The Daily Trade – Weekly Review and Open Trades

Filed under: Live Trades |

As you can see from the overall equity chart (see Figure 1), our trades did not quite go to plan last week, and we took a slight loss. However, we have to expect these drawdowns from time to time and things are going very much as planned at the moment with regards to the overall big picture. As always, you can see all of the trades that I make on my published trading account at:

 

Figure 1.

http://www.myfxbook.com/members/jjrgaskell/daily-trade/357261

 

You will see that I have one order open at the moment (actually split into two orders but it is essentially the same trade). This is on the USD/CHF forex currency pair (the pair for the United States dollar and the Swiss franc). What you will see here is that price has been moving up, and has broken through a significant area of support/resistance (which is more obvious on the daily chart). Price was really struggling at this level and formed two or three pin bars before finally breaking through and more importantly, closing above that level. This is a good bullish signal and as such, I have put an order in to go long at a 50% retracement of the bullish candle, with a stop loss placed just a few pips below the low of the bullish candle.

 

Figure 2.

I have split my target into two levels, one at the 1:1 RR level and one at the 1:2 risk reward level. Therefore, if it reaches 1R, then we will be in a no lose trade. I have risked 0.7% of the bank for the 1:1 RR trade and 0.3% of the bank at the 1:2 RR level – so these are very conservative risk levels. Hopefully the order will be filled and I can report on the trade tomorrow. Until then, have a great day.

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