EUR/USD Beginner Level trading

I SET MY STOP LOSS based on the green candle with no wick (circled with blue at the left)

A green candle with no upper wick means sellers were comfortable with the closing price and didnt fight tp push it down

To set my Take Profit I zoom out to the ! Hour chart and look for a candle of value

I see a Red Candle with a long lower wick meaning sellers pushed price all the way down to this price so i choose it as my Take Profit level 1.11644

STOP LOSS has been hit. Bad day at the office. I will take a break for now. Monday mornings are always risky to trade because of the rush and overhang from the weekend. I will be back durng the NY session when market has stabilized

Im back as promised and what do we have here? Well this is the New York Session and from the 1 Hour chart I can se price has fallen past the yellow support line so i place a short trade

I notice a Doji candlestick pattern which could mean the down trend is going to be interrupted so i cose my position and exit with profit. I am doing this to balance out the loss i made in the London session earlier today.

The idea is to make my wins more than my losses so now its a 1 - 1 draw

I will look to enter another trade and ride the trend for longer this time

Its not about how much you profit from one trade, but in general your profits should be more than your losses.

NEW SHORT TRADE OPENED

I just opened a short trade because from the two hammer liken candles i circled in blue, the lower wicks are very long meaning sellers are doing alot of work to bring the price down.

I predict that price will soon start falling

Price has started falling

However i drew a new support line in yellow using the big red candle by the left that has no wick as reference

If price falls through the yellow support line, a major downward trend could start

Price is testing the support line

Price is still testing the support line

Price still finding it difficult to break this support line so i think this is a good time to buy

My Stop Loss has been hit again with price climbing upwards. The support line was too strong and price bounced off and is going upward. This is a good time to buy

If you want to buy this is a good time because Im seeing upward pressure after price crossed another resistance line i drew using the two big candles in the red triangle as reference

More upward movement

Good time to buy

Market Snapshot for today 27/8/2024 seen from a 1 Hour chart (bird'seye view)

Asian session has just ended (12 to 6 am) and the London session has started

I mark the highest & lowest price reached during the Asian session with two yellow resistance/support lines

On the 5 Min chart i connect the areas of value with a yellow line which i expect will act as support or resistance later

I am looking for an entry point so i use the Fibonacci Retracement Indicator to check if the current upward movement is going to reverse or if it will be sustained

remember the golden Fibonacci numbers are around 32 and 61% but price didnt reverse at these numbers. price reversed around 20% meaning no retracement is expected.

So i place a sell order because price didnt reverse at 38 or 62% meaning the current downtrend is going to be sustained