I did place the above trade as well as GBP/USD (on 25th August but, for some reason is still not being reflected on My FX Book) but, did not quite go according to plan. As mentioned earlier, the below latest screen shot of missing still not showing the last GBP/USD trade I executed.
Being on holiday for the first half of the month meant that I had missed the initial down move on EUR/USD and GBP/USD. It then pulled back and I went for the short on both pairs and got stopped out. Now the question for me is where did I go wrong? Below is a screen shot of the chart to show what happened after I executed the trade on EUR/USD:
The top green line was the previous high, the ATR at the time of execution was 19, I set the SL 22 pips above the green line and my target was the green line at the bottom. I’ve been told that whilst the EMA 200 is above 50, the trend is down and I should never go against this and the reason why I went short at the time. As you can see, price briefly dropped below my entry before shooting up to reach a high of 1.19101, triggering my SL on it’s way up. Perhaps I got the previous high wrong and should have set the SL 19 pips above 1.1907? If that is the case I could have gone for a long position targeting 1.19101.
If anyone reading this has a thought, I’d love to know what you would have done as in which previous high you would be looking at to set your SL. The GBP/USD trade had exactly the same issue, I’ve placed the cursor on the chart where I took my entry and my SL was 1.3810:
I’m still in the trade, price hit a high of 1.3913 before it started to plummet again, now it is below 1.38. I thought exit was the easy bit but, correct exit is the bit that seems to be eluding me at the moment. From being 76 pips in the green to my current state of 40 pips in the red at the time of writing this.
I was right to go long but, my exit strategy seems to be the difference between me ending up with a winning or loosing trade at the moment. Having been up 76 pips on my last trade I ended up down 143 pips:
Price has now twice dropped below 1.3667 but has been rejected on both occasions. After the last time it got rejected at that level it reached a high of 1.3750 but, failed to break above it and has fallen again, closing the week at 1.36663. This time I will be executing a short position, SL set 40 pips above 1.375 given ATR is 34.7 and my TP at 1.3575:
October was okay month, could have been better! On my last post I said I was looking to short GBP/USD, I ended up missing the trade due to day job commitments and by the time I had realised what was happening it was too late. Price went on a free fall, all the way down to 1.34113. From there it started climbing again, climbing all the way above 1.3570 and finding support at that level. I then executed long position at 1.3604 and saw price move all the way up 1.3657 but it wasn’t moving above that range. I then decided to move my SL to above my entry which say my SL get triggered on a pull back and after that it just catapulted up. I then executed a new trade at 1.36655 and managed to catch 115 pips although prior to closing out I was up 165 pips before price pulled back and triggered my new SL.
I then waited a saw price get rejected from 1.3830 twice and still went long on the pair. The two rejections from 1.3830 should have been telling me not to execute a long position, after executing the trade price reached a high of 1.383 again before plummeting down to 1.3604, triggering my SL at 1.37 on it’s way down.
The loss on EUR/USD would not have been a loss had the broker not decided to carry out technical updates right in the middle of the trading week and therefore closed out my trade along with the open position I had on GBP/USD, on which I was up 66 pips at the time of closing. I decided to go back into both of these pairs again this, on GBP/USD at a higher price from where my position was closed out. On EUR/USD however, my entry was almost 30 pips below the entry on the loosing trade which recovered some of that loss.
I am looking to execute further long positions on these pairs, EUR/USD target 1.16 and GBP/USD target 1.385.
Time seems to be flying when you’re having fun, didn’t realise it was January the last time I posted anything. Below is a screen shot of all the trades since March:
I’m still sticking to two pairs, GBPUSD and EURUSD and am looking ta going long on these two pairs. Looking at GBPUSD first, on the monthly chart it has dropped to a low of 1.215 a level last seen when the pandemic first started:
Price has bounced since, closing on Friday 20th May 2022 at 1.2491, an area that has previously acted as resistance as well as support on the weekly chart. 1.25 was also a support zone briefly on the daily chart before price eventually broke below it. It is currently just below it and am waiting to see if price breaks above. If price does break above it, then I am expecting it to reach the previous high of 1.264 on the four hour chart:
Price is currently hovering just below 1.06, 1.0635 has previously acted as a support zone on the monthly chart. I am expecting price to reach 1.0635, breaking above that I believe it will rise as high as 1.07
