One Thing To Remember...

by Liam 12:11 0 comments

The Smart Money are in control.

Never forget this.

Two trades this week, unfortunately both of which were losses. Coupled with last weeks losses as well, i'm pretty much back where I started the year. A little frustrating but i'm still positive. I just need to a little more control and not to push the trades so much, as I felt I did this week.

The two trades I took were longs on Kiwi and Swissy. The Kiwi trade was opened and stopped on Monday. The Swissy trade was opened on Tuesday and stopped on Thursday. As usual there were better opportunities and two trades on Friday that were the best entries for the week.

Kiwi Trade

NZD/USD 1hr PnF

After the sell position failed last week I figured I'd try the triple top long on Monday. This was quickly stopped by the high volume zone immediately above and knocked back down very quickly. Interestingly it moved straight through a good sell signal as well but due to the support at the lows I didn't think it would go. Once again, PnF targets hold (very nearly!) true.

Swissy Trade

USDCHF 1hr HLC

USDCHF 1hr PnF 1

USDCHF 1hr PnF 2

A couple of charts for the Swissy trade, the first shows the two zones that played a part this week. The two highest volume bars on the chart. On Monday we had a sell signal swiftly followed by a reversal off the high of the lower volume zone. This brought us back into the highest volume zone and me being whipped back and forth for two days before being stopped out. We have three staggered triple tops in the row with two sell signals in between. Indecision all over. The reason I took a long position was because of the upside target - learning my lesson from the Kiwi trade earlier in the week.

Still, it wasn't quite ready to go and I got stopped at the next simple sell signal. The third signal filled and went straight for the target. We didn't get a reversal until the target was hit. I love these price projections on PnF. They're scarily accurate.

Anyway, moving on from those trades and looking to what next week is going to bring. I'll post updated progress charts in another blog later on.

Cheers,

Liam