Live Trades Update – ANALYSIS and RESULTS

Filed under: Live Trades |

There’s lots to tell you about, and so far, it is mostly negative I’m afraid to continue this terrible drawdown that we are experiencing. Trades 51,52,53,55, and 56 have all been losers. However, there is a little light at the end of the tunnel with trade 54 currently being around 200 GBP to the good, and trades 58 and 59 still in play. Trade 57 was also a winner, and I will take you through the ins and outs of that right now.

 

Figure 1.

Figure 1 shows the daily chart for the USD/CAD forex currency pair. It displays that the most recent, short-term daily trend is down, so we were looking to trade with that momentum. There was also a great level of support/resistance that price had been approaching, so I was on the lookout for any price action signals at this level.

 

Figure 2.

Figure 2 shows the 1-hour chart for the USD/CAD pair, and as you can see, a very nice pin bar formed at the aforementioned level. I put a sell order in at a 50% retracement of the pin bar, with a stop loss just a few pips above the high of the move, and a target of two times my risk.

Figure 3.

Figure 3 shows that the trade was successful, for a much-needed 2% rise on our bank. January has been a tough time for trading forex price action setups and we have experienced a significant drawdown on our bank. However, the good news is that even after this terrible run of results, we are still only 3.84% down on our bank, and I’m sure things will pick up soon and get us back in profit. Here are the official results.

 

Trade 51 = -99.87

Trade 52 = -100.55

Trade 53 = -100.04

Trade 55 = -101.31

Trade 56 = -96.88

Trade 57 = +201.37

 

Total Bank = 9,616.48 GBP (-3.84%)

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