Four Trades This Week

by Liam 12:16 0 comments

As the title suggests, I took four trades during the course of this week. End was result was two losses, one break even and a slight win. So the second down week out of eight so far. The break even trade came first and was a lesson that I didn't learn from. I paid the price on one of the losses then. Both of the losses were avoidable to be honest. The slight win just didn't have the legs to push up and was an area trapped between two high volume zones.

1st Trade - Long and Break Even on EUR/USD

First things first, there was a down side target (blue shaded area) that was getting closer and closer. Taking a long position was counter trend whilst this target hadn't been hit. Still, there was good room up to the zone above. My target should have been the low of the zone and to walk away with that. I didn't do that. We bounced off the low and I got stopped at BE.

EUR/USD 1hr PnF

2nd Trade - Short and Loss on NZD/USD

3rd Trade - Long and Win on NZD/USD

The short trade was the first trade. The EU trade was Tuesday and this trade was on Thursday night. I thought with the downside target still on the cards that I'd take the short trade. I didn't pay attention to the high volume zone below as well as the two previous support areas here. Got taken in and stopped out pretty quickly.

The stop price was also a buy for a triple top so I set an order to open a long trade at this point too. This came up to the upper zone and bounced off that low. So we ranged between the two zones for most of Friday and I eventually closed it for a small win towards the end of the day.

 NZD/USD 1hr PnF

4th Trade - Long and Loss on GBP/USD

Same as the EU trade in a lot of ways, triple top during a down trend (much larger down trend). Took the long and it stopped right at the low of the zone above. Again, this should have been my target or at the very least somewhere to pull my stop up. It's not really an excuse but the first attempt at the low happened over night while I was asleep. The second attempt during the day was when I should've got out. High volume on the 1hr chart as we approached the low and I just watched it. I closed out manually so it wasn't a full stop.

GBP/USD 1hr PnF

Not a great week but plenty to learn from and carry in to next week.

Have a great weekend,

Cheers,

Liam