2015 Week 15 - Trade Summary:
2 trades in total:
- 1 win
- 1 BE
- 0 Losses
I'm posting this later than normal as I spent the weekend surfing with friends. A really quiet week for me last week, but after a couple of PMs I've put a summary together. There was some really nice movement on EA H1 which I know a few traders have posted already (Phx62 and Pervis).
Anyway, only two trades this week and I finished on +4% so still a good week on the whole. However, some of my trading decisions were not the best and the potential was there to take a lot more. The LO candle set the high or low of the London session all five days last week giving great opportunities to trade away from it.
Monday: With Monday being bank holiday across most of Europe I didn't expect much movement and as a result had already decided not to trade it. The LO candle set the low for the session with a nice pin bar. From here price trended up but with the low volatility it would have been tricky to get 50 pips out of the move which lasted around six hours.
Tuesday: I have learnt from previous losses that it is generally better to avoid the London session on this pair following a large move in the Asian session. The recent AUD Cash Rate and RBA Rate Statement have given large moves and this month's releases were no different. London and NY moved mostly sideways and, had I entered at London on a break below the news candles it would have resulted in a break even trade.
Wednesday: I opened my charts at the end of the Frankfurt candle to see that FO hadn't quite dropped below Tuesday's low. I waited to see how LO reacted to this level. It wasn't until the last few minutes of the LO candle that it dropped below this level so I waited for confirmation from the next candle. I was still slightly hesitant since it was now the 7th red candle and the TDI had crossed some time ago. Price eventually dropped and hit my TP after stalling for several hours. (+50, +4%)
Thursday: I got to my charts at LO to look for a possible entry. The LO candle was the 7th consecutive red candle and with no obvious PA confirmation that I could see, I wasn't confident enough to take entry short. I ended up sat on the sidelines for what turned out to be the best London session of the week. In all price continued to complete a streak of 18 red candles with an LO entry being good for around 140 pips.
Friday: I took a TMS entry once the LO candle broke below FO. Price moved well in the first hour but then stalled and I moved SL to BE once price had moved to +30. Price moved to within a pip of my TP only to see it draw back and take me out at BE . The rest of London and NY moved sideways with little volatility apparent for the last few hours of the week.
These past few months, all of my trades have been on a demo account but I've been seeing some fairly good growth on the account, so I thought it was about time to setup a small live account. After a few problems with my FX-Open demo broker I took a broker recommendation from Vladbold and setup a live micro account with XM Markets. Looking forward to the next challenge of live trading
2 trades in total:
- 1 win
- 1 BE
- 0 Losses
I'm posting this later than normal as I spent the weekend surfing with friends. A really quiet week for me last week, but after a couple of PMs I've put a summary together. There was some really nice movement on EA H1 which I know a few traders have posted already (Phx62 and Pervis).
Anyway, only two trades this week and I finished on +4% so still a good week on the whole. However, some of my trading decisions were not the best and the potential was there to take a lot more. The LO candle set the high or low of the London session all five days last week giving great opportunities to trade away from it.
Monday: With Monday being bank holiday across most of Europe I didn't expect much movement and as a result had already decided not to trade it. The LO candle set the low for the session with a nice pin bar. From here price trended up but with the low volatility it would have been tricky to get 50 pips out of the move which lasted around six hours.
Tuesday: I have learnt from previous losses that it is generally better to avoid the London session on this pair following a large move in the Asian session. The recent AUD Cash Rate and RBA Rate Statement have given large moves and this month's releases were no different. London and NY moved mostly sideways and, had I entered at London on a break below the news candles it would have resulted in a break even trade.
Wednesday: I opened my charts at the end of the Frankfurt candle to see that FO hadn't quite dropped below Tuesday's low. I waited to see how LO reacted to this level. It wasn't until the last few minutes of the LO candle that it dropped below this level so I waited for confirmation from the next candle. I was still slightly hesitant since it was now the 7th red candle and the TDI had crossed some time ago. Price eventually dropped and hit my TP after stalling for several hours. (+50, +4%)
Thursday: I got to my charts at LO to look for a possible entry. The LO candle was the 7th consecutive red candle and with no obvious PA confirmation that I could see, I wasn't confident enough to take entry short. I ended up sat on the sidelines for what turned out to be the best London session of the week. In all price continued to complete a streak of 18 red candles with an LO entry being good for around 140 pips.
Friday: I took a TMS entry once the LO candle broke below FO. Price moved well in the first hour but then stalled and I moved SL to BE once price had moved to +30. Price moved to within a pip of my TP only to see it draw back and take me out at BE . The rest of London and NY moved sideways with little volatility apparent for the last few hours of the week.
These past few months, all of my trades have been on a demo account but I've been seeing some fairly good growth on the account, so I thought it was about time to setup a small live account. After a few problems with my FX-Open demo broker I took a broker recommendation from Vladbold and setup a live micro account with XM Markets. Looking forward to the next challenge of live trading
Focus on the process and the profits will follow