Week in Review: 11 April to 17 April 2016

Last week has been pretty busy. I closed five trades, with mostly-positive results.

GBPNZD

This is what I call an "after-weekend continuation". The bears have control of the GBPNZD, and many bears would've exited on Friday to limit their exposure over the weekend. A good place to re-enter would be Friday's high, which is where I went short. I took profit just above support, marked below.

Profit: +1.1R

EURNZD

I spotted a bearish engulfing candle at the close of Monday, and went short on Tuesday. This was a standard trade, and saw enough scope for a 1R reward before I'd hit support.

Profit: +1R

AUDCAD

I had went short the previous week after seeing a bearish engulfing candle. I'd set my reward at 1R, and price came within 5 pips of hitting my target before reversing. Shorting the AUD is expensive, and I was losing about 1% of my profit for every day I held the trade open. Holding the trade overnight on Wednesday would've cost me 3% of my trade, since the overnight swap is usually tripled on Wednesdays to account for Saturday and Sunday. Rather than lose 3%, I decided to exit the trade with a tiny 0.2R reward.

Profit: +0.2R

GBPJPY

I think I mismanaged this trade. I spotted a low volatility candle at the end of a retracement, and went short at the break of its low. Price did break downward for awhile, but then returned back to my entry point, so I decided to scratch the trade and got out at breakeven. If I had kept the trade open, I'd still be in it. 

Profit: 0R

CADJPY

I went long on the CADJPY after spotting a small, shallow retracement, and got stopped out the next day. The previous day's high behaved as resistance and stopped price from advancing upwards. 

Profit: -1R

THOUGHTS

Avoid shorting the AUD (and NZD). Holding overnight positions is just too expensive.