Saturday, October 24, 2015

WEEK IN REVIEW: 19 Oct to 25 Oct 2015

This week has been a bit quiet, but profitable. I only entered 3 trades, winning two and losing one, and reversed most of the losses I made the previous week. 


This trade took awhile to conclude (at a loss). I saw a significant bullish pinbar on the 16th of October, and went long. While it hadn't broken the resistance level of the order block, the large tail showed significant buying. I felt there was a good chance of a breakout, and aimed for a reward of 1R. The trade was eventually stopped out on the 22nd October.

Looking back, was it a good trade? While the setup fitted my trading rules, I think I should've aimed for a bigger reward. Trading into support / resistance isn't really wise, so you want a higher reward to justify the low probability of the trade. I think a reward of 1.5R - 2R would've been better. 

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This was a quick trade I took on Thursday 22nd October. I spotted a bearish pinbar, observed that momentum was strongly bearish, and that there was some scope for a tight reward. I got out at 0.5R profit.

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Most of this week's profit came from this trade. I saw a low volatility candle on the 22nd of October, and short-term momentum had just flipped to bearish. I wasn't really comfortable and felt this was a lower probability trade, but saw that there was plenty of room for a downward move (next level of buying was between 1.12000 and 1.11000). I aimed for a reward of 2R.

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I've reversed most of my losses from last week, so October is now looking profitable again. There's one more week to go. I shouldn't obsess about monthly results, though, as I may only 15-25 trades a month. Hmmm, this is an interesting psychological observation. 

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