Live Trades 76 & 77 – ANALYSIS and RESULTS

Filed under: Live Trades |

Two of our trades from Friday came to fruition today. The first one, trade number 76, was cancelled, as our order was not filled in the specified time. Interesting, had the trade been triggered, it would have been in profit by around 1% of our bank by now. The other trade, trade 77, came off very nicely and I would like to talk you through that trade right now.

 

Figure 1.

The trade in question is on the CHF/JPY forex pair, which is the pair for the Swiss franc and the Japanese yen. If you look at Figure 1, you will see the daily chart for this pair and what you will see is that the pair is in a very nice bull trend with the 21-day EMA firmly below the 8-day EMA. There is also a nice level of support/resistance that price had been hovering around, and this is the level where we were looking for any price action setups.

Figure 2.

Figure 2 is the 1-hour chart for the CHF/JPY pair, and it shows that a very nice bullish engulfing pattern formed in an inside bar in the direction of the trend. I set an order at a 50% retracement of this bullish candle, with a stop loss a few pips below the low of the move, and a target of two and a half times our risk.

 

Figure 3.

Figure 3 shows that the trade came off very nicely, for a 2.5% rise on our bank. Our bank is now starting to recover fairly well after the awful January/early February drawdown, and we are now in profits for February by around 1.5%. We also have one trade open, which is currently in profit. Hopefully, things will kick on from here. Here are the official results.

 

Trade 76 = cancelled

Trade 77 = +250.00

 

Bank = 9,750 (-2.5%)

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