Live Trades Number 21, 22, & 23 – ANALYSIS and RESULTS

Filed under: Live Trades |

Well, the results for the live trades are coming thick and fast at the moment. To begin with, live trade number 23 on the AUD/CAD was cancelled, as our order was not filled during the allotted time, so that one can be discarded. Price did move down for a while so we were right to try to get in on the trade though. Live trade number 22 on the EUR/CHF forex currency pair ended in yet another loss, as there was a big and unusual spike in price. I don’t want to dwell too much on this one, as we have had quite a few losses recently! Instead, I want to take you through live trade number 21 on the NZD/USD pair, which came to fruition yesterday and reached our target.

 

Figure 1.

If you look at Figure 1 first, you will see the daily chart for the NZD/USD pair. Price had broken through a very good area of support/resistance and had then retraced back towards this level. As price was moving up, this seemed like a good area to be watching out for any price action signals on the 4-hour and 1-hour charts.

 

Figure 2.

If you now look at Figure 2, you will see that a lovely bullish engulfing pattern formed on the 4-hour chart right at this level. I set an order for a 50% retracement of this bullish candle with a stop loss just a few pips below the low of the move. Our target was two times our risk.

 

Figure 3.

Although it took a while, as this was the 4-hour chart, Figure 3 shows that our order was filled and our target was met for a 2% rise on our bank. What is more important is that our losing streak has come to an end. Here are the official results:

 

Trade Number 21 = +199.76 GBP

Trade Number 22 = -104.72 GBP

Trade Number 23 = cancelled

 

TOTAL profit/loss = 287.14 GBP

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