Live Trades 105 & 106 – Analysis and Results

Filed under: Live Trades |

I have a couple of live trade results for you today, and I’m pleased to say that both are positive as we try to claw back the terrible start that we had to the year. Let’s take a look at the one on the GBP/JPY pair first. If you look at Figure 1, you will see the daily chart for this pair. Our entry point is highlighted in yellow. This was a bearish pin bar at a previous area of support/resistance. We entered at the break of the low of the pin bar with a stop loss just a few pips above the high of the pin bar and a target of two times our risk. We also employed a trailing stop to the size of one times our risk. Our trailing stop was activated and unfortunately it was just hit later for a slight profit. Had we entered at a 50% retracement of the pin bar, we may well have made profits of 3%.

 

Figure 1.

The other trade was on the USD/JPY forex currency pair. Figure 2 shows the daily chart for this pair. This was a similar kind of setup with a pin bar forming at a previous area of strong support/resistance. The setup was a lot stronger though because the pair was in a very strong downtrend, with the chart visibly moving down from left to right and the 8-day exponential moving average crossed firmly below the 21-day exponential moving average – confirming this bearish momentum. This time, our entry was at a 50% retracement of the pin bar, with a stop loss just a few pips above the high of the pin bar and a target of three times our risk. We set a trailing stop of one times our risk and this was hit for around a 1.4% profit. Had we gone for a target of 2.5%, we may well have got there – so we were perhaps being a little greedy with this. Here are the official results.

 

Figure 2.

Results

 

USD/JPY = +144.40 GBP

GBP/JPY = 24.93 GBP

 

TOTAL = 9,417 GBP (-5.83%)

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