Trading Journal - Lester Molester

1. Ticker: EURUSD
2. PNL: +39.00 USD
3. Reasons To Trade:
   1. Two-legged pullback close to the EMA
   2. Trendline test
   3. Breakout pullback on the previous swing high
   4. Double bottom pullback
   5. Bullish signal bar
   6. 2nd entry at EMA
      Attached Image (click to enlarge)

      
      
      
      

   
   
   

1. Ticker: DAXEUR

1. On the image below, I tried to highlight what I see in terms of bull and bear legs.
2. The market formed a Wedge Top followed by two legs down. The second leg was small though, indicating weakness for the bears.
3. On a lower time frame, it looks like the 2nd bear leg formed kind of an inverted Head & Shoulder below the EMA with a H2 entry, which builds a case for at least two legs up. This way, there'd be room for one more.
4. It's interesting to note that bull legs are getting shorter and bear legs are getting longer as we form the Wedge Top. Then, there's a long bear leg, followed by small legs forming the Inverted H&S. Now, it looks like we have a longer bull leg and a smaller bear one, suggesting there's room for one more bull leg.
   
   Attached Image (click to enlarge)

   
   

1. Ticker: BTCUSD

1. On the weekly chart, we are on a bull channel, currently consolidating below the previous swing high, which is also an All Time High that was recently broke by a few ticks. We are about to get a H2 entry bar on this chart too, so any selling would be of a very bad risk-reward ratio.
2. On the daily chart, the consolidation took form of bear trading range, where the market is moving down with 2-3 legs and then it's bought up to the previous level with a single bull leg. This indicates that the bulls are still in charge in my opinion and it makes a reversal less likely.
3. Besides that, on the Weekly Chart, there's a perfect Breakout Pullback, so we should expected a measured move up to the trend channel line.
4. I think the best thing here is to wait for a buy setup near the low of the range or a Breakout Pullback around the All time High.

W1

Attached Image (click to enlarge)

Attached Image (click to enlarge)

1. Ticker: USDCAD

1. I'm skeptical about the current pullback to the EMA on this chart. It looks like the strength is renewed, because the last pullback retraced more than the current one. I'm thinking that there should be a bigger pullback before another leg down, otherwise, the market won't have enough strength to break through the low and the chances of forming a Double Bottom or other strong reversal pattern is higher.

Attached Image (click to enlarge)

1. Ticker: XAUUSD

1. I was watching XAUUSD this week for a potential H2 setup, specially because it would:
   1. Converge with a major TL test;
   2. Form a DB;
   3. Be a 2-legged move.

   
   

2. As I recently learned, we need to see a prior demonstration of bull strength before placing a trade on a H2 setup, in the form of a clear minor TL break. In this case, there was none in my opinion, and I avoided a bad long trade.
3. Now it looks like we are going to pull back even more.
4. Maybe it`s going to be a false breakout, and there`s going to be a lot of trapped bears. This bull TL break can also start an even more sideways market. In that case, it could be interesting to see a GAP 2 EMA long setup, that would also be a H3.

Attached Image (click to enlarge)