WEEK IN REVIEW: 2 Nov to 8 Nov 2015

Last week was comfortably profitable. I'd entered four trades, won three and lost one. 

EURGBP

This trade had been opened the previous week, on the 29th October. There was a bearish engulfing candle, and I went short at its low the next day. I took profit at 0.71000, with a reward of 0.5R. Price progressed downwards a little further past 0.71000, before rebounding back up. 

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GBPCHF

Likewise, this trade was also opened the previous week, on the 30th October. Momentum was strongly bullish, and I detected a bullish pinbar. There was scope for a 1R reward before meeting the next major resistance level, so I went long and took profit at 1R. 

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EURUSD

This was a straightforward setup. I saw a low volatility retracement candle at the close of 2nd November, and went short at its low the next day. I took profit at 1.25R a few days later. A nice simple trade.

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GBPAUD

This trade was a loser. I detected a bullish pinbar aligned with bullish momentum, and went long at the break of its high. My reward was 0.5R, just before the swing high. It was pretty tight. Unfortunately, major news came out the same day as my entry (BOE interest rate decision), stopping me out. Looking back, 0.5R reward is too low for a major news day. If the BOE decision was favourable, I only would've won 0.5R. If it was unfavourable, I would've lost 1R. The R:R ratio was lop-sided for such a major event. 

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THOUGHTS

Be more aware of critical news events, especially central bank decisions and NFP. If there's a major event, aim for a reward of at least 1R in order to exploit favourable news. If I can't aim for a 1R reward (perhaps because support / resistance is too close), then stay out.