Pure Price Action Trading

It has been a very slow month and this week has been very very slow, we were short eurnzd from 1.6020 but we were stopped out for a 10 pip loss (less 0.1 percent) before the big move down…short eurjpy has reached 1st target at +120 pips (+0.33 percent), stop loss order has been moved to BE. We will update again at the end of the week…next week back to business when the half term is over.

Another slow week for us again, Feb has been really slow. This week we took 2 trades, short eurnzd stopped out for 10 pips* 3 positions (about 0.07 percent loss), short eurjpy has done ok, 1st target and second target reached at 120 pips and 240 pips respectively, SL on last position moved to lock in 100 pips. We had a signal on eurusd short from 1.3420, but we cancelled it when it got too choppy, but one of the members didnt get the email to cancel the trade…lucky enough it turned to be a winner and he bagged 200 pips.

Last position on Eurjpy has just been stopped out at +100 pips

Weeks Total = 430 pips (1.22 percent)

Just looking at the trading perfomance, we have had 4 losing weeks since week ending 18 th January up to last week, amounting to a loss of 380 pips , but one winning trade this week has covered for all these loses and we have made new equity highs...we managed to bag 460 pips on the eurjpy short. This shows the effectiveness of cutting loses and letting profits run. There is a thin line between giving trades room to breath and cutting loses quickly.

Weekly Update

We have been short gbpjpy from yesterday, our 1st and 2nd targets have been reached at 100 pips and 200 pips respectively, stop loss order on last position has been moved to lock in 100 pips...worst result on this trade is 400pips. Price is now retesting the previous pivot low, if price breaks through this pivot, there is plenty of room to move to the downside. We have a strategic advantage for being short from 144.90, there is no need to relinquish our position at the moment. If price pulls back we will only be stopped out for a 100 pip gain on the last position and we can re position our self if we still feel the price is heading down.

1st target has been reached on eurjpy short at 120 pips (0.33%), stop loss order on last 2 positions has been moved to entry point. So we are at a strategic advantage now if the downtrend continues, but if it retraces back, we can only be stopped out for breakeven, so we have reduced our exposure. We are still short gbpjpy from Tuesday morning, stop loss order on last position has been moved to lock in 100 pips (0.33%)

Today's total = 120 pips



Weeks total = 420 pips (1.33%)

2nd target has been reached on short eurjpy at 240 pips, Stop loss order on last position has been moved to lock in 120 pips, so worst result on this trade now is 120 (1st trg) + 240 (2nd trg) +120 (locked in) = 480 pips. So now we have to let the last position run to our final target, same as on gbpjpy....
Todays Total = 360 pips

weeks Total = 660 pips (

Last position on short eurjpy has been stopped out for 120 pips (0.33%) gain. We are still short gbpjpy, and running the last position, stop loss order has been moved to lock in 100 pips. We will be looking for opportunities to get us back in the eurjpy pair if we fell the downtrend is still in its infancy and has some room to drop. That might be next week now, we dont see any setups for this week now, we have done well on our two trades this week.

Todays total = 120 pips



Weeks Total = 780 pips

Two trades for this week

Gbpjpy


Eurjpy

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January = +850 pips (+3.98percent)
February = +1,060 pips (3.03percent)

Total ( +1,910 pips (+7.01 percent) )

What a good start of the week, we shorted eurjpy 123.80...1st target and 2nd target has been reached at 70 pips and 140 pips respectively, stop loss order on last postion has been moved to breakeven. We are stoll holding gbpjpy short from 144.90, with stop loss order moved to lock in 100 pips.
Today's Total = 210 pips

Weeks Total = 210 pips

Final targets reached on short eurjpy and gbpjpy at 420 pips and 600 pips respectively...never expected the market to move that quick.

Todays Total = 1230 pips


Weeks Total = 1230 pips

Eurjpy


Gbpjpy

Slow price action is expected after the big moves we saw early this week. Nothing is setting up for us at the moment, we just seat tight on our hands. Eurusd has a very signficant level that we will be watching...the level is around 1.3200 handle and 1.3270, price is more likely to retest this zone. This zone will determine wether price will follow through to the downside or push back up...we are favouring a drop from that zone to retest the swing low around the 1.3000 handle.

Eurusd Daily Chart

Watch Audchf and Eurnzd for a bounce off the yearly open...0.94741 and 1.59413 respectively.

Plan the trade and trade the plan...Eurjpy was looking bearish in the short term, we first took a short position, but the retracement stopped us out for a small gain, we still had a bearish sentiment on the pair, so early this week, we re positioned ourselves and took advantage of the drop that we had anticipated from last week.

We took trades early this week and it has been quite since then, we only took some more trades last night and this morning. We took a short on gbpaud, it has been stopped out for a full loss (-70 pips * 3 positions) (-1 percent), we also took a long audchf from 0.9560...we are still in this one, waiting for targets. Short gbpjpy from 140.00 has reached first target at +70 pips (0.33 percent), we have moved stop loss order to breakeven on last 2 positions.
Today's total = -140 pips
Week's Total = +1090

Notice how price reacted off the yearly open as we expected...yearly open is very significant level when trading, its worth keeping an eye on. Watch the gbpjpy trade we took this morning, price was bouncing off the yearly open.
Yearly open is very signficant just as the yearly high/lows, add them to your tools of trading and you will see a huge difference in your perfomance.

Audchf



Gbpjpy



Eurnzd

Notice how price reacted off the yearly open as we expected....1st target has been reached on audchf long at 80 pips, stop loss order on last two positions has been moved to entry point. Nice move of price bouncing off the yearly open. Still short gbpjpy from 140.00, with stop loss order of last two postions at entry point...looks like we might be stopped out, sellers not as aggressive as we thought they will be below the yearly open.

Today's Total = -60 pips

Week's Total = +1170 pips

It has been a very slow for us this week, we took 2 trades this week…long eurnzd which was stopped out for the half the initial risk (-55 pips * 3 positions) (-0.5 percent). We also took a short on euraud from 1.2760, 1st target has been reached at 70 pips (0.33 percent), stop loss on last two positions has been moved to breakeven. Our Audchf long from last week was stopped out early this week at breakeven after reaching our first target, the pair continued to move in the direction that we expected.

Interesting to see how price reacted to the yearly open on this pair…remember our posts last week, always keep an eye on the yearly open, yearly high/low…add them to your tools of trading and you will see a huge change in your perfomance. Why do they work most of the times, because they are price points that are watched by almost every trader….especially the big money movers. Retail traders dont move the market…so you want to jump on the same wagon with the big money movers…watch what they are watching and react accordingly, you will do fine. Thats what we have learnt a long time ago and we have been doing ok.

Weeks Total = -95 pips (-0.17 percent)

Audchf



Eurnzd



Euraud

Very slow week as we said in the previous post, but we are doing ok as long as we don't lose very big. We keep working on minimising losses and letting profits run...this is the recipe to successful trading. If we manage to get out with small scratches in a slow week we are doing ok. Euraud trade has been stopped out at BE on last 2 orders, we took a short on eurusd, but we managed to reduce our risk by more than 80 percent... We took two trades this morning, long gbpjpy and eurnzd...1st targets has been reached on these trades at 110 pips and 80 pips respectively, we have now moved SL orders on 2 remaining orders to entry point.

Todays Total = 145 pips

Weeks Total = 50 pips

Gbpjpy



Eurnzd Before



Eurnzd After