TRADES
I entered a bit of drawdown this week and lost three out of five trades, with another trade left open over the weekend.
EURJPY
Normally I use a pre-determined R:R ratio to place my profit target. For this trade, I decided to use support / resistance levels for my profit target, and took profit just before the resistance level at 142.47. Price then reversed and would've taken out my stop loss if I had kept my trade open. Using discretion, I was able to catch the meat of this trade.
There's not much else to talk about. At the moment, I've shelved my backtesting on the double-top / double-bottom entry signal. I've tested a few more pairs and while the results are still positive, I found the amount of optimisation to be too high.
UPCOMING SIGNALS
I really like this pinbar that formed on the USDCHF daily timeframe. It's range is over 1.5 ATR(14) (meaning it's relatively big and thus significant). This is how I plan to trade it on Monday. I'm using discretion here and will be putting my profit target just above the support level shown on the graph (click to enlarge).
Reward would be about 0.9R.
There is a similar bearish pinbar on the USDJPY, but I already have a short open on the EURJPY. I don't feel like opening two simultaneous positions on JPY pairs.
UPCOMING SIGNALS
I really like this pinbar that formed on the USDCHF daily timeframe. It's range is over 1.5 ATR(14) (meaning it's relatively big and thus significant). This is how I plan to trade it on Monday. I'm using discretion here and will be putting my profit target just above the support level shown on the graph (click to enlarge).
Reward would be about 0.9R.
There is a similar bearish pinbar on the USDJPY, but I already have a short open on the EURJPY. I don't feel like opening two simultaneous positions on JPY pairs.
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ReplyDeleteWhat do u use for backtesting and trade analysis?
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