Live Trades 66 & 70 – ANALYSIS and RESULTS

Filed under: Live Trades |

I have some more live trade results for you today – one good one and one bad one. Let’s start with the bad one. Trade number 70 on the USD/JPY pair did not come off for a 1% loss on our bank. However, trade number 66 came off very nicely indeed, and I would like to talk you through that setup right now.

 

Figure 1.

The trade in question came on the NZD/USD forex currency pair. Figure 1 shows that this pair had been in a very powerful bull trend of late. The 8-day EMA is firmly crossed over the 21-day EMA, and price is moving up from left to right in almost a straight line. With this kind of trend, we only really want to be getting in on long trades so that we are not fighting momentum.

 

Figure 2.

Figure 2 shows the 1-hour chart for the NZD/USD pair. You will notice that price had been approaching a very strong area of support/resistance. This area first acted as resistance, and then, after a change of polarity, it then acted as support. A nice inside bar formed right at this level, so I put an order in at the break of the mother-candle, with a stop loss just a few pips below the low of the mother-candle, and a target of two times my risk.

 

Figure 3.

Figure 3 shows that the trade was successful for a 2% rise on the bank. Our trade on the XAU/USD pair (silver) is also very nicely in profit right now, so it seems that our bank is slowly recovering from the horrors of January and we are almost back at breakeven now. Hopefully, things will push on throughout the rest of the month and we will be back into the kind of profits that we made in December. Here are the official results.

 

Trade 66 = +200

Trade 70 = -100

 

Bank = 9,707.33 GBP (-2.93%)

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