download (10)

A Week In Review: August 27th – August 31st

In this article, you’ll understand why we took our trades for the week of August 27th. You'll also see how we analyse our trades before, during and after.

Trade 1: USDCHF

This setup was actually last week’s but it was only closed this week, so that’s why it’s included. This was a harmonic pattern play, more specifically a bearish Cypher pattern. I had my sell limit slightly above D completion for a move conservative entry. My stop loss was above the X leg and I was targeting 45 pips, giving me a decent risk/reward of 2.25.

Price had a very nice reaction with my entry before retracing towards my stop loss. Fortunately, price reversed before that and went on to hit my target for a decent 45 pip and 2.25R winner.

Trade 2: GBPUSD

The second trade of the week came from a long on GBPUSD. In this setup, I was looking for a long entry due to a confluence of a demand zone and a bullish trendline. Price had initially bounced off resistance and I thought I had missed the trade, but the rally did not touch my TP, so I held onto the order. Price pushed down towards my entry which was more or less perfect before strong GBP fundamentals made price rally.

Took a total of 85 pips and 3.4R from this trade.

Trade 3: NZDUSD

My first losing trade of the week came from a long on NZDUSD. I was looking for price to break resistance before setting a sell limit right below it for a more conservative entry. Price triggered my order and reversed for a bit before a strong bearish move stopped me out for a 30 pip and 1R loss.

In hindsight, price might have reacted to a larger supply zone and that’s why it was not able to make higher highs.

Trade 4: AUDJPY

My next trade was a long entry on AUDJPY. For this setup, price had formed an ascending triangle. The plan was to wait for price to break out (first arrow) before buying it up at a more conservative area. Unfortunately, I got stopped out in one candle. Not sure if it was fundamentals or not, but there’s no better way to know that I was wrong than being stopped out in one candle.

Trade 5: EURUSD

The next trade was a head and shoulders setup. Price was retracing towards the right shoulder when I had identified this opportunity. I had set a sell stop at 1.16846 with my stop loss going above previous highs and I was targeting 80 pips for a decent risk/reward of 2.67. The setup was straightforward as price had triggered my sell stop and slowly made its way towards my target.

In hindsight, I could have had a better entry if I had set a sell stop below the right shoulder instead, thus improving my risk/reward.

Trade 6: USDCAD

The last trade of the week came from a bearish bat pattern in confluence with a supply zone on USDCAD. The plan was to wait for price to enter the supply zone before setting a sell stop at 1.29726, with my stop loss going above X and my target was 70 pips. Price rallied quickly into the supply zone and my order was placed.

Usually, strong impulsive moves like this leads to a strong bearish reversal. However this was not the case as price came down to trigger my sell stop before consolidating and consequently rallying higher.

total pips for this week
total pips for august
total crypto pips for this week
total crypto pips for august
1 %
total ROI for this week
1 %
total ROI for august

Share this post

Share on facebook
Share on twitter
Share on google
Share on linkedin
Share on telegram
Share on whatsapp

Join us as a PRO member and get access to our Trading Room and more!

Psst…we’ll even throw in a discount to get you started!

Read More: