Hi everyone,
My video capture software has not been able to save videos
since Monday hence I cannot make a weekly outlook video for this weekend.
Analysis:
AUDJPY – As I had anticipated in last video, there was a pullback
to 82.00 support and I took a long trade on 4 hour chart. Entry at 82.80 and
target of +130 pips was hit for +2R gain. If buyers continue to push price up
to 87.30 resistance then I will be looking for signs of a reversal.
AUDUSD – Last week I said that I would wait for Monday’s
candle to close before reviewing the case for a short trade at possible new
resistance level at 0.7020. Monday’s daily candle clearly showed strong sellers
in control. However, since price has been pushed down significantly, the idea
was discarded because of low reward to risk ratio. For next week, cverhead
resistance at 0.7160 is the level that I will be watching for opportunities to
short.
AUDNZD – On daily chart there are 2 almost identical
indecision candles at 1.0920 resistance. I am going to wait for Monday’s daily
candle to give me more information about the risks involved. I will review and
decided then if going short is justified or not.
EURJPY – This pair had a strong rally on Friday following
Bank of Japan interest rate decision. I have resistance at 131.40 and price
finished the week just below that. If price breaks this resistance level then I
will be looking for a retrace back to it for a chance to go long.
EURUSD – It has been proven twice in the last 6 weeks that
there are strong buying power below 1.0820 support. This pair finished the week
just above support so going into next week I will be watching multiple time
frames for opportunities to go long.
GBPAUD – support at 2.0260 was decisively broken on Friday.
My plan for this pair is to look for opportunities to short at this level again
if price comes back to test it.
Missed opportunities:
GBPUSD – I missed out on a great reversal short trade on 12 hour chart when
price tested 1.4370 resistance. This pair is 3rd last on my list
(alphabetical order) and when I got to it, price had moved so far down that
entering at market price would not give me the minimum reward risk ratio that I
need. This one was just pure bad luck. The reality of trading is that sometimes
you will miss trades despite doing everything right.
Losers:
Besides the win on AUDJPY long, I had losses on USDCAD short
and USDJPY long. I made a silly mistake (twice) when formulating my exit signals
for the trades. If there was no mistake, USDCAD would have been a -0.4R loss
and USDJPY would have been a +2R win. Mistakes in trading can make a fantastic
week into an ordinary week. Overall, the winner paid for both losses and gave me
a tiny profit.
Monthly performance update:
January has been a good month for me with +6.25% gain with trending following account, +0.48% gain with PAMM account and +2.42% with High Risk account. Statements have also been updated. You can find my monthly performance here and the account statements here.
Monthly performance update:
January has been a good month for me with +6.25% gain with trending following account, +0.48% gain with PAMM account and +2.42% with High Risk account. Statements have also been updated. You can find my monthly performance here and the account statements here.
