Live Trades – ANALYSIS and RESULTS

Filed under: Live Trades |

 

Well, We’re still struggling a bit at the moment I’m afraid. February turned a slight profit in the end of 0.69%, but it was a month of missed opportunities as far as I am concerned. Cautious of the drawdown that we had in January, I tended to watch a lot of setups that I would have normally taken, only to see a potential profit lost.

 

Figure 1.

Today, I’d like to talk you through the trade on the AUD/JPY pair, which came to fruition today. To begin with, take a look at Figure 1, which is the daily chart for this pair. As you can see, the pair has been in a very powerful uptrend, with the 8-day EMA crossed firmly above the 21-day EMA, and the chart moving steadily up from left to right. In this kind of trend, we only really want to be taking long trades, so what we are doing is looking for any price action setups on any retracements back to a value area.

 

Figure 2.

Figure 2 shows the one-hour chart for this same pair. Our entry came at the highlighted bullish engulfing pattern near the 150-hour EMA. A stop loss was placed just a few pips below the low of the move and we had a target of two and a half times our risk. We also put a trailing stop on this of one times our risk, which was eventually hit for a profit of 0.7%. However, we have since had another two bad results leaving us carrying an overall loss. Let’s hope we go on a winning run soon as we seem to be treading water at the moment. Here are the official results.

 

Trade 86 = +70.63

Trade 87 = cancelled

Trade 88 = -99.64

Trade 89 = cancelled

Trade 90 = -96.06

 

Bank = 9,486 (-5.14%)

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