Live Trades 142-148 – Analysis and Results

Filed under: Live Trades |

Well, we have a plethora of trade results to tell you about. We have had six more trades come to fruition (plus one cancelled because it was time barred) with a 50% strike rate.

Figure 1.

 

The one I would like to briefly talk you through is the one on the EUR/JPY forex currency pair. To begin with, take a look at Figure 1. This is the daily chart for this pair and we use it to first assess the trend. As you can see, the pair is bearish, with the 8-day EMA crossed firmly below the 21-day EMA. Therefore, it is better to only trade in the direction of this dominant trend on the intraday charts, and to look out for price action signals that confirm the resumption of this trend.

 

Figure 2.

Figure 2 is the 4-hour chart for the same EUR/JPY pair. What you can see here is that a bearish pin bar formed at an area of support/resistance. We put an order in to go short at a 50% retracement of this pin bar, with a stop loss placed just a few pips above the high of the pin bar, and a target of two times our risk. This trade came off very quickly for a very nice 2% rise on our bank. You will also notice that a very large bullish pin bar formed shortly after this. However, this did not matter as our target had already been met.

 

A string of good results has now put us back in profit after a horrendous drawdown in the early part of the year. This shows that our method has longevity and strong powers of recovery even after a bad run. Here are the official results…

 

Official Results:

 

Trade 142 = -98.83

Trade 143 = cancelled

Trade 144 = -99.97

Trade 145 = +205.24

Trade 146 = +201.59

Trade 147 = +200.86

Trade 148 = -99.43

 

Bank = 10,129 GBP (+1.29%)

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