The bad run continues after last week’s disappointing display.
I started off the week with a winner on AUDUSD. The idea was to take a long due to support while price was going down in a bearish channel. As you can see, I more or less had a perfect entry, but it was not as straightforward as I wanted it to be as price retraced towards my entry multiple times. Price eventually hit my target with a spike in price due to fundamentals.
Decent way to start the week with a 65 pip and 2.6R winner.
The second trade I took was a short on AUDJPY. This opportunity was presented due to resistance, with a sell limit at at 82.033, with a 20 pip stop loss and a 45 pip target for a decent risk/reward of 2.25.
I had a perfect entry as price spiked just past it, triggering my order, making its way down. Just like my previous trade on AUDJPY, I missed the target by a few pips, before price started making higher highs. I eventually trailed stops before I was stopped out for a small profit of about 9 pips. Unlucky with my target, once again.
This setup was a shot in the dark as it was during interest rate decisions. The idea was to short due to supply zone by waiting for price to enter the zone before setting a sell stop at 1.17633.
Unfortunately, price spiked both ways, stopping me out for a loss of 25 pips and 1R, before eventually falling towards my target. In hindsight, a better entry would have been the previous highs, where I would have had a minimal drawdown in the trade.
This pair presented a buying opportunity due to support and the plan was to wait for price to reach support before setting a buy stop at 132.404, with a 20 pip stop loss and 65 pip target for a good risk/reward of 3.25.
Price reacted decently with my entry before stopping me out in one candle. In hindsight, a long was not a good trade because price had recently formed 4 tops, clearly indicating that price had no more intentions to go higher.
This was a buying opportunity and the plan was to wait for price to enter the demand zone before setting a buy stop at 1.30066.
I understand that some members were not triggered and therefore did not take and lose this setup. However, I had set a buy limit instead as I had identified this setup late at night. Like many other stopped out trades, I got stopped out in 1 candle.
In hindsight, if I had followed my rules of a buy stop, I would have saved myself a losing trade. It is what it is. Ending the month on a small loss, but I’m looking to pick myself up next week.
Psst…we’ll even throw in a discount to get you started!