January Monthly Review 2018
I will be going over only the swing trades I have taken to see If I could learn anything. You may be wondering Why? I want to see If I am following my trading plan, if I should have not been in the trade, and see what I can do to improve.
- Daily - Price started to Decelerate at resistance 88.00 from 12/28 and 12/28 until finally on the 1/02/18 a nice entry candle.
What I learned? Great Entry. Just didn't work out. Will review again in End of March.
GBP/NZD 1/08/18 & 1/09/18
- Daily - On the 1st candle (Marked in Green) 1/05 the price looks like to be slowing down at the bottom of the Wedge + Support Zone 1.88676 - 1.88201. The Second candle a low candle on 1/08 a great entry but ended up being a loss. Again on the 1/09, 3rd candle another opportunity to go long with price Rejection both the support zone and Bottom Wedge.
The Trade was overall with overall Trend, Support, Wedge, Deceleration, and Low Test. With the following days, price had a false breakout and ended up going towards where my initial take profit would have been.
What I learned? The trade was Great, followed plan but still a loss. It happens.
- Weekly - A Wedge had been forming for quite some time. On 1/22/18 a HUGE bearish candle breaking out the wedge pattern.
- Daily - Price Started to Decelerate on the 1/29 at support zone 1.3180 - 1.3130. Again, the 1/30 a nice candle for entry with the trend.
This trade had great entry from with the trend, support, deceleration, and low test. I was looking to take profit at around 1.3400 because of a possible head a shoulder pattern. Next, on 1/31 a another deceleration candle then 2/01 a high test at the retrace of the breakout of the wedge. The trade ended up being a lost and it happens.
What I learned? I followed my plan on entry and management but I have a weakness in the Weekly time frame which I must work on. I can't say how because of the past few trades I am noticed I must improve my Weekly time-frame Analysis to improve my Swing trades.
* Weekly - On the 1/01 Nice bullish candle Breakout of the Previous Resistance Zone from 15.40 to 152.80. Next, on 1/08 Price had a big lower wick which looks like bears tried to push the price down but failed.
* Daily - Price looked to start to decelerating at 1/15 and a nice 1/16 candle at the Right shoulder, which took over a month to form and the Resistance Zone.
Hmm... let's start with the daily, it started with a nice decelerating on the 15th at right shoulder and Resistance. I was already paying attention to look for a opportunity but didn't provide a entry signal until the 16th. Yes, great entry but lost and was good trade .The Weekly looks like a different outlook.
Should I have stayed out of the trade? No, If I entered based only on daily but yes looking at the Weekly Chart. On the Weekly chart , price broke out on the 1/01 at the Resistance Zone then on the 1/08 the lower wick meant sellers tried to push sellers but Price CLOSED above the Resistance Zone.
What I learned? When daily has an entry, looking at weekly chart to see what candle formed the previous weeks.
- Weekly - Strong Bullish Candle on 1/08/18. This was a strong move up with the Trend.
- Daily - The starting of the week on the 1/15 momentum looked like it slowed down, 2nd day deceleration candle, 3rd the 1/18 a bearish Candle. Price bounced off the supposedly right shoulder but there was a minor Resistance at 1.52784. With the following day, a Entry candle on the 1/18.
- Weekly - Ascending Triangle bounced 1/08/18 with strong rally momentum rally up. 1/15/18 with a breakout of the Triangle.
- Daily - The entry was based on the Head and shoulder pattern, deceleration, pin bar which gave me a great entry for putting in a order.
Looking over my plan, entering the trade really makes sense I was looking for a possible false breakout.
January has been pretty crazy month. I started to take swing counter trend trades but they do need improvements. Trading is all about learning and working to get your kinks out the plan. The whole point of this review how I can get better both my PSYCHOLOGY and the trading plan.
- Looking at Weekly charts with my Swing trades.
- If I have no watch-list or trade, look at all currency pairs a second time
- When I enter trades, look at what possible support or resistance price has to go through.