Live Trades 128-130 – ANALYSIS and RESULTS

Filed under: Learn Forex Trading |

We have some more live trade results in for you today. Again, we have one good one and two bad ones for around a breakeven cumulative result; so we are again treading water. Hopefully things will improve soon.

 

Figure 1.

I would like to once again take you through the successful trade, which was a trade on the GBP/AUD forex currency pair. If you take a look at Figure 1, you will see the daily chart for this pair. As you can see, the chart is visibly moving down from left to right and the 8-day EMA is crossed firmly below the 21-day EMA. All of this tells us, quite clearly, that the market is in a bear trend.

 

In this kind of bearish market, we should only be looking out for price action signals that confirm this bearish sentiment in the market. I have highlighted one of these price action signals in yellow. This is a pin bar in the direction of the trend. We put an order in here at a 50% retracement of the pin bar; with a stop loss placed just a few pips above the high of the move, and a target of two times our risk. Price initially moved up, our order was filled, and price moved perilously close to our stop loss (just a few pips away in fact!). Following this, a double inside bar was formed, which tipped us off to the fact that the market was taking a breather. Price then resumed the downward momentum and our target was safely met for a 2% rise on our bank.

That’s all that I have for you today – and here, as usual, are the official results.

 

Official results:

Trade 128 = 204.53

Trade 129 = -100.23

Trade 130 = -99.81

 

Bank = 9,414 GBP

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