Hello. I am K.

Today, we'll analyze my EURUSD practice trading results from 2023/2/10. The results are shown below. Profits/losses are displayed in USD.

The image is from Forex Tester 6.

Analysis

Daily Chart

On the daily chart, the price broke below the previous low from an uptrend, and I now see it in a downtrend. I sold on February 8th, but was stopped out. That temporary rise was quickly reversed, forming an upper shadow on the daily chart. Drawing a line at the high where the upper shadow formed, it's functioning as resistance after previously acting as support - a support/resistance flip has occurred.

Additionally, the price remains divergent from the weekly moving average (red line), so I'm maintaining my bearish view and looking for selling opportunities.

4 Hour Chart

On the 4-hour chart, the price has made higher lows from the downtrend and made new highs, entering an uptrend. However, the previous high was blocked by the 80MA (green line), and this level could see selling pressure emerge on the daily timeframe. If it fails to make new highs from here and instead breaks below the recent low and support low, it would enter a downtrend, so I'm watching for the right timing.

From Granville's theory, the price is being suppressed by the 80MA (green), and this could form wave 3. If price falls from here, we'll see a scenario where the 20MA (light blue) and 80MA (green) move from convergence to divergence.

Now, let's look at the 1-hour chart.

1 Hour Chart

On the 1-hour chart, I still see an uptrend as price hasn't quite broken below the support low. Looking at the bigger picture, it's currently forming a triple top pattern. If price breaks below the support low, it would complete the triple top formation, creating a favorable selling setup.

Therefore, I've placed a sell order at the position where price would break below the support low.

注文後

My sell order has been filled. Now I'll monitor how it develops.

I'll keep lowering my limit (take profit) order as price makes lower highs.

Position closed for profit

I took profits at this point. In the end, the price bounced back and I closed the position after it slightly broke below the previous notable low.

So, this concludes the results of this practice trading exercise.

 

[Study] → [Understand] → [Be able to implement] → [Explain].
I am currently OUTPUTTING [Explain].
Explaining the rationale for trading to you all is a good way for me to learn.
I may have missed some parts, but thank you very much for reading to the end.