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Thread: Honey Bee's - Trading journal

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    Hello everyone.

    Welcome to my trading journal update. I hope you are doing well and making a good profit from the price actions of the market. The dollar index strength will reach a higher resistance breaking trendline near 97.00, indicating that further rises may break the 20-day SMA near 97.50. On the other hand, the price of gold gives a massive drop in the price and breaches support near 1809, and this downside pressure will add sellers to hit 50% retracement around 1800. A clear break of this level will open the door for a further decline in the range between 1790 and then follow through the divergence wedge pattern near 1780. In the case of bullish reversal and consolidation, price corrects 1830, and then pullback breaking 100-SMA line will cover 1860 at the end of this week.

    Closed trades:

    Yesterday, I had sell trades floating on the gold, and moving price action will decline in the near term 1805. This price divergence will be helpful to closed deals with a massive profit of $150, and further confirmation will give an idea to keep holding the trades near 1795. If the dollar index price continues to rise above 97.60, then high selling pressure may be valid for long-term 1770. In addition, the buyers are waiting for the correction level near 1820 and breaking of this level will give additional growth at 1845 in the earlier session of next week.

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    Important news:

    Today, we have the "Core PCE Price Index m/m" high-impact news event for the USD currency that will significantly impact the market. We must focus on the price action moves and then execute trades on the related currency pairs.

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    EURUSD:

    The price of EURUSD declined sharply from the upper level of 1.1480, and with massive demand with high US inflation, data will breach resistance hurdle 97.00. This price behavior will give downside pressure and reach the bottom level of 1.1160, which will indicate the next possible convergence level around 1.1100. I decided to open buy trades with some high risk and plan to keep holding trades near 1.1250; if the dollars index price rebounds from this upper channel, then breaking 20-day SMA at 1.1290 before the closing of the market. On the other hand, the seller's pressure may be awaiting oversold conditions near 1.1090 and then follow the previous support consolidation level at 1.1040.

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    Current Position:

    Currently, I had buy trades floating with 0.30 lot size each and wait for the reversal first resistance target 1.1200, pass-through this level then have the plan to keep additional trades at 1.1270. In the case of bearish reversible target 1.1100, the formation of a bearish wedge pattern will give a massive range between 1.1070-1.1000 with the high US index data in the open market. Traders need to wait for further information, take trend direction risk and grab the pips from the market.

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    LATEST UPDATE
    HONEY BEE TRADING JOURNAL
    https://forum.mt5.com/showthread.php...1#post15172538

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