Live Trade 132 – Analysis and Result

Filed under: Live Trades |

Well, our live trade number 132 has now come to fruition, and I am pleased to say that it was another successful one. I would like to talk you through the ins and ours of this trade right now…

Figure 1.

 

To begin with, take a look at Figure 1. This is the daily chart for AUD/USD forex currency pair, which is the pair for the exchange rate between the Australian dollar and the United States dollar.

 

As you can see, price has recently started to move up after a long bearish action. The 8-day EMA has crossed above the 21-day EMA, and we are starting to see some strong bullish momentum. I have also drawn in some areas of support and resistance on the chart with some green bands. The area in the middle is the one we are interested in, because this is where price is currently hovering.

 

Figure 2.

Figure 2 is the same daily chart for the AUD/USD pair, but this time it is zoomed in. What you can see here is that there is a long and powerful bullish candle that is then followed by a pin bar, in the direction of the current trend, right at our area of support/resistance. We put an order in here at a 50% retracement of the pin bar, with a stop loss just a few pips below the low of the pin bar, and a target of two times our risk. As you can see, this trade was successful for a nice 2% rise on our bank.

 

We have now made 4% gains since we fine-tuned our trading parameters at the beginning of the month, and that is also now a 4% gain for the month of July. We are now starting to fight back after that horrible drawdown, and we should soon be back in business. Here are the official results.

 

Official Results:

 

Trade 132 = +199.66 GBP

 

Bank = 9,708 GBP (-2.92%)

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