“When a market is in panic or grand euphoria, support and resistance levels are blown through like a hot knife through butter.’’ — Sam Evans
This is an update of the major movements on the markets and what I’m doing about them on weekly basis; plus my losses and profits. I trade 10 pairs. These analyses are based on hourly charts. You need to bring to subjection the notorious emotions of hope, greed and fear, if you want to survive the markets. You mayn’t call yourself a hero until you face the fiercest of battles and survive them.
The overall trend is bearish. I’m on a sell order.
Entry price: 92.479
Stop loss: 93.319
Take profit: 90.219
Trailing stop: 80 pips (moving)
Status: Open, 94 pips
I was on a sell position. My trailing stop was hit. There were bullish attempts yesterday; I just took them as an opportunity to sell in the context of a downtrend.
Entry price: 1.23752
Stop loss: 1.22364
Take profit: 1.21419
Trailing stop: 72 pips
Exit at: 1.22166
Status: Closed, $380.64
I was on a sell position, and my moving stop was hit. This is a volatile pair. When I was still a novice, it was not uncommon for me to sprint from my trading room into the toilet whenever GBPUSD showed me its true color.
Entry price: 1.44277
Stop loss: 1.43599
Take profit: 1.41864
Exit at: 1.42927
Trailing stop: 53 pips initially and later adjusted to 73 pips
Status: Closed, $324.00
This pair ranged early last week. But as I was expecting, it broke to the upside. It looks like the bullish ride has just begun. But mind you, prices don’t move in a straight line. I bought this pair this week.
Entry price: 1.03221
Stop loss: 1.03338
Take profit: 1.o5461
Trailing stop: 74 pips (moving)
Status: Open, 150 pips
I sold this pair last week, and I left it running till this week. My target was hit and it was closed with 235 pips. I won’t look for an order on it till next week.
I once again missed a sell signal on this pair. When I saw this pair, my indicator was already strutting to an oversold region. You just don’t know what can happen next. If I thought I got a knack for predicting the future with 100% accuracy, why shouldn’t I abandon forex trading and buy lotto tickets instead? I’d just enter my lucky numbers and begin to smile to my bank, even before the lotto results come out. It’s still a sell signal I’m looking for. Perhaps if there’s a rally, I may sell short.
The overall trend is bearish, but there has been a violent bullish breakout. I was on a sell order, and my stop was hit. AUD is very weak now.
Entry price: 1.41415
Stop loss: 1.42153
Take profit: 1.39052
Trailing stop: N/A
Exit at: 1.42153
Status: Closed, -75 pips
In the world of correlation, EURNZD tends to move in the same direction with EURAUD. I was on a sell order, and my trailing stop was hit.. Like its counterpart, there has been a bullish breakout. But it’s possible the price would still come down.
Entry price: 1.76856
Stop loss: 1.76283
Take profit: 1.74580
Trailing stop: 82 pips
Exit at: 1.76283
Status: Closed, $95.12
The decision I took with this pair is the same with AUDUSD. It also hit my short target with 235 pips early this week I’ll look for a signal on it next week.
I sold short and my target was hit.
Entry price: 114.428
Stop loss: 112.936
Take profit: 112.131
Trailing stop: 80 pips
Exit at: 112.131
Status: Closed, 235 pips
Conclusion: Please don’t think I’m a better trader than you. I’m just in a period of winning streak. All trading systems have their losing periods. During losing streaks, I made sure my deposits were intact, and gave away as little profits as possible. The drawdowns on the profits were strictly controlled. You got to preserve your capitals for the times your trading system will bring you winning periods. I use Alpari MT4 Multiterminal for my accounts, and put an individual platform in a VPS for the sake of trailing stops (a risk management tool and a necessary evil). Let me conclude with this anonymous quote:
‘ I’d rather make $1 each day on a million trades than try to make $1 million on one trade.’’
Your questions and opinions are highly welcome.
Forex Signals Strategist, Funds Manager &Coach
NB: There is risk of loss in trading, but it is possible to be a successful trader.
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