Live Trade Number 28 & 29 – ANALYSIS and RESULTS

Filed under: Live Trades |

 

Our live trade number 30 is still in play and currently in a nice profit, so we will discuss that one later. Trade number 27 was cancelled as our order was not filled in the specified time; and our trades numbers 28 and 29 were both losses I’m afraid, taking away yet more of our profits. I will talk you through trade number 29 right now, which was on the NZD/JPY forex pair.

Figure 1.

 

If you first look at Figure 1, you will see the daily chart for the NZD/JPY forex currency pair. You will see a nice level of support/resistance in the middle of the chart (marked with a green band), which price had broken through and then retraced back towards. This is a good area to be looking out for any price action signals on the daily and intraday charts, so I was watching this area very carefully.

 

Figure 2.

Figure 2 shows the 4-hour chart for the NZD/JPY pair. This shows that a nice bullish engulfing pattern formed at the level in question, so I set an order here at a 50% retracement of the bullish candle with a stop loss placed just a few pips below the low of the move, and a target of two times our risk.

 

Figure 3.

Figure 3 shows that we were stopped out with a very long pin bar, which was unfortunate, as price could not close below our stop loss, confirming it as a good level of support. This was yet another bad result, but it only takes two or three good trades to get us moving when we have a positive risk-reward scenario. Here are the official results:

 

Trade 27 = cancelled

Trade 28 = -108.90 GBP

Trade 29 = -82.50 GBP

 

TOTAL BANK = 10,112.51 GBP (+1.12%)

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