WEEK IN REVIEW: 21 Sept to 27 Sept 2015

Time to regularly update my blog, I think.

This week hasn't been too great. I incurred two losses and one breakeven this week. However, I've been profitable for the three weeks prior to that, so I guess my winning streak had to end.

I also shorted the GBPSGD on Thursday, which is still open.

GBPCAD

I spotted a low volatility bullish pinbar around 2.05000 on Monday. I saw plenty of room for price to break upwards (at least 1.75R), but the trade didn't work out. Price promptly reversed after triggering my entry.

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EURNZD

It's a similar story on the EURNZD. I saw a bearish pinbar on Monday, which offered a shorting opportunity to win 1R, but it didn't work. I was stopped out a few days later.

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CHFJPY

I prematurely exited this trade at breakeven due to emotions. My entry was a small bearish pinbar on Monday. I was aiming for a small reward of 0.67R. Price was progressing towards my TP, and then Draghi gave a presentation on Wednesday, causing price to retrace to my entry. Facing losses on the EURNZD and GBPCAD, I decided to end this trade at breakeven. This provided an emotional cushion, I guess. I was also watching the chart live while Draghi spoke. I found that the more time I spent watching a trade, the more emotionally invested I become.

Price resumed moving in my favour, and would've hit my TP on Thursday. 

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GBPSGD

I went short on Thursday after seeing a bearish pinbar on Wednesday. Reward is 1R. Price came really close to my TP on Friday but reversed as traders exited for the weekend. I hope to hit my TP on Monday or Tuesday.

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Thoughts

I need to stay away from live charts while a trade is open. Less chart time = less emotional investment. 

And RIP Mark Douglas. "Trading in the Zone" is one of the best trading psychology books I've read. 

New broker / dealer? (IC Markets = rip off)

I got burned by IC Markets last week over some ridiculous overnight swap. I ended up paying $85 to hold a SEKJPY position overnight, while risking $200. Granted, it was a Wednesday night so overnight swap gets tripled, but even under normal circumstances, paying $25+ to hold a 0.8 lot position is absurd.

Here's a swap comparison with other brokers. As you can see, IC Markets charges a hundred times more than most of the other brokers / dealers offering SEKJPY.

Ridiculous. 

It's a pity, as I've been with IC Markets for a few years now. I e-mailed them and hoped for a rational explanation, but nope, they blamed it on their "liquidity providers". All I can say is, find better liquidity providers! Your competition did! 

I exited my SEKPJY position to stop the bleeding. Unfortunately, if I held it open, it would've won. I was forced to close a profitable trade. Not happy. 

So... I've spent this weekend looking at other brokers / dealers to trade with. My shortlist:

- Pepperstone

- FXCM

- CMC Markets

I'll continue trading with IC Markets, but I will split my money with different brokers, and trade with whoever provides the cheapest fees + best overnight swap. 

LIVE TRADE: Setup EURCHF

Okay... got a signal on the EURCHF that's providing enough reward. The downward movement has slowed near 1.08000 (the low of the nearby pinbar). This looks like a support level. Reward is about 1.5R. 

LIVE TRADE: Setup EURJPY

I like this signal on the EURJPY. Price has poked above resistance, retraced a little, and bounced back up again today, forming a pinbar. The pinbar's range is also very small, which is also good as small candles tend to precede large candles. My reward is around 2R.

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LIVE TRADE: Closed CHFSGD (opened 6 Aug 2015)

My short on the CHFSGD just got stopped out after a massive rally a few hours ago. I suffered 20 pip slippage on my stop loss, which is pretty big. Many bears got trapped, judging by the slippage and speed of the rally.

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LIVE TRADE: Setup GBPCHF

This is an "okay" setup on the GBPCHF. The overall momentum is bullish. Bulls might re-enter the trend around Friday's low. The reward is reasonable (1.25R). 

LIVE TRADE: Closed USDJPY (opened 7 Aug 2015)

My long on the USDJPY got triggered today, but the major price level of 125.000 held, and price retreated back to my stop loss. 

I am currently short on the CHFSGD, which I'll leave open over the weekend. It's nowhere near my SL or TP at the moment, so I'm just going to leave it alone.