Friday, July 15, 2016

Week in Review: 11 June to 17 July 2016

I've finished this week near breakeven. I had one winner, one loser and one breakeven trade. 


I opened this trade on Monday, feeling very confident. The AUDNZD had just broken downwards and retraced back to the previous support level. I went short at Friday's high using a sell limit order, but the AUDNZD rocketed upwards and eventually took me out.


I spotted a two-candle reversal pattern, and went short at the break of the low. I wasn't too happy about the low probability of this setup, and only risked 1% instead of my maximum of 2%. My problem was the close proximity of two support levels, which had to break to reach my profit target of 1R. After a few days, I decided to get out near breakeven (technically I was profitable, but my profit was only 0.1R, which is nothing). I should've avoided this trade in the first place. 


This was a straightforward trade. I saw a bullish pinbar and went long at the break of its high, and aimed for a reward of 1R, just below the next resistance level. The trade hit my profit target the next day.


Don't trade a setup just for the sake of trading. IF you must trade, only risk a small amount. And if you do something stupid and realise your mistake, get out. 

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