Took a couple of trades on Oil in the evening. First things first, it should only have been one trade. I've mentioned a few times recently that i've been testing some point and figure trades. I decided to trade one of these set ups today.
Oil 1hr PNF
On the chart you can see one of my preferred set ups, I honestly have no idea of the correct name but I call it a triple rising top. I was looking at the charts and entered at market as the triple top set up was formed. Happy days, nice move up for around 60/70 pips. As it was a low risk trade I decided to set a target to cover the loss from the day before. Once I did this, I moved to break even and was going to let it ride out. Either to target or to stop. What I didn't notice at the time but see now is that where the up move stopped was a viable area to take profit based on the high volume zones from Thursday at this area. By the time I had got into work I had a quick look at the charts to see it had reversed to my BE stop. No probs. Checked my account and I was still in the trade, -31 pips. Turns out I had put my stop in the wrong place, it was 100 pips away from where it should have been at BE. (95.54 instead of 96.54) Doh! So I closed that trade and went short based on a 5min ND into a 15min zone as it was travelling back down. This then also got stopped before pushing down as well. Slightly irritating.
Oil 5min
EUR/USD was quite simply a pain to trade this week, if not for the last few weeks. The only viable set up i saw for Friday was after I had gone into job no.2 so I unfortunately missed it. A short set up towards the end of the day.
EUR/USD 15min
Around -3% for the week. With some better management and concentration on those Oil trades this picture could've been a lot better. But never mind. On to next week.
Have a good weekend all!
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