Trades 69 & 74 – ANALYSIS and RESULTS

Filed under: Live Trades |


I’m just kicking myself right now (ouch!) for missing a good trade on the XAG/USD pair, which is the pair for silver. It was a nice pin bar setup off a support level, and had we been in profits already this month I probably would have had no hesitation in taking it for a quick 2.5% rise on our bank. As it is, I’m trying to protect the bank and not taking trades that I normally would unfortunately.


Trade 69 was cancelled as our order was not filled, and trade 74 hit out stop loss for a 1% loss. As always, here are the ins and outs of that trade.


Figure 1.

Figure 1 shows the daily chart for the lesser popular AUD/CHF forex currency pair. As you can see, the pair is in a very strong bull trend, with the 8-day EMA firmly crossed over the 21-day EMA and the chart moving steadily up from left to right. There is also a swing high point acting as potential support, and I have marked that in with a yellow horizontal band.


Figure 2.

Figure 2 shows the 1-hour chart for the same AUD/CHF pair. What you will see is that price has respected this support level and come down to it for a second test where a bullish engulfing pattern formed. I put an order in here to go long at the break of the high of this candle, with a stop loss just a few pips below the low of the move, and a target of two and a half times our risk. However, the trade did not work out, and Figure 3 shows this.  It is interesting to note though, that price did form another bullish engulfing pattern after that, and price has subsequently moved up.


Figure 3.

Trade 69 = cancelled

Trade 74 = -105.45


Bank  = 9,601.88 (-3.98%)

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