Saturday, May 28, 2016

Week in Review: 23 May to 29 May 2016

I had a good run this week, two winners and one very small loss. I also have another trade currently open. 


I went short during the previous week, after seeing a reversal pattern. This was a standard trade, and I got out at 1R on Monday. My profit target was almost perfect, as price reversed back up afterwards. The AUDNZD may still fall further, but I'm going to sit it out until I see another bearish signal.

Profit: +1R


I went long at the previous week's Friday low. I've found that Friday's highs and lows are good re-entry points, as this is where many other traders will re-enter after closing their trades for the weekend. I managed to hit my profit target the next day, just below the swing high.

Profit: 1.1R


This trade didn't quite work out. I saw a low volatility retracement, and went short at the break of its low. Price then ranged for the next two days, coming very close to hitting my stop loss twice. By Friday night, I saw that price wasn't going anywhere, and decided to exit before the weekend at a -0.1R loss. Price action on the EURJPY looked very choppy, so when I saw the opportunity to get out at near-breakeven before the weekend, I took it.


I have another trade that's still open (short EURNZD). I left it open since its about 100 pips away from my stop loss, so it has enough room to cater for any weekend gaps or widened spreads.

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