Live Trade 99 – Analysis and Result

Filed under: Live Trades |

 

Our live trade number 99 did not come off unfortunately for a loss of around 1% on our bank. It seems that all the ones we miss come off, and all the ones we catch are losers at the moment – which is really annoying. It has not been a good year so far. Anyway, regardless of the result, I will take you through the ins and outs of the trade and show you why I chose to put an order in.

 

Figure 1.

Figure 1 shows the daily chart for the GBP/JPY forex currency pair. As you can see, the chart visibly moves up from left to right and the 8-day exponential moving average is crossed above the 21-day exponential moving average, confirming that the pair is in a bull trend. Therefore, I was only on the lookout for any price action signals that were in the direction of this dominant trend.

 

Figure 2.

Figure 2 shows that on the 4-hour chart for the GBP/JPY pair, a nicely formed pin bar emerged at a good area of support/resistance. I put an order in here at a 50% retracement of this pin bar. The order was filled and early signs were positive and we moved into profit.

 

Figure 3.

However, Figure 3 shows that the trade was unsuccessful for a 0.97% loss on our bank to make a bad start to the year even worse. We were up by 6% at the turn of the year (we started in December) and off to a great start. However now, we find ourselves down by almost 6%. Hopefully, a couple of good months will turn this around and get things moving. I was hoping to be in good profits after 100 live trades – but as it is, we’ll just have to keep plodding along until I can prove that these methods are profitable in the long term. Here are the official results:

 

Trade 99 = -97.21

 

Bank = 9,447 (-5.53%)

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