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TRADE ANALYSIS REVIEW FOR THE 31ST OF MAY 2020
HIGHEST PROFIT : #14,872 GBPUSD(Buy)
HIGHEST LOSS: #6,420 EURAUD(sell)
TOTAL WEEKLY: PROFIT: #12,378
NOTE ON LOSSES
Most of my losses was attributed to the sell of the AUD currency, using the RSI indicator which showed consistency in analyzing the AUD/USD currency pair, the currency pair was overbought! But price continued to surge upwards which is okay, it happens sometimes and I got out with an average loss!
NOTE ON PROFITS
The previous analysis on GBPUSD was excellent
Lessons to be learnt from my weekend Forex
Here are the 3 lessons Learnt from my weekend analysis
1) Don’t underestimate correlation when a currency pair is volatile
2) Always listen to your Trading Journal
3) Indicators are not right all the time!
TRADE ANALYSIS FOR THE NEW WEEK
This currency pair is really bullish and seems to be overbought.
1) On the M30 Candle It is currently finding support at the trend line at also at the 50 Moving Average
2) On the H1 timeframe the security has broken above the previous high but is seeming to go into a consolidation between the new resistance and support
3) On the D1 timeframe the AUD/USD is just below the resistance of 0.66704,
Note: If it breaks above the 0.66704 resistance we are likely to see a resistance back to the 0.66704 support before going for the Next Resistance!
Broken below the trend line and is Finding support at the 1.66280 line, RSI indicator which has been following the trend previously signals over sold and I am looking to buy at the support line.
That’s all guys! Please comment below if you have any good trade setups
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