22-26 April, Bonus week for me

On 22nd April 2013:
EUR/JPY pair opened its trading day with a gap upwards after the weekend. Price usually fills up the gap. As price was moving upwards, price needed to fill the gap with a retracement during it's upward move. Price was near in the making a double top. I entered short.

EUR/JPY h4 chart

I grabbed 56 pips when I exited as price was near the closing price of last week. Price is likely to move down further but I don't wish to keep it open further as price will commence it's upward trend after the retracement. Trade against trend is always risky. I just wanted to trade the gap. I have another trade open at XAUUSD. It has 200 pips gain with >100 pips profit locked in by trailing stop. My weekly target easily filled on the first day of the week. So rest of the week will be bonus for me. Thus, no risky trade for rest of the week.

Update: I exited with 257 pips gain.

25th April 2013:
I'm watching AUDCAD now. In the larger time frame, this pair is in uptrend. In daily chart it's in uptrend as I mentioned earlier. But see the last retracement from the upward thrust.

First, it formed a double top. Second the retracement is more than 100% of the main thrust. So I switched towards lower time frame to find out a changing trend. In h4 time frame the price is in down trend and already has 4 swing completed.

Now price has some confluence here... a diagonal TL, dynamic resistance, a horizontal support/resistance line. So I zoomed to h1 time frame.

Price is range bound here. I'm planning to go for short with the breakout of this range. If price breaks out upward then this set up will be cancelled.

After going back in the history, I've found that price was at this level way back in 1997. Price went as high as 1.1090 where price is now at 1.0555. This means a possible end of larger time frame trend.

Let's see whether I can get my entry this week or end of trend set up.

26th April 2013 at 12:40 am: I failed to monitor it. It broke out below with a breakout-pullback-continuation pattern. Missed >20 pips in this trade according to the movement till now.

Breakout from the a range gave >70 pips till now. I waited for it but missed it due to failure to watch it at the right time.

I'm now looking to go for longer time frame trade. USDJPY pair in weekly chart. This pair is now visiting a previous supply area. So an opportunity for short here.

I entered a short with s/l above the area and t/p above the lower demand area. In the daily chart, price is forming a double top. Here is the daily chart-

It's an uptrend. So short entry is not ideal. But I took this trade to see whether supply-demand only can make good trade irrespective of trend. I know, real supply-demand area identification is the prior requisite here. I'm learning here. Thus, don't take my trade data as signal.

>100 pips gain till now and the trade is still open. Let's see what happens next week. I'll keep it open until it hits either the sl or tp.

Happy trading!