Back to winning ways! After a disappointing past few weeks, this trade was a good way to start the week. This was a supply zone setup and the plan was to wait for price to enter the supply zone before setting a sell stop below it. We more or less had a perfect entry as price immediately rejected the zone, before falling and hitting my target of 70 pips.
In hindsight, I should have held on or extended my target as price fell further. Nevertheless, this was still a very good winner which we also posted in our Telegram channel.
The second trade I took this week was a long setup because price had formed an ascending triangle on the 30 minute chart and there was a demand zone at support. I had set a buy limit in the zone as I had expected price to reverse and break out towards the upside.
However, this was a demand zone that was wrongly identified as price did not respect at all. Price triggered my order before breaking and closing below support. This alone was a red flag and I should have closed the trade for a small loss. Price went deeper into my stop loss before reversing a few pips into profit. Price then reversed with a strong bearish candle where I was stopped out for a loss of 20 pips and 1R.
The last setup I took this week was a short on EURUSD due to a bearish Cypher pattern. I had my entry right at D completion, with my stop loss going above the X leg and my target was 80 pips. Price initially reacted well with my entry, putting me above 35 pips in profit.
However, this bearish move did not last as price reversed and spiked towards my stop loss, stopping me out for a loss of 35 pips and 1R. In hindsight, price had consistently been making higher highs, therefore a short entry would be risky. Nevertheless, I’m ending the week in small profit, which is always better than a loss of any size.
Psst…we’ll even throw in a discount to get you started!