EUR/USD Beginner Level trading

When you look at where i placed my Stop Loss & Take Profit, it means I am risking $30 to gain around $85.

Price has dropped to the support line again and is bouncing off. This support is line is a good area of value. See, price tested it twice and bounced back.

Price has tested our support area and slightly breached it. I expect price to reverse and continue above the support line.

However, if price does otherwise and breaches the support line, then it will hit my Stop Loss.

I am not going to adjust not Stop Loss to shift it lower because that will be indiscipline.

As a trader i believe in setting a strategy and sticking to it. Instead of always adjusting stop loss every time the market moves against me.

Price is still testing the support level.

This support level is very valuable

Price has bounced off the support line and is now heading upwards

Again I see some downward movement but is this a downward trend or a temporary pullback?

TO answer this question i invoke the Fibonacci Retracement Tool & what does it show?

It shows the downward movement is reversing around the 60% level which means its a retracement(its going to bounce back up)

Our support line is still holding strong as price cannot seem to break past it.

The source of this support line is the big green candle to the left. I used this candle as the source to draw the support line because its a big green candle with no wick.

The absence of a wick shows buyers were comfortable with that price

We see sudden upward movement again

Let us zoom out and see the charts from the 1 Hour Timeframe.

this will help us get a Birdseye view of where the general market is going

$75 Profit

My Take Profit has been hit as price touched the 1.10499 mark.

I made a $75 profit.

Lessons learnt: I was able to pick a good support level that price was unable to break through.

Every time price got to this level, it bounced back up.

I also had help from the Fibonacci Retracement tool. it helped me to know that certain downward movements were temporary and not trend reversals

Good morning guys.

I start today by drawing out a map and plotting strategy.

I have located and drawn a support line under the lowest price during the Asian session

Resistance line has also been drawn at the highest price reached during today's Asian session.

I retained the support line from yesterday because it was really string and price barely broke through it.

SO lets look for entry signals now!!!

I've spotted a bearish red hammer candlestick pattern which means a downward trend could be starting so I take this as a signal to enter the market with a short position

I have placed my Stop Loss at the opening price of a big red candle (the fist one on the left)

Why? because this candle has no upper wick signifying sellers were comfortable with this price

My Stop Loss has been hit. That was not a very quality trade. I will go ahead and look fr another point to enter the market.

To enter the market again I take the point where my Stop Loss was hit and draw a line to mark it. This line will serve as support.

I use this point because it is a big red candle so its an area of value.

When it acts as support it means i don't expect price to fall through it so i expect price to bounce back up when it hits the support line.

But anything could happen this is just an expectation.

I have placed a long order for the following reasons:

1: I spotted a bearish hammer (which confirms the ongoing upward trend)

2. There are option orders stacked around 1.1100 so this price could act like a magnet

Price action s on!!

You will notice price is falling towards my yellow support line. Lets see if the support line holds up.

I protect my position by setting a Stop Loss below the support line

Price is currently testing the support line. I hope it bounces off, if not my Stop Loss is going to be hit.

Price has bounced off our support line but has also hit the Stop Loss. bad day at the office.

However you can see that the support line is holding off because [price has bounced back upward

Good morning. Today i start by taking a Birdseye view of the market using a 1 Hour chart. Today i can see a downtrend