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A Week In Review: September 24th – September 28th

In this article, you’ll understand why we took our trades for the week of September 24th. You'll also see how we analyse our trades before, during and after.

Trade 1: AUDUSD

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.

Trade 2: AUDJPY

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.

Trade 3: EURUSD

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.

Trade 4: EURJPY

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.

Trade 5: USDCAD

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.

1
total pips for this week
1
total pips for september
0
total crypto pips for this week
0
total crypto pips for september
0 %
total ROI for this week
1 %
total ROI for september

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