So far so good!

I have been challenging my self to grow a small account into a larger one in a reasonably short amount of time. I am still working on the strategy, but for now I wish to share my progress with you (demo account):

Trading History
Trading History of a 1000USD account | Leverage: 200 | 57% growth in a week. Check it out on mql5.com

My strategy is mainly focused on price action, support/resistance and occasionally Bollinger Bands. I used 5 to 30 minutes timeframes in my technical analysis. You may find it a completely different strategy from my previous signals I shared with you. The signals are generally intraday and takes into account the larger timeframes and trends. However in this quick scalp strategy I’m developing, the larger trend may not play a great role in the decisions, but “TIME” does.

Watching how market moves throughout the day, you’ll be able to recognise a pattern reoccurring in certain times of a day (I’ll be sharing all this in a more elaborate post).

Next I’ll be growing a 400USD account and see how fast this new quick scalp strategy will help it grow!

Stay tuned! 🙂

 

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USDCAD

USD started the week on a slightly higher note. Here’s a potential long trade for the USDCAD currency pair:

USDCAD-Buy-MAY28
USDCAD Daily Chart, Long @ 1.29921 TP: 1.30296 SL: 1.29154

Breaking above the linear regression line (the middle red dashed line) indicating a move upward toward the upper bound of the channel. I used fibonacci retracement levels in order to set my take profit which is slightly lesser than my Stop Loss, however I sometimes take trades like this if the odds are in my favour based on my strategy.

Let’s wait and see!

GOLD

It’s a usual quiet Friday market and plenty of time to plan out!

Gold jumped from 1293 to 1305 in a single day. Here’s my take on how I think the price action moves in the next couple of days.

GOLD-Buy-MAY25
GOLD 4 Hour Chart MAY 25

The blue box indicates the pullback zone, breaking above the box will take the price to the upper bound of the downward channel, which is also the 161.8 level of the fibonacci retracement levels. However before the move up there’s a good chance that the price action is going to respect the smaller upward channel (the red dash lines) and bounce to 1297.88 first and then climb back up once more.

I will be setting a pending order to buy at 1297.88 with Take Profit at 1317.46 and Stop Loss at 1289.80.

Finally choose your position size carefully. As you can see the in a larger time frame we are in a downward trend.

All the best and have a good weekend ahead! 🙂

GBPJPY

Time to short GBPJPY for a quick scalp trade! The downward trend is continuing. On the hourly chart I’ll shorting with the following conditions:

GBPJPY-Sell-MAY24
GBPJPY Hourly Chart Scalp Setup – Short @ 146.320 to 145.924 SL: 146.653

All of my Moving averages are flying over the downward trend and I usually use the fibonacci retracement levels to set my Take Profit. In this case 161.8 seems achievable. I chose the TP slightly higher just to be safe.

Let’s see if I’m right! 🙂

Keep you posted!

NZDUSD

The stronger US dollar has been driving the New Zealand dollar lower in the last two days. The price broke the lower bound of the previous channel and we are opening a short position at the pull back to the 161.8 level of the Fibonacci retracement levels. The Stop Loss is placed at 0.69337 (See below image).

NZDUSD_Sell_MAY23
NZDUSD Daily Chart Intraday Setup – Short @ 0.69050 to 0.68576 SL: 0.69337

The technical analysis on this pair is based on the 4 hour chart and therefore requires more patience. Let’s see how it’ll come along in the next few hours. I will make updates to this post later today!

Feel free to comment and share your trades if you choose to copy this trade.

Have a great day ahead.

Alright, my Stop Loss was triggered 🤕

Although the New Zealand’s Trade Balance data was significantly lower than expected, it seems that FOMC speech drove USD lower causing the NZD to move higher.

AUDJPY

Australian dollar has been climbing up since the day began breaking 83.946 level and it is fast approaching March high at 84.47 (Upper bound of the equidistance channel on the daily chart), providing a great scalp setup.

AUDJPY_MAY_18
AUDJPY Daily Chart Scalp Setup – Long @ 84.091 to 84.47 SL: 83.890

If you wish to open a long trade, keep a stop loss at 83.890 and be careful not to open big positions. After all the RSI is in the overbought area and there’s a good chance of price consolidation in the next few days. All the best with your trades!

.. and now after almost 12 hours we hit our Take Profit @ 84.47 ✅💰