Live Trades Number 13 & 14 – ANALYSIS and RESULTS

Filed under: Live Trades |

Well, we have had quite a few trade alerts since the last update – three in all. Two of these have already reached a conclusion. The first one, trade number 13 on the GBP/AUD forex pair, unfortunately hit our stop loss for a loss of 100.32 GBP. However, trade number 14 on the CHF/JPY pair came off nicely and I would like to talk you through that trade right now.

 

Figure 1.

If you look at Figure 1, you will see the daily chart for the CHF/JPY pair. At the bottom of the chart, you will see a nice area of support/resistance. Price broke through this area moving up, and then retraced back down to it on the intraday charts, so I was looking out for any price action signals.

 

Figure 2.

If you now look at Figure 2, which is the 1-hour chart for the CHF/JPY pair, you will see that a bullish engulfing pattern emerged at this area. This was my signal to take a long trade, so I put at order in at a 50% retracement of the bullish candle, with a stop loss just a few pips below the low of the move, and a target of two times my risk.

 

Figure 3.

Figure 3 shows that the trade was successful. Our order was filled and price subsequently moved up and hit our target quite comfortably for a 199.63 GBP rise on our bank, which is around 2%. That’s it for today. Here are the official results:

 

Trade 13: -100.32

Trade 14: 199.63

 

Total Profit/Loss for test = +603.65 GBP

 

That is twelve trades we have now made, risking approximately a total of 1200 GBP, and making approximately 600 GBP profit. That is a 6% rise on our bank (ROI), and a yield of approximately 50% – so far so good.

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