Live Trades Number 31,32,33 – ANALYSIS and RESULTS

Filed under: Live Trades |

To begin with, live trade number 32 was cancelled, as our order was not filled during the allotted time, so that can be discarded. Trades 31 and 33 were both losers I’m afraid, to add to out slightly dismal month so far. However, it will only take two or three good trades to turn things around, so we must be patient. Here is the setup for trade number 31.

Figure 1.

To begin with, take a look at Figure 1. This is the daily chart for the EUR/GBP pair. Now, there is a level of support/resistance, which price was approaching (marked with a green band), and my only concern was that price had already breached this level with a false break. However, we were in a good strong bear trend, and that is the direction that we want to trade in. This seemed like a reasonable area to be looking out for any price action setups on the daily and intraday charts.

 

Figure 2.

Figure 2 shows that a very nicely defined pin bar emerged at our level in question. This also occurred at a 50% Fibonacci retracement zone and it was at the upper extreme of the Bollinger bands. I put an order in at a 50% retracement of this pin bar, with a stop loss just a few pips above the high of the move and a target of three times my risk.

 

Figure 3.

Figure 3 shows that the trade was unsuccessful. However, Another longer pin bar followed this one, after which the market fell away dramatically – so we can consider ourselves unlucky. I thought about entering again on the second pin bar, but I don’t like to enter the same trade twice. Here are the official results:

 

Trade 31 = -102.87 GBP

Trade 32 = cancelled

Trade 33 = -94.57

 

Bank = 10,411,79 (+4.1%)

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