Welcome to my Forex trading blog. This is where I discuss my technical analysis of various Forex pairs, and talk through the trades that I actually make. Today, I’m discussing my thoughts on the market for November 30th, 2023. Read on to see my analysis.
It’s a pretty typical day. I woke up a little sluggish and tired, but got to the computer, had a protein shake and meditated before the open. I wish I felt great, but that’s just not the reality of my situation right now. Just gotta keep powering through.
The market’s been open for about 10 minutes now, so I’m going to dive in and hopefully make some money!
GBP/JPY
I’m probably not going to trade this, but wanted to call it out. Price has rocketed up this morning, taking out one fairly strong key area and stalling at the next. I could see this being a reversal candle, but if not, it could fail around this area and head back to it’s downward trend.
I’ll set an alert to let me know if it does start to head back down. Otherwise, I’ll wait for a higher low to confirm this power reversal and I’ll start looking for longs.
EUR/AUD – Short
This looks interesting this morning. Starting on the 2 hour chart, price has been down pretty strong for about two weeks; with not a lot of rallies occurring throughout this push. Tuesday, price bottomed out and made a bit of a rally, but mostly based/rounded back to the downside through yesterday. By the end of the day yesterday, price reached the lows that were reached on Tuesday, and has made another rally overnight
That overnight rally pushed up to the 50 MA, which was also roughly the lows of yesterday’s base, and has already failed pretty strongly from that level. Right now, price is stalling a bit around a key area from earlier this week. I like this to the downside, so I’m going to drop down to the 15/5 minute charts to look for entries.
It’s actually currently in the process of pushing down, so it’s not giving me entry signals yet. I’m going to keep this on my radar though, and hopefully get in soon.
This made a solid bear-rally, but it was on the 1 minute chart. IDK why that gives me pause, but it did. Couple that with the fact that I had a 1.8 R:R (less than 2) and I didn’t pull the trigger here. Price has pushed through my would-be entry price and is approaching my would-be 1R, and right now looks liked a missed win. I’ve got to stop trading in fear.
I didn’t want to trade the 1 minute chart at all, really, so I can take some solace in that. I’ll keep this marked on my watchlist for now, and hope that it provides some entry opportunities on the 5 min. chart.
GBP/USD – Long
This looks really good right now. This has been on a strong push up since about the 13th of this month, but based/pulled back through yesterday. Price continued down overnight last night, and got close to the lower band/50 MA (they’re basically on top of each other here). On the 2 hour chart, the current candle is up, and it looks like it could be making a move back to the up-trend. I think I’m definitely going to look for entries here.
There was a decent base forming (that could turn into a pullback) on the 5 minute chart. Maybe my target is a bit too high, but I’ve got a great 6 R:R, so I’m happy with this order. This might have to break a couple key areas to reach my target, but I should be able to catch some pips even if it doesn’t get that far.
AUD/USD – Long
This looks good this morning as well, similar to GBP/USD. Price has largely been up over the last couple of weeks, and showed a decent pullback yesterday/overnight. This morning, though, price is bouncing off of the lower band and is making a decent push upward. It appears to be returning to it’s upward momentum.
On the 15 minute chart, price had been pushing up for a little over an hour, and was pulling back for one candle. I used that candle as my entry/stop, and with a target at some resistance from earlier this week, I had a 2 R:R. My entry order is set, so we’ll see how it plays out.
I looked at at least 18 charts this morning. Missed a trade, lost a trade and am hopeful about a couple more. I’m going to call it here on the analysis and just focus on the pairs I have orders in. Stay tuned to see the full analysis on how those trades played out.
And, thanks for reading! Let me know in the comments what you thought about today’s trade and if you were able to capitalize on any price action!