So Close, Yet So Far

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With the UK and US bank holiday on Monday it was a quiet start to the week. This seemed to carry over in to Tuesday and Wednesday, whilst there was movement, I didn't see a set up that I liked the look of. Still, I managed to get a trade in on Thursday and one today, Friday.

Both of which were losses.

I tried a short on USD/CHF on Thursday and a long on GBP/USD today.

Let's look at the Swissy short first. Most of the info is annotated on the chart.


Being fair, i'm actually pretty happy with this as a set up, it's the kind I look for and is a good example of such. I just got a little unlucky. Stopped out by a couple of pips before it drove down and hit my target area. Whether this points to me needing to have a look at stop placement i'm not entirely sure.

This was then followed by a good long entry today. I was aware of it happening but I thought my GU trade (which i'll talk about in a minute) was also a good set up, whilst that was going long (or so I thought) I didn't think UC would as well, seeing as they're inverse. Just so happens I was correct in thinking they're inverse but the UC set up went and my GU one was stopped! At least I can smile about it and chalk up another victory for the Smart Money!

On to the Cable set up. 


Again, i'm actually happy enough with this set up. It just went arse ways. The market pushed through the high of the zone and formed a small support base around the high including a little NS type bar, mentioned on the chart. I set my order for the potential buy formation and was taken into the market. One thing which I admittedly didn't spot until I was annotating the chart was the potential weakness that came into the market on that push through. It was high volume which could have been absorption of the previous selling at this area but it turns out it was a little weakness. I got stopped out as a triple bottom sell pattern completed but I didn't want to sell into the high of this zone and what was another high volume zone from last week. FOMC I think.

 GBP/USD 1hr HLC Important Zone

That's everything for this week, i'll post updated progress graphs for the end of May in the next post.

Have a great weekend everyone,





28. Forex. Trading. Music. Beer. Food. Travel.


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