Live Trade Results (105-113)

Filed under: Live Trades |

I have a number of live trade results for you today, but as there are so many, I am just going to concentrate on one of them – this being live trade number 110 on the GBP/JPY pairing.

 

Figure 1.

If you take a look at Figure 1, you will see the daily chart for the GBP/JPY forex currency pair. As you can see, the 8-day EMA has recently crossed below the 21-day EMA, signalling a change of market sentiment. The pair is currently bearish, so we should only really be looking out for price action signals that confirm this bearish momentum.

 

Figure 2.

If you now look at Figure 2, you will see the 4-hour chart for the same GBP/JPY pair. I have drawn in a horizontal line on the chart to mark a significant area of support/resistance. I have also highlighted the cluster of candles that we are most interested in. It is an event that happened right at our significant area of support/resistance. There is an inside bar formation, followed by a pin bar in the direction of the bearish trend. This is what price action trader Nial Fuller calls a ‘fakey’, because it is an attempt by the market to suck people into a long trade or take out stops. We put an order in here to go short at a 50% retracement of the pin bar, with a stop loss a few pips above the high of the move, and a target of three times our risk with a trailing stop of 1.5 times our risk. Our trailing stop was hit for a profit of just over equal to our risk. However, had we gone for a target of 2.5 times our risk, our target would have been met. Here are all of the official results for May.

 

Results for May:

 

105 = +144.40

106 = +24.93

107 = +51.69

108 = =+11.09

109 = cancelled

110 = +56.70

111 = +17.42

112 = cancelled

113 = +10.01

 

Total for month = +3.16 %

 

Bank = 9,564 (-4.36%)

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>