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A Week In Review: July 9th – July 13th

In this article, you’ll understand why we took our trades for the week of July 9th. You'll also see how we analyse our trades before, during and after.

Trade 1: USDCHF

I identified a selling opportunity due to a supply zone (red box) in confluence with resistance coming from a trendline. The plan was to wait for price to enter the supply zone before setting a sell stop at 0.99186. If price closed above the supply zone, then the setup was invalid.

Price did as I had analysed, consolidated around my entry before stopping me out for a 20 pip and 1R loss. Unlucky, but nevertheless, I followed my rules and it was a setup I would have taken any other day.

Trade 2: GBPUSD

Buying opportunity due to support (blue line). The plan was to wait for price to hit support before setting a buy stop at 1.32159. Risky as I was catching a falling knife. However, the risk/reward was really good at 3.33.

Price did as expected and bounced off support and I was so close to hitting target (15 pips away). Stops moved to breakeven to protect this setup and in the second image, I was about 33 pips up. Stop loss will be further trailed based on price action.

Moving my stop loss proved to be a good decision as priced made a push towards my entry. Trailed out for a profit of 22 pips and 0.73R on this setup.

Trade 3: EURUSD

This was another head and shoulders setup. The plan was to wait for price to retest the neckline before setting a sell stop at 1.17346, with stops going above the right shoulder and target going back down to support.

Price pushed past the neckline and back down, triggering my sell stop. Price was halfway into my target before spiking deep into my stop loss. However, it immediately reversed towards my target and the trade was closed with a profit of 60 pips and 2R.

This is a good example of trusting your system, not closing early and letting your setup play out.

1
total pips for this week
1
total pips for july
1 %
total ROI for this week
1 %
total ROI for july

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