Live Trades 136-139: Analysis and Results

Filed under: Live Trades |

We’re taking two step forwards and one step back this week. The step back is a 2% loss on our bank today – but we have to take these kinds of losses as a part of the process because 50% of our trades fail. However, with a risk-reward scenario of 1:2 on every trade, we should come out on top in the long term.

 

Figure 1.

Trades number 136 and 139 were both losses, with trade 137 and 138 both being cancelled due to our expiry dates. I will briefly talk you through trade 139, as this was quite an interesting one to look at.

 

Figure 2.

Figure 1 shows the 4-hour chart for the AUD/JPY forex currency pair, which is the pair for the Australian dollar and the Japanese yen. You can see in the middle of the chart there is quite a nice area of support/resistance. Figure 2 shows the 4-hour chart more clearly because we are zoomed in to the current action. A nice pin bar formed at our level of support/resistance in a bearish direction. We took this trade and lost out. However, price then formed a bullish pin bar in a bullish direction, coming off of the same level of support/resistance. I would have liked to go long here at a 50% retracement of the pin bar. Price came within just one single pip of this level, but before we could even think of getting in on a long trade, it zooming higher. If price had gone just a few pips lower, we could have got in on this trade and had a 2% rise on our bank. I’m sure things will even out in the long run. Here are the official results…

 

Official Results:

 

136 = -99.75

137 = cancelled

138 = cancelled

139 = -99.84

 

Bank = 9,619 (-3.81%)

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