the 1 Hour chart to get clarity and see the overall trend

From what i see the market is in a sideways trend and i marked the high and low of the Asia session today with two green lines

Price has not been able to break through these green lines yet

I switch to the 15 minute chart so i can pick an entry point

Yes you can also enter the market using a 15 minute chart (instead of 5 minute chart like i used to use)

The adcantage of entering on a 15 minute chart is that you get surer candles and less fakes

The price is testing the upper line and i suspect it will break it and reverse as this is common in the frankfurt session

Price has broken the resistance line

Price has started falling so i open a sell order

I also place my Stop Loss to secure some profit

My Stop Loss has been hit but i exit with $24 profit

Profit

Good Morning Guys,

I start today with an overview of the charts

I use the 1 Hour timeframe and look at the high & low of the Asian session

I mark te highest price & lowest price reached during the Asian session with two green lines

These lines will serve as support & resistance

I come down to the 15 minute chart tp look for an entry point

I see downward movement which is significant because the bearish black candles don't have any upper or lower wicks

I take this a s sign to short the market so i open a sell order and place my Stop Loss & Take Profit accordingly

My Take Profit has been hit and i exit the market with profit

this is actually called a Scalping Strategy where the aim is to make a little profit and not ride a trend.

Scalping strategy is ideal when you are trading with large account/lot size so that a small movement can give a larger profit

I see another downward movement and i think its credible because once again the bearish black candles have little wicks and are quite big. This means buyers are not doing much to change tilt the price balance.

So I open a sell order to short the market

SL = Stop Loss

E= Where i entered the market

TP = My Take Profit

Success!!!

My Take Profit has been hit so i exit with yet another profit.

What i am doing is called scalping for little profits and I use this strategy when the market lacks sufficient volatility to ride trends.