Week in Review: 18 April to 24 April 2016

I hope everyone's enjoying their Friday! :)

This week has been relatively quiet. I only entered two trades, but both trades won, so I'm not complaining. 

USDCAD

This was an extremely good trade. I'd even say that is my best trade so far this year.

The USDCAD has been in a bearish trend for the last few months. During Monday, I thought that Friday's high would be a good place to go short with a sell limit entry, as this was a good spot for bears to re-enter the downward trend. 

Fortunately for me, the USDCAD opened above Friday's high, so my short got filled at a very good price. My profit target got hit later in the day. Quick and very profitable, just the way I like it. 

Profit: +2.5R

AUDJPY

This was a pretty poor trade. While the setup was technically correct, resistance was very close to my entry. I reduced my risk to a very conservative 0.5% and tightened my reward to 0.5R. I ended up exiting at 0.2R and scratching the trade. Price was struggling to break upwards, and I didn't like the risk I was taking for a 0.5R reward, so I got out with a tiny profit. Looking back, I think I should've avoided this trade. However, I kept my risk very low (0.5% vs the usual 1%-2% that I usually trade). If you're speculating and don't feel confident, it's okay to stay out. If you MUST trade, then keep your risk low. 

Profit: +0.2R

HITTING 10% RETURN FOR THE YEAR!

I also just hit the 10% milestone for 2016. Next stop... 20%. :)

Myfxbook link