Quiet enough for a Friday but managed to get a successful trade in. In the early part of the day I had an order in for both Eddie and Ozzie but neither of these were triggered. I decided to cancel the orders as they moved through where my original stop would have been.
Later on in the day, around 1pm I identified a No Demand bar on the 20min Loony chart after an up bar on u-high volume on the hourly chart. I placed an order on the low of the No Demand bar and this was triggered about half an hour later. My target was 39pips to get my 3%. It came within 2 pips of my target when some extra volume came in on a down bar. I decided to get out after a look at the 5minute chart. The 24 pips equates to a gain of about 1.85%. Still profit for the week! All this information is annotated in the screenshots.
Trade 3 - USD/CAD (Loony) Sell @ 1.0213 - Closed @ 1.0189 = +24
Loony 1hr
Loony 20min
That's all for this week, it looks as though it could be quite busy next week with quite a few news announcements planned. Another successful week would be nice.
20 wins, 9 losses and 2 break even trades from using this strategy. More importantly, the losses are capped at 3% maximum so my losers aren't overtaking what I make on the winning trades. If i'd started with a hypothetical account of €4000 i would be up to €5149.31 so far. That's a 28.7% return.
Cheers,
Liam
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