Good afternoon Traders, hope everyone had a good weekend and you’re excited to make some money before Christmas.
As we stated last week we had a lot of Fundamentals released last week, I don’t think it had the impact on the market that we were all hoping for.
Not our greatest Trading week of 2017 but we finished the week with a good day Friday. We struggled to get any momentum going from our First trade on Monday.
As with Forex Trading you always incur sticky patches but with Risk Management it helps control these losses.
On the 4Hour chart we were in what we call a consolidation zone at the end of a Downtrend, As you can see the Lower Highs & Lower Lows. We broker out of the Consolidation Zone which indicates to us that a Trend reversal is now under way. We executed a Buy Trade and perhaps (As you can see in the chart) got our entry very wrong, we bought at the top of our candle and pulled back Ending in a 35 pip loss! Had we of kept the Trade running We would be in profit as I write this.
We took a SELL on GBPAUD as the Analysis showed that we formed a Double Top, We moved our Stop loss into our Entry which made the Trade risk free. After a GBP news announcement we had a spike in the market causing our Stop loss to be hit & Break even.
We predicted a pullback on GBP/JPY before going SHORT again, We had a right Shoulder forming of a Head & Shoulders once the Shoulder was formed We sent this Trade on Friday morning before closing for the weekend with a Take profit of 35-40 pips!