Support, Resistance etc

GBPNZD

Bullish engulfing bar in the support. I was a bit overoptimistic with my TP. It almost reached it last week and the turned back. Eventually the TP got hit but I lost in spread so not worth it. Profit +164 pips

EURGBP

Bearish engulfing bar on the resistance. These are best played after the bar has taken out the resistance and failed. Anyway again I got in in the worse price and then it immediately rallied higher. Los -80 pips. Damn.

Now I have placed a pending order to take advantage of the breakout but this is a story for another post.

Anyway this last week has been bad. Lot's of blind trades and off course -18€ loss. Oooops. My bad.

GBPNZD

Attempt to buy the breakout. Stop Loss reached before the entry. Trade canceled.

GBPCHF

Short to sell the break down. Consolidated and failed. Loss -76 pips

CHFJPY

Long on the breach of 20 days DC. As soon as new resistance appeared I moved the stop below it. Out with -64 pips loss.

EURGBP

Again failure on the upside. There was a resistance @0.815273. I don't know what is the proper thing to do. Should I consider those or not. Loss -52 pips.

CADJPY

I entered long in this trade hoping to gain few quick pips. I did move on my direction but as it seems I was over optimistic with my TP. It missed it by few pips and turned around. Loss -61 pips.

GBPAUD

Loss -141 pips

EURJPY

Loss -149 pips.

EURNZD

Trade canceled

USDCHF

Trade canceled.

NZDCHF

Trade canceled

GBPUSD

Trade canceled. I did consider to take the opposite after the cancelation but I didn't. Oh well.

AUDJPY

Took the breakout but there is strong resistance above it. It reached the resistance level and then pulled back. I don't like the resistance that much so the next time it visited that area I had set a TP which got hit. Profit +107 pips.

This is getting really frustrating. Nearly every damn trade I have taken lately has ended as a looser. I don't know what I am doing wrong. The account has sank. Really disappointing.

I have made few changes in order to hang longer in trades while getting out at first sign of trouble. It seems that trailing stops are not the best option to exit trades. TPs have their place. Also there is a need to sniff trouble and get out before the trade turns against us. A way to see troubled turns of price is using CCI. I use decided to use a 6 days period for the CCI. It is not a magic number, it just looks sensible in the chart plus there are 6 trading days on the week (counting the Sunday bar). The idea is that in uptrend the CCI is above the zero line and in downtrend is below the zero line. If one bar can make the CCI cross the zero line then the trend may be on it's way to change. We either close the trade there or move the stop behind that bar. This is not foolproof as we may get stopped and the trend resume but it is better than blowing a bunch of profits or even worse having a good trade turning to bad.

USDCAD

Bought the breakout. The price turned around, took out y stop and continued it's merry way upwards. Loss -93 pips

I wasn't using the CCI at the time. It could save few pips but not much.

NZDUSD

Again tried to buy the breakout and again failure. This time an intra day failure. Now after the fact I notice that there is an important resistance area above the point that I bought and yes being overoptimistic that the price will reach the upper limits of it is a bad thing. Loss -80 pips.

Now a little by little I am remembering what I did well last May and I had these great results that I can't reproduce again.

1. The breakout must be validated by a pullback and breach in new highs within very few days. 2 - 3 days ideally.
2. A TP is needed. Let it be a optimistic TP. I was able to reproduce the great returns of May in late August and in early October. I couldn't keep them because I didn't took the profits.
3. Look to the left. If there is an obvious obstacle chances are it will stop price and the price will turn around just enough to hit my stop. A passed opportunity is better than a loss taken.

GBPNZD

This is the kind of trades that just failed. No explanation. There was a breach of 20 days low with retest but price just turned around and hit my stop. Loss -159 pips. Neither in the daily or the weekly.

GBPCHF

Reached the DC, bounced from there, broke it as much as to take me in and turned around without looking back. I hate this. Loss -128 pips.

CHFJPY

Price broke the DC and then hesitated. The last bar was a engulfing bar covering the two most recent bars. Price tested twice the same level and both times failed to penetrate. The TP was about half of the SL but it got hit so no complaining. I took profits in the first resistance level. Profit +53 pips.